Investors in Asia mostly reacted positively as early projections showed Donald Trump winning one of the tightest presidential elections in modern US history.
The result of the election in the world’s largest economy was being closely watched by investors as it could have significant implications for tax and trade policy in much of the world.
In spite of some market fluctuation, early trading in Asia was mostly higher as Mr Trump gained ground over Democrat rival Kamala Harris.
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The US dollar gained, Treasury yields rose and Bitcoin climbed, all trends highlighted by analysts and investors as trades favouring a Trump victory.
Japanese benchmark stock market index Nikkei 225 soared 2.6 per cent while Australia’s S&P/ASX 200 Index rose 0.81 per cent. New Zealand’s S&P/NZX 50 Gross Index was little changed.
The Hang Seng China Enterprises Index, however, slumped 3 per cent and the Shanghai Composite Index tumbled 0.13 per cent. The PSEi Index in the Philippines was down 0.51 per cent.
The fall in the Chinese markets reflected investor concerns that a second Trump presidency could be overshadowed by trade and policy tensions.
Mr Trump vowed during the campaign to raise trade tariffs, specifically for China, if he returned to the Oval Office.
Bitcoin, the world’s largest cryptocurrency, surged to a record high of more than $75,000 (£58,145) in Asia trade, betting on a softer Trump line on cryptocurrency regulation.
Mr Trump positioned himself as a supporter of cryptocurrency leading up to the election, sparking expectations that a Republican win could drive up digital currency prices.
“Markets are growing confident that the election result will be called and that a ‘red sweep’ of Congress is possible,” said Ben Emons, founder of Fedwatch Advisors in Washington.
Polls had suggested a close contest between Mr Trump and Ms Harris. In the event, Mr Trump was poised to win more easily, having secured the key swing states of North Carolina, Georgia and Pennsylvania.
Republicans also won control of the US Senate.
