Photo credit: Eva Marie Uzcategui/Bloomberg

Republican Donald Trump claimed victory in the 2024 presidential contest after Fox News projected he had defeated Democrat Kamala Harris, marking a stunning political comeback four years after he left the White House.  

"America has given us an unprecedented and powerful mandate," he said early Wednesday to a roaring crowd of supporters at the Palm Beach County Convention Center, as reported by Reuters.  

"We have to put America first. I will not let you down."

Other news outlets had yet to call the race for Trump, but he appeared on the verge of victory after capturing the battleground states of Pennsylvania, North Carolina, and Georgia, and holding leads in four additional states, according to Edison Research.  

Harris did not address her supporters, who had gathered at her alma mater, Howard University. Her campaign co-chair, Cedric Richmond, briefly addressed the crowd after midnight, indicating that Harris would speak publicly on Wednesday.  

"We still have votes to count," he said.  

The former president demonstrated strength across broad swaths of the country, improving upon his 2020 performance in areas ranging from rural landscapes to urban centers.  

Global investors increasingly priced in a win for Trump late Tuesday, as the former president declared himself the victor in the U.S. presidential election, despite some battleground states yet to report results.  

U.S. stock futures and the dollar rose while Treasury yields climbed and bitcoin surged.  

"Our county-by-county analysis in key states suggests that Harris is lagging behind her 2020 performance, making it logical for the market to start pricing in a Trump victory, as seen in bonds and the dollar," said Jens Nordvig, CEO of analytical firm Exante.  

The results impact assets globally, determining the outlook for U.S. debt, the strength of the dollar, and a host of industries that form the backbone of Corporate America.  

Republicans also gained control of the U.S. Senate, ensuring they will dominate at least one chamber of Congress next year.  

Despite the uncertainty, popular election betting platforms heavily favored Trump, while trades in assets likely influenced by Trump’s pledges to raise tariffs, cut taxes, and slash regulations showed growing bets on a Trump victory.  

"The consequence is a higher path of rates," said Nick Ferres, chief investment officer at Vantage Point Asset Management in Singapore. He was buying bank shares in anticipation that higher yields and stronger growth would benefit their earnings.  

Bank stocks rose 4.4% in Tokyo, outperforming the market in Australia.  

Shares of Trump Media and Technology Group surged 10 percent in extended trade following a volatile day session, while the Mexican peso, which could be adversely affected by tariffs, sank to a two-year low, about 3 percent weaker than its closing price from the previous session.  

The euro also fell, driven by concerns that a Trump presidency could result in trade tariffs for Europe and higher defense costs.   Bitcoin soared to a record high in Asia trade, reflecting optimism over a softer approach to cryptocurrency regulation.  

"Markets are growing confident that the election result will be called and that a ‘red sweep’ of Congress is possible," said Ben Emons, founder of Fedwatch Advisors in Washington.  

Several investors noted that the results so far suggested a faster clarity for markets compared to 2020, when Joe Biden was declared the victor four days after election night.  

"That's what markets have been most worried about: a long, drawn-out conflict over who won," said Jamie Cox, managing partner at Harris Financial Group.