After a volatile night, which saw stock markets in Asia fall sharply, European exchanges including Germany’s DAX, France’s CAC 40 and the FTSE 100, opened down, but began to recover after U.S. president-elect Donald Trump’s victory speech.

In Asia, Japan’s Nikkei closed down 5.36% with shares in Sony keeping pace at -5.09%. Media stocks in France were down in early morning trading including television groups TF1 and M6, telecoms Orange and SFR, and media conglom Vivendi, the owner of Canal Plus and Universal Music Group. However, they began to recover shortly after 9AM local.

In the UK, Sky was down .77% as of about 9:30 local, ITV was up slightly in early morning trading. ITV had likewise opened below yesterday’s close and also began to rise, up .78% by 10 AM local. Germany’s Bertelsmann also opened lower than the Tuesday close and stayed flat in pre-noon trading.

Analysts have been predicting European stock futures were poised for the worst day since Brexit in what many see as a parallel event to when the UK voted to exit the European Union in June sending markets into turmoil and setting off a precipitous drop for the pound sterling. For the moment, some fears have been allayed.

The U.S. dollar and the Mexican peso both took hits overnight with the dollar beginning to recover. (Mexico is a major box office market for the Hollywood studios.)

Reuters notes that markets had priced a win for Hillary Clinton, seen as a status quo option. “There is substantial uncertainty about Trump’s policy positions, as well as market skepticism over his views on topics such as trade,” the news agency said.