Asian markets rise with dollar and bitcoin as Trump victory bets increase

Most Asian markets rose with the dollar and bitcoin on Wednesday as traders await the outcome of the knife-edge US presidential election, with bets increasing on a Donald Trump victory as early results rolled in.

Asian markets were mostly up on Wednesday as traders awaited the outcome of the knife-edge US presidential election, with bets increasing on a Donald Trump victory.

The Republican candidate and his Democratic opponent Kamala Harris picked up expected wins in safe states, but signs that the former president was edging in Georgia, one of several crucial swing states, boosted the so-called Trump Trade.

Investors were jockeying for position ahead of the election, which polls have shown to be too close to call.

Analysts said attention was also on Congressional races, adding that a clean sweep for Trump and Republicans would likely boost the dollar and Treasury yields owing to his plans to cut taxes and impose tariffs on imports.

With polls closing in swing states including Georgia, Pennsylvania, Michigan and North Carolina, investors were keeping a close eye on voting patterns.

However, the FBI warned of bomb threats in “multiple” US states, adding that none were credible but many appeared to originate from Russia.

In early trade, markets in Tokyo, Sydney, Shanghai, Seoul, Singapore, Wellington and Taipei rose, though there were losses in Hong Kong.

The advances came after all three main indexes on Wall Street climbed more than one percent.

The dollar also jumped against its peers, including the yen, pound and euro, and piled on more than one percent against the Mexican peso.

Bitcoin surged about $2,700 to $71,471 while closing in on its March record of $73,797.98.

"Georgia starting to glow red may have been the trigger," said Max Gokhman, at Franklin Templeton Investment Solutions, referring to early exit polls.

"If I had to pick one asset as a barometer of Trump sentiment it would be bitcoin."