Stock Markets Up as Key States Lean Trump

Stock markets in Asia edged higher, the dollar rose against major currencies and U.S. treasury yields climbed as investors positioned themselves for a possible victory by former President Donald J. Trump.

The results are not settled and the markets continue to teeter back and forth, but traders were already reacting to the positive early returns for Mr. Trump in key battleground states during Asian trading hours.

Stocks and government bond yields nudged higher while Bitcoin surged to record highs in Wednesday trading in Asia — moves that have all been associated with the possibility of economic stimulus under a Trump administration.

The U.S. dollar rose against the Japanese yen, as well as the Mexican peso and Chinese yuan — the currencies of two major trading partners expected to be heavily affected by Mr. Trump’s proposal to raise tariffs.

U.S. stock futures were more than 1 percent higher.

Andrew Brenner, head of international fixed income at National Alliance Securities, said that the early market reaction appeared to favor Trump. “But it’s not over,” he said. “We’ll see.”

In October, investors started driving up U.S. Treasury yields and pushing the dollar higher against global currencies as they started to see a better chance of a Republican victory.