On November 6, 2024, Asian stock markets experienced gains as investors reacted to early presidential election returns, signaling potential support for former President Donald Trump. The U.S. dollar strengthened against major currencies, and U.S. Treasury yields climbed, reflecting optimism about economic stimulus under a Trump administration.
The 10-year U.S. Treasury yield rose over 0.1 percentage point to exceed 4.4%, while an index measuring the dollar's value increased by 1.2%. The Japanese yen weakened by 1.6% to 154.12 per dollar. Japan's Nikkei 225 rose 2.2%, although Hong Kong's Hang Seng Index fell 2.7% due to concerns over the Chinese currency.
In the cryptocurrency market, Bitcoin surged nearly 9% to over $74,000, surpassing its previous record high. Analysts noted that Trump's favorable policies could boost digital currencies, which have fluctuated with his electoral prospects. Trump Media & Technology Group shares saw volatility, initially rising 25% in after-hours trading before settling at a 10% gain.
As investors brace for the final election results, the market's reaction underscores the potential economic implications of a Trump victory, including increased government spending and higher interest rates.