Trump's comeback is complete

Good morning. Donald Trump wins the US presidential election, pulling off an extraordinary comeback. US stock futures soar and Bitcoin hits another all-time high. And Shohei Ohtani has been under the surgeon’s knife. Listen to the day’s top stories.

Donald Trump will return to the White House after securing key battleground states including Pennsylvania, North Carolina and Georgia. Republicans also clinched the Senate and results showed Trump outperforming his 2020 tally in several regions. Addressing supporters in the early hours, the GOP nominee hailed a “political victory that our country’s never seen before.” Follow our live coverage.

Trump trades swept markets as his victory came into sharp relief. US stock futures roared and the dollar hit a one-year high. Treasuries slumped, partially reflecting concerns about the potential for increased budget deficits and inflation. For those riding the trade, the results are a moment of vindication. They’re also a boon for his most prominent backer: Tesla shares soared premarket as investors bet Elon Musk’s empire will reap the rewards of Trump 2.0.

Bitcoin hit a fresh record as the prospect of friendlier US crypto rules led to gains across the digital-asset market. Adding to bullish sentiment: Blockchain entrepreneur and Republican Bernie Moreno unseated the incumbent Democrat in Ohio’s senate race, a major win for crypto companies that funneled millions of dollars into his campaign. The token has climbed about 76% this year.

World leaders congratulated Trump well before news outlets had called his victory. One of the earliest was Nayib Bukele, president of El Salvador where bitcoin is legal tender. A spokesman for the Kremlin said he was unaware whether Vladimir Putin would be offering his congratulations.

A key question now is whether Republicans end up with the “trifecta”—control of the Senate, House and White House—with dozens of competitive House races yet to be called. More developments:

Buckle up for a potential confrontation between the bond market and the new government, John Authers writes. The prospect for elevated Treasury yields and, ironically, more inflation under Trump also implies higher interest rates from the Federal Reserve.

Novo Nordisk’s weight-loss drug sales jumped in the third quarter, providing relief for investors after Eli Lilly surprised with lackluster results last week. The Danish drugmaker’s semaglutide shot, sold as Ozempic and Wegovy, is poised to become the top-selling drug franchise next year, but it’s under pressure to deliver something even better.

Hurricane Rafael is strengthening as it churns toward the Gulf of Mexico, threatening to bring damaging winds and heavy rains to populated areas from the Cayman Islands to the Florida Keys. It’s expected to reach near major hurricane intensity before making landfall in Cuba today.

Shohei Ohtani had surgery to repair a labrum tear in his left shoulder after he was injured last month during Game 2 of the World Series, the AP reported. The LA Dodgers say he’s expected to be ready for spring training in February.

Celebrity chef Paik Jong-won—dubbed South Korea’s Gordon Ramsey—joined the ranks of the world’s richest culinary kings after his restaurant franchise surged 51% on its first trading day, valuing his stake in the company at about $324 million. He recently featured in Netflix’s Culinary Class Wars, which topped its global weekly TV chart for non-English titles.

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