HONG KONG — Stock prices, bond yields and Bitcoin rose on Wednesday as voters returned former President Donald Trump to the White House and the Republican party took control of the Senate.

Investors expect Trump’s victory to lead to faster economic growth and more market-friendly policies.

Future of S ahead of US markets open on WednesdayThe &P 500 gained 1.23% and the future of the Dow Jones Industrial Average rose 1.02%. Nasdaq composite futures were 1.43% higher.

Bitcoin price rose nearly 8% to $75,345.00 as investors bet on the victory of Trump, who has pledged support for cryptocurrencies. It later dropped to $74,525.00.

Bond yields also rose; The 10-year Treasury yield rose to 4.4% from 4.28% on Tuesday.

“Markets are trying to understand what will happen next, but for now the market is pricing in the outlook for higher growth and higher inflation,” Peter Esho of Esho Capital said in a comment.

In the early hours of Europe, the German DAX index rose 1.3% to 19,503.40 points, while the CAC 40 index in Paris rose 1.9% to 7,550.36 points. Britain’s FTSE 100 index increased by 1.4% to 8,285.06 points.

Markets around the world are focused on what the elections will mean for US economic, monetary and trade policy, as well as geopolitics. The House has yet to decide, and the division of Congress among political parties will complicate policymaking. It will likely have far-reaching consequences, given the Trump White House’s support for sharp increases in tariffs, especially on imports from China.

Robert Halver, Head of Capital Market Analysis at Baader Bank in Germany, said: “It can be assumed that stock markets around the world will rise because Donald Trump represents the economy. With one exception: China, because he will definitely impose “At least tariffs on China will definitely make life difficult for the Chinese.”

The dollar gained value against the Mexican peso and Chinese yuan, two important trading partners. It was also rising against the yen and euro.

The broad U.S. stock market has historically tended to rise no matter which party wins the White House, even as each party’s policies could benefit or hurt the profits of different sectors.

(since 1945)The &P 500 rose in 73% of the years a Democrat was president and 70% of the years a Republican was the nation’s chief executive, according to CFRA chief investment strategist Sam Stovall.

S.The &P 500 is up nearly 70% since the 2020 election, when President Joe Biden took office. It rose to records as the US economy recovered from the Covid-19 pandemic and managed to avoid recession despite the jump in inflation.

The economy was an important issue for inflation-weary US voters who chose Trump this time; But mainstream economists say Trump’s policy proposals will make inflation worse.

Trump also vowed to sharply raise tariffs on imports from China and other countries, darkening the outlook for Chinese exporters at a time when Beijing is relying heavily on boosting production to revive its flagging economy.

Chinese markets were among the most active in the region this week as leaders held a meeting with the Standing Committee of the National People’s Congress, the country’s legislative body.

The meeting is expected to deliver further steps to help spur faster economic growth and address rising local government debt levels. On Tuesday, Premier Li Qiang’s optimistic comments about the potential of both fiscal and monetary policies helped stock benchmarks in Hong Kong and Shanghai rise more than 2%. Li also expressed confidence that China will achieve its growth target of around 5% this year.

In Asian stock trading on Wednesday, Japan’s Nikkei 225 index rose 2.6% to 39,480.67 points, while the Kospi index in Seoul fell 0.9% to 2,553.90 points.

S of Australia&P/ASX 200 rose 0.8% to 8,199.50.

Hong Kong’s Hang Seng index ended a three-day rally, falling 2.2% to 20,538.38 as investors sought safe-haven assets amid U.S. election uncertainty. While the Hang Seng Technology Index lost 2.5 percent, the Shanghai Composite index decreased by 0.1 percent to 3,383.81 points.

In other early trading Wednesday, benchmark U.S. crude oil fell 90 cents to $71.09 a barrel. Brent crude oil, the international standard, gave up 1.00 cents per barrel and fell to $74.53.

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Associated Press Writer Kirstin Grieshaber in Berlin contributed to this report.