HONG KONG (news agencies) — Share prices, the price of bitcoin and bond yields surged Wednesday as markets awaited updates on the outcome of the U.S. presidential election.
The results of Tuesday’s election may not be known for days or weeks as officials count all the votes, but investors already were repositioning. Incomplete results showed former President Donald Trump and Vice President Kamala Harris winning in their respective reliable strongholds, with results pending in battleground states.
The future for the S&P 500 gained 1.1% and that for the Dow Jones Industrial Average also was up 1.3%. The Nasdaq composite future was 1.1% higher.
The price of bitcoin jumped 7.7% to $75,255.00, as investors bet on a victory for Trump, who has expressed support for cryptocurrencies.
Bond yields also surged, with the yield on the 10-year Treasury climbing to 4.4% from 4.28% on Tuesday.
“The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook,” Peter Esho of Esho Capital said in a commentary.
In Asian share trading, Japan’s Nikkei 225 index gained 2.3% to 39,341.44 while the Kospi in Seoul edged 0.2% lower to 2,570.94.
Australia’s S&P/ASX 200 rose 0.9% to 8,207.50.
Hong Kong’s Hang Seng index fell 2.7% to 20,439.58, ending a three-day rally, as investors sought safe-haven assets amid the uncertainties surrounding the U.S. election. The Hang Seng Tech Index slipped 3.3%, while the Shanghai Composite index edged 0.1% higher, to 3,388.70.
“Positive outcomes for Harris are expected to boost Asian assets, while Trump gains may exert downward pressure,” Anderson Alves of ActivTrades said in a commentary.
