Asia-Pacific markets mixed in choppy trading after Trump victory

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets were mixed Thursday after former President Donald Trump won the White House, defeating Vice President Kamala Harris in the 2024 presidential election.

NBC News projects that Trump will win at least 291 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia.

Japan's Nikkei 225 reversed gains to lose 0.25%, but the broad based Topix was up 0.95%.

The yen weakened to a intraday high of 154.7 against the dollar on Wednesday, its weakest level since July 30, but recovered marginally on Tuesday to 154.41.

South Korea's Kospi was 0.19% lower, with the small cap Kosdaq also down 1.45%.

Hong Kong's Hang Seng index initially fell, but reversed course to climb 0.9%, while mainland China's CSI 300 also went into positive territory with a 0.5% gain.

Hong Kong and mainland Chinese stocks mainly fell Wednesday as Trump's victory looked increasingly certain.

In China, state media reported that the National People's Congress standing committee, the country's parliament, had reviewed the plan to raise local government debt for another day, after initially discussing the plan on Monday.

Local authorities in China have historically been responsible for much of public services spending, but have struggled financially as revenue from land sales to developers has dropped.

Australia's S&P/ASX 200 traded 0.41% lower.

Overnight in the U.S., all three major benchmarks hit record highs following Trump's victory.

The Dow Jones Industrial Average surged 1,508.05 points, or 3.57%, to a record close of 43,729.93. The last time the index saw a gain of more than 1,000 points in a single day was in November 2022.

The S&P 500 also hit an all-time high, popping 2.53% to 5,929.04. The Nasdaq Composite climbed 2.95% to a record 18,983.47.

— CNBC's Yun Li and Jesse Pound contributed to this report.

Taiwan will help companies move from China, economy minister says: Reuters

Taiwan's economy minister reportedly said the island would help companies shift production from China, in light of the large tarriffs promised by U.S. president-elect Donald Trump on the country.

Minister Kuo Jyh-Huei said that the impact of any tariffs will be "quite large" on Taiwanese firms in China, Reuters reported.

Trump had said he would impose a 60% tariff on U.S. imports of Chinese goods, as well as a blanket tariff on global imports.

— Lim Hui Jie, Reuters

Philippines third-quarter GDP growth slows to 5.2%, missing expectations

The Philippines' GDP grew 5.2% in the third quarter, missing market estimates, and slowing from the revised 6.4% in the second quarter.

Analysts were expecting GDP to grow by 5.7%, according to a Reuters poll.

This is the slowest rate of growth since the second quarter of 2023.

The Philippine statistics authority said the main contributors to the third-quarter growth were construction, financial and insurance sectors, also supported by wholesale and retail trade.

— Lim Hui Jie

China October exports sharply beat expectations; imports fall more than expected

China's exports grew 12.7% year on year in October, sharply beating analysts' estimates of a 5.2% rise, according to the country's customs agency on Thursday.

Exports growth was the highest in 19 months, according to LSEG data. They had risen by 2.4% in September.

Imports, however, fell 2.3%, more than the 1.5% fall expected by economics polled by Reuters and a reversal from the 0.3% rise in September.

— Lim Hui Jie, Anniek Bao

MSCI China All Shares index to remove 18 stocks, including iQiyi and Hisense

The MSCI China All Shares index will remove 18 stocks and add four new companies effective Nov. 25, according to an announcement by data analytics and research firm MSCI.

Some of the stocks that will be removed include streaming service iQiyi, as well as China's largest TV maker Hisense.

Stocks that will be added include financial services company Tianfeng Securities and brokerage Capital Securities.

— Lim Hui Jie

Chinese EV stocks extend losses after Trump victory

Chinese electric vehicle stocks extended their losses after Donald Trump won the U.S. presidential elections.

Geely Automotive and BYD Co were among the top losers on Hong Kong's Hang Seng index, shedding 2.61% and 3.32%, respectively, Eikon data showed.

Other EV makers also fell, with Nio losing 2.86% and Xpeng down 1.42%. Xiaomi, which recently entered the EV market, was down 1.81%.

— Lim Hui Jie

Wages in Japan climb 2.8% in September, but real wages sink slightly

Wages for Japan's workers climbed 2.8% year-on-year in September, coming in at the same rate of increase as August.

Data from the country's labor ministry showed that total cash earnings in September stood at 292,551 yen ($1,894.55).

However, real wages slipped 0.1% compared to September 2023, a smaller fall than the 0.8% decline seen in August.

Pay data is one of the metrics that the Bank of Japan evaluates when it makes monetary policy decisions. The central bank has repeatedly reiterated its goal of a "virtuous cycle" of rising wages and prices.

— Lim Hui Jie

CNBC Pro: Beyond ASML: Goldman reveals its refreshed list of top European stocks - giving one 50% upside

Dutch behemoth ASML has been a favorite among investors this year, but Goldman Sachs has adopted a cautious stance on the stock and removed it from its conviction list of top stocks.

Besides ASML, Goldman also removed several stocks from its Europe conviction list for November, and refreshed it by adding others

The stocks are featured in the investment bank's "Conviction List - Directors' Cut," which it says offers a "curated and active" list of buy-rated stocks.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Ford, General Motors well positioned among automakers for Trump policies, BofA says

So-called "legacy" carmakers Ford Motor and General Motors are "well positioned" to benefit from likely policies enacted by the incoming Trump administration, Bank of America analysts led by John Murphy wrote Wednesday.

The reason is that Ford and GM's "very profitable" core business of making pickup trucks would have been pressured by steps to "decarbonize" and shift to an electric vehicle lineup by the end of the decade under current rules, but is more likely to thrive under "softer regulation," BofA said.

To be sure, higher tariffs on imported components or vehicles from Mexico pose some risk to Ford and GM, given their direct and indirect exposure there, the analysts wrote. Electric vehicle manufacterers face slower demand thanks to "less pressure to go electric" and smaller government incentives.

Rivian and Lucid shares already reflect that outlook, while Tesla is likely to face fewer challenges "since it has already reached profitability and will introduce more entry level products that could be attractive for the larger public." Ford, GM, Tesla and Rivian are rated buy and Lucid is a neutral at BofA.

— Scott Schnipper

Chances of a 10% universal tariff under Trump next year are 'low,' says Michael Feroli

President-elect Donald Trump's aggressive tariff policy may not be set in stone yet, according to JPMorgan's Michael Feroli. 

"We think odds of a 10% across-the-board tariff in 2025 are low, in part for procedural reasons," the analyst wrote in a Wednesday note. "China, on the other hand, is likely to face significantly higher effective tariffs."

Throughout his campaign, the former president has vowed to implement across-the-board tariffs of 10% to 20% on imports entering the U.S. Meanwhile, for Chinese goods, he's proposed a levy of between 60% to 100%.

— Sean Conlon

Here is how the stock market performs historically after an election

Here is how stocks can perform into year-end, now that markets have gotten past the election, according to Goldman Sachs' Scott Rubner.

Historically speaking, stocks rally into year-end from Election Day. However, the S&P 500 and Russell 2000 perform even better during presidential election years, while the Nasdaq Composite does worse.

Take a look at their historical performance between Nov. 5th through Dec. 31st.

• Historically, the S&P 500 rises 2.68% on average from Nov. 5th to Dec. 31st, in data going back to 1928. However, in election years, the broader index rallies 3.38% over the same time period.
• Typically, the Nasdaq gains an average 5.53% between Election Day and year's end, in data going back to 1985. In election years, however, the benchmark gains just 0.79% over the same period.
• In its history, the Russell 2000 gains 5.70%, on average, going back to 1979. In election years, the small-cap index surges 7.94% from Nov. 5th to December 31st.

— Sarah Min