The year of political pain for initial public offerings (IPOs)just got worse.

Global IPO volumes this year have fallen 35 percent to about$120 billion, according to data compiled by Bloomberg. DonaldTrump's surprise victory in the U.S. presidential race Tuesdaycould mean a further dip in deals while investors work out theeffect his policies will have on the economy.

“Institutional investors have very few clues about what a Trumppresidency means for the U.S. economy,” said Adam Young, head ofequity capital markets at Rothschild & Co. “They will want todigest what the new administration says about its economic policyover the course of the next few months, and that will have abearing over how much capital they invest in the equitymarkets.”

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