Markets mixed; Difficult tasks ahead for president-elect WASHINGTON (MarketWatch) -- A potentially deep U.S. recession and the direst global financial crisis since the Great Depression will give Democrat Barack Obama little time to bask in the afterglow of his historic win in the U.S. presidential election. The decisive election victory "may help to instill a bit more confidence, but the problems have been well-documented," said Kenneth Broux, an economist at Lloyds TSB. "And I think we're facing probably a dreadful [U.S.] nonfarm-payrolls number on Friday, and that will make reality sink in once again. ... The economy is facing many, many difficulties." World financial markets were mixed early Wednesday. Asian stocks jumped. See Asia Markets. European stocks slipped in early action as U.S. stock-index futures were pointing to a lower open on Wall Street. See Europe Markets. Strategists said there was little sign markets were reacting strongly to the presidential results. "The task for the new president is to first restore trust and confidence," said Jim Dunigan, managing executive for investments at PNC Wealth Management. "We saw a little bit of that ... [and] people are hopeful," Dunigan said. "He's got to deliver on that early." President George W. Bush congratulated Obama and said he would work to ensure a smooth transition so the new president can tackle economic and other problems quickly. John McCain, the Republican senator Obama defeated, also pledged support to end the ongoing financial crisis. Obama, the first black elected president, captured 52% of the nationwide vote and Democrats extended their majority control in Congress. The 47-year-old senator from Illinois won traditionally Democratic states and made strong inroads in GOP-leaning areas amid intense dissatisfaction with the Bush administration. "What he did in this campaign was to be all-inclusive," said Colin Powell, a Republican who served as secretary of state in the Bush administration but backed Obama in this race, told CNN. Yet Obama's party failed to win a so-called supermajority in the U.S. Senate that would have prevented minority Republicans from blocking Democratic initiatives via filibuster. Democrats gained five seats to 56, including two independents, with at least one seat still too close to call. Sixty seats are needed to prevent filibusters. World reacts The reaction around the world was largely positive. "At a time when we must face huge challenges together, your election has raised enormous hope in France, in Europe and beyond," said French President Nicolas Sarkozy. "This is a moment that will live in history as long as history books are written," said U.K. Prime Minister Gordon Brown, who sent his "warmest congratulations" to Obama. Japanese Prime Minister Taro Aso said he would work with Obama to "strengthen the Japan-U.S. alliance further and work toward resolving global issues such as the world economy, terror and the environment." The Russian government, however, reacted cautiously and said it was up to Obama to improve deteriorating relations between the two countries. Sweeping gains The win wasn't a surprise, with all major U.S. pre-election polls signaling an Obama victory. The U.S. presidency is decided in the Electoral College, where Obama held a 338-163 edge, according to the latest tally, with a handful of states not yet formally called. The tally far exceeds the 270 needed for victory. See full story. Democrats were also on track to pad their majority in the 435-seat House of Representatives by 20 to 30 seats, reports indicated. In the 100-member Senate, where roughly a third of seats were up for election, Democrats held all their existing seats and picked off at least five Republican seats. The contest for one GOP-held seat in Oregon remained too close to call. See full story. Obama swept to victory by promising change in a climate of unprecedented voter dissatisfaction with Washington in general and with the outgoing Bush White House in particular. "A historic change of leadership now comes to match the historic financial and economic challenge," said Marco Annunziata, chief global economist at UniCredit MIB.

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