According to a new survey, Americans' expectations for Donald Trump's second term are as follows: 60% of respondents favor increased military presence on the border, while 51% predict economic progress.

The tepid start came on the year's last full week of trading, with the focus on key monetary policy decisions by the US Federal Reserve and the Bank of Japan.

Hong Kong and Shanghai both tumbled as investors shrugged at Beijing's pledge to introduce measures aimed at "lifting consumption vigorously" as part of a drive to reignite growth in the world's number two economy.

Seoul's Kospi pushed higher for a third straight day, eating further into the losses sustained in a sell-off that came in the wake of South Korean President Yoon Suk Yeol's short-lived martial law declaration.

There is speculation that monetary policymakers will not make as many reductions next year as previously expected amid fears that Trump's planned tax cuts, deregulation and tariff hikes will reignite inflation.

The retreat came on a tough day for Asian markets despite another record on Wall Street, though Hong Kong bounced in the afternoon after China said it would adopt a looser approach to monetary policy.

Traders were looking for a little stability after the past few days that saw Seoul plunged into crisis, France's government fall and bitcoin surge to a historic high above $100,000.

The gains, which followed another record day on Wall Street, came as traders were also left assessing Washington's decision to impose fresh tech export restrictions on Beijing in the latest volley in a long-running standoff between the rival powers.

Traders began the month on the front foot after a rollercoaster ride since Donald Trump's re-election and warning that he will hit China, Canada and Mexico with hefty tariffs.

With Wall Street closed for the Thanksgiving break, there were few catalysts to drive business heading into the weekend and at the end of a rollercoaster month dominated by uncertainty in the wake of Donald Trump's election victory.

With the United States heading into the Thanksgiving holiday, business in New York was subdued after a flurry of activity since Donald Trump's election win at the start of the month.

Rising geopolitical tensions tempered the atmosphere and lifted oil again after Russia hit Ukraine with a new-generation intermediate-range missile and sent a warning to the West.

Investors are treading carefully this week amid uncertainty after Trump's re-election and as he picks his cabinet, with several China hawks up for key positions fanning worries of another trade war between the economic superpowers.

Equities have seen big swings since Trump's election at the start of the month, with optimism over pledged tax cuts and deregulation offset by worries they could also reignite inflation, along with threatened import tariffs.

A warning from US central bank boss Jerome Powell that reductions in borrowing costs were not preset dented optimism last week, while traders were also keeping tabs on the president-elect's cabinet choices, with several China hawks lined up.

The stock market has officially lost its "Trump bump" after the S&P 500 closed just above the nearly record-high post-election open.

The uncertain performance came at the end of a painful week fuelled by worries about another disruptive China-US trade war.

Bitcoin eased just below the $90,000 level it broke for the first time Wednesday when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.

The prospect of prices spiking again on the back of tax cuts, import tariffs, and an easing of regulations gave fresh impetus to the dollar, which has rallied since the Republican's election win last week.

The sell-off came despite another record close on Wall Street, fuelled by expectations that Trump will push through promised business-friendly policies and hopes that his administration will be pro-crypto, which saw bitcoin push to a new record close to $90,000.

Meanwhile, bitcoin continued to push to new highs, hitting a record $81,891 Monday on optimism that Trump will ease regulations surrounding the cryptocurrency.

Asia took up the baton in early trade but some markets fell away in the afternoon. Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose.

The Trump Trade went into overdrive Wednesday as it emerged the tycoon would return to the White House after beating Democrat Kamala Harris, while his Republican Party gained control of the Senate and looked set to hold the House of Representatives.

Eyes will also be on the Federal Reserve's policy decision on Thursday, with expectations for another cut, while the post-meeting statement from bank boss Jerome Powell will be pored over for an idea about its plans for 2025.

The dollar slipped Monday as a fresh opinion poll in Iowa -- which Trump won in 2016 and 2020 -- showed Harris leading.

Hong Kong was up while Shanghai fell following healthy gains by mainland Chinese markets Thursday, after a forecast-beating manufacturing report.

The three main US stock indices lost ground on Wednesday, and Asian investors appeared to be in a risk-averse mood ahead of a coin-toss US election and after a widely expected decision by the Bank of Japan to leave its main interest rate unchanged.

Investors are eyeing the earnings reports of five of the "Magificent Seven" tech giants due this week, including Google parent Alphabet, Amazon, Apple, Facebook-parent Meta, and Microsoft.

Oil prices fell as much as five percent in early trade before paring some of their losses.

US futures were holding steady after Elon Musk's company surged nearly 22 percent on the back of higher earnings following a streak of disappointing results, helping to lift the Nasdaq and S&P 500.