Overnight

Can you spell industrial metals? Because if you can, you'll have a better under understanding of what is driving this post-election stock market upswing as industrial metals led by copper prices swung to more than one-years highs Thursday. It's also about the prospect of lower taxes and infrastructure investment promised by Donald Trump after shocking the world with his victory Tuesday.

The Nikkei 225 rose to a nine-month high overnight led by financial shares and the U.S. market's performance to all-time highs, gaining 1.6% to 17,621.73, it's highest level since early February. The dollar followed suit rising to 106.95 yen, the highest its been since July. Non-ferrous metals participated in the Asian run-up. Banks and insurance firms were the big winners in the hopes of future higher interest rates and the appearance of some   much hoped for inflation.

HSI	HSI	22603.34		-235.77	-1.03%
ASX 200	S&P/ASX 200	5350.50		21.67	0.41%
SHANGHAI	Shanghai	3193.91		22.63	0.71%
KOSPI	KOSPI Index	1987.40		-15.20	-0.76%
CNBC 100	CNBC 100 ASIA IDX	6769.43		-10.21	-0.15%

Reuters reported U.S. crude futures in Asia were down 0.56 percent, at $44.41 a barrel after settling at $44.66 on Thursday, while Brent slipped 0.41 percent, to $45.65. Brent had last settlement price was at $45.84 a barrel. Gold was up 0.2% at $1,261.71 an ounce. IBM, which has risen 10 points in the last three days, helped push the index higher as at one point the Dow was up 250 points and the the U.S. 10-year bond yield rose to 2.14%. Many seem to believe once rates start up they will continue for some time. The continuing commodities rally helped the ASX 200 shares.

But as the WSJ reported all in Asia was not good as Asian emerging markets sold off sharply Friday as U.S. Treasury yields rose overnight. Indonesia’s Jakarta Composite Index was off 2.9%, the Philippines PSEi tumbled 2.5% and Malaysia’s FTSE Bursa Malaysia KLCI sank 1.1%. As offshore investors pulled money out of emerging Asia into U.S. Treasurys, regional currencies were walloped. Indonesia’s rupiah was down 1.6% Friday according to Thomson Reuters and the Malaysian ringgit dived 2.7%, according to FactSet. The rupiah plummet forced the Indonesian central bank Friday to defend the currency, according to Bank Indonesia Senior Deputy Governor Mirza Adityaswara, as foreign investors trimmed their holdings of rupiah assets.