By Wayne ColeSYDNEY (Reuters) -U.S. stock futures and the dollar surged in Asia on Wednesday as investors wagered Republican Donald Trump could win the U.S. presidential election, though officially the race remained too close to call.Trump took the early lead over Democrat Kamala Harris as solid Republican-leaning states reported first, but critical battleground races, in the handful of states likely to decide the election, were unlikely to be called for some time yet.Treasury yields shot to four-month highs as some betting sites heavily favoured Trump, while The New York Time's closely-watched swingometer projected an 89% chance of him winning.Analysts generally assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris' centre-left policies.Trump's proposals would also tend to push up the dollar and potentially limit how far U.S. interest rates might ultimately be lowered.Thus while markets were still confident the Federal Reserve will cut interest rates by 25 basis points on Thursday., futures for next year eased into the red with December down 9 ticks."As the early results come in, even though none of them are that surprising, we are seeing Treasury yields rising a little bit, the dollar strengthening, bitcoin up; kind of a classic Trump trade," said Brian Jacobsen, chief economist at Annex Wealth Management.Yields on 10-year Treasury notes jumped to a four-month high of 4.471%, from 4.279%, breaking last week's top of 4.388%. Two-year yields climbed to 4.291%, from 4.189% late in New York. [US/]investing.com