Investors around the world are closely watching the U.S. election for clues about who will become the next president of the world's largest economy.

Benchmark stock indexes across Asia were mostly higher on Wednesday, while the U.S. dollar also gained.

The outcome of the election is expected to have a significant impact on the global economy, particularly in Asia.

It is uncertain whether the results of the election will be announced during Asian trading hours as counting in swing states could take days to complete.

In Japan, the benchmark Nikkei 225 stock index ended the session up 2.6%, while Australia's ASX 200 closed 0.8% higher.

In mainland China, the Shanghai Composite Index was flat, while the Hang Seng in Hong Kong fell around 2.5%.

Futures trading on the most important US stock indices pointed significantly upwards. This came after the Dow Jones Industrial Average, S&P 500 and Nasdaq all closed more than 1% higher.

The world's largest cryptocurrency, Bitcoin, jumped to a record high of over $75,000 (£58,145).

The U.S. dollar gained more than 1.5% against a basket of other major currencies including the euro, the pound and the Japanese yen.

Donald Trump has announced that he would dramatically increase trade tariffs, particularly against China, if he became the next US president.

“Trump's global trade policies are raising particular concerns in Asia, given the strong protectionist platform that has promised more aggressive tariffs on imports into the U.S.,” said Katrina Ell, director of economic research at Moody's Analytics.

The former president's more isolationist approach to foreign policy has also raised questions about his willingness to defend Taiwan against possible aggression from China.

The self-governing island is a major manufacturer of computer chips, which are crucial to the technology that powers the global economy.

Meanwhile, Trump's tax cut program was also widely welcomed by major American companies.

“If Trump is elected, we should see pro-business policies and tax cuts, which in turn may boost inflation and lead to fewer interest rate cuts,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners.

If Kamala Harris wins, investors expect her trade and foreign policy to be a continuation of Joe Biden's more predictable approach.

“Harris' platform largely assumes the status quo on global trade flows and tariffs,” Ms. Ell said.

It is also believed that a potential Harris government is more likely to tighten regulations on industries such as banking and healthcare.

The Democratic Party's renewable energy policies could also give a boost to electric vehicle manufacturers and solar companies.

Investors also need to focus on other important issues this week.

The US Federal Reserve will announce its latest interest rate decision on Thursday.

Central Bank Chairman Jerome Powell's comments are being watched with great attention around the world.

On Friday, senior Chinese officials are expected to provide more details on Beijing's plans to deal with the slowdown in the world's second-largest economy.