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

Asia-Pacific markets mostly fell on 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.

The only major market in positive territory was Japan, with the benchmark Nikkei 225 climbing 0.44%, and extending gains from Wednesday, while the broad based Topix was up 1.3%.

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

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 0.15% 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.

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

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.

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

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 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.