INSTANT VIEW: Obama wins presidential election

SINGAPORE (Reuters) - Democrat Barack Obama won a grueling two-year struggle for the White House on Tuesday, U.S. media projected, beating Republican John McCain to become the first black president in U.S. history.

Following are analysts' comments:

MARKETS

ALAN LANCZ, PRESIDENT, ALAN B. LANCZ & ASSOCIATES INC, AN INVESTMENT ADVISORY FIRM, TOLEDO, OHIO:

"A lot of this (Obama win) was already discounted in the market. You never know what's going to happen but basically I think any follow-through rally will be unsustainable. You might get a little euphoria with a big victory, but I don't think it's going to be a meter-changer."

WILLIAM LARKIN, PORTFOLIO MANAGER, CABOT MONEY MANAGEMENT, SALEM, MASSACHUSETTS:

"There is an uncertainty that is now behind us: worries about the election being too close or drawn out. People will be looking to see how Obama puts his cabinet together and the people he puts in place to deal with the housing problem. For Treasury Secretary, I am hoping he brings in a real heavy hitter."

EDDY CHEN, FUND MANAGER, PRUDENTIAL SECURITIES INVESTMENT TRUST, TAIWAN:

"The stock market has already factored in the results of the U.S. election to a certain extent, and so we should see much smaller rebounds in the coming days. The most important reaction we are looking at right now is still how Wall Street behaves in response to this Obama victory." KIRBY DALEY, SENIOR

STRATEGIST, NEWEDGE GROUP, HONG KONG:

"The knee-jerk complacency rally in Asia to an Obama win is likely creating an opportunity to sell. The bottom line is economic fundamentals in the U.S. are deteriorating faster than the market can keep up with. And there is very little an Obama administration can do to shield Asia from the effects of this downturn."

ROB HENDERSON, HEAD MARKET ECONOMICS, NATIONAL AUSTRALIA BANK:

"Well, it can't be negative for markets. It's a vote for change and has to inject a degree of optimism that America can again reinvent itself. It's not a good time for anyone to be elected President given the problems there. An early guide will be who he picks for the major positions, particularly Treasury Secretary."

PETER KENNY, MANAGING DIRECTOR AT KNIGHT EQUITY MARKETS IN JERSEY CITY, NEW JERSEY:

"The market was putting in an Obama bounce earlier today, and we are seeing a continuation of that rally around the world.

"Clearly the market was anticipating a fairly substantial referendum on change and an Obama presidency and a different path. The market called it and the market was right.