Asia cheers Obama win, but Europe down

Presidential priority: The economy

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LONDON (CNNMoney.com) -- Global stock markets were mixed Wednesday, after Democrat Barack Obama claimed a historic victory in the U.S. presidential election, as economic concerns overshadowed relief that the long campaign was finally over.

U.S. futures, which offer an indication of how markets may open when trading begins in New York, were lower. European markets opened lower while Asian markets soared.

Markets worldwide had rallied in the runup to the U.S. presidential election. On Election Day, Wall Street surged, with the blue-chip Dow Jones industrial average jumping more than 300 points.

"The fact that we can get this contentious election behind us is cathartic by itself," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

But with the race for the White House decided, investors are likely to shift their attention back to the ailing global economy.

Stocks in Europe fell after six straight sessions of gains. Britain's FTSE 100 was down 1.9% in midday trading. The CAC-40 in France was down about 2.4% and Germany's DAX was 1.4% lower.

Investors in Europe were also jittery a day before the European Central Bank and Bank of England are due to meet. Traders are widely anticipating rate cuts from both central banks.

Asian markets, taking a cue from Wall Street's election-day rally, climbed. Japan's benchmark Nikkei index finished the day up 4.5%. South Korea's KOSPI index ended the day up 2.4%, and the Hang Seng index in Hong Kong jumped 3.2%.

"The global market piggy-backed on what happened during our regular trading session," said Rich Yamarone, chief economist at Argus Research.

Amid unprecedented turmoil in the financial markets, Wall Street is looking for an end to the uncertainty that has built up over the two-year campaign.

Obama was elected the 44th President of the United States Tuesday as voters turned out in record numbers.

But there are lingering concerns about the impact a Democratic sweep of the White House, Senate and House would have on the economy.

Democrats have gained a decisive majority in the U.S. Senate, according to CNN projections. They also appear poised to add to their House majority.

"Sometimes people say that divided government is better for the economy," David Kelly, chief market strategist at JPMorgan Funds, said.

Throughout the election, the struggling economy has been the number one issue on voter's minds. In the past month, focus on the economy has intensified as the government has introduced a series of sweeping efforts to shore up the nation's banking system and revitalize lending.

According to exit polls on Tuesday, 62% of voters said the economy was the most important issue in the election.

Did you vote for Obama? How do you think the new president will affect your wallet? What do you think Obama needs to do to fix the economy - both in the short run and the long term? What should be first on the new Congress's agenda? E-mail us your thoughts, including your name, photo and contact info; the best answers will be featured in an upcoming CNNMoney.com article.