SINGAPORE — Stocks in Asia-Pacific traded higher on Monday morning as investors in the region reacted to Democrat Joe Biden’s defeat of incumbent Donald Trump in the U.S. presidential race, according to NBC projections.

In Japan, the Nikkei 225 gained 1.11% as shares of conglomerate Softbank Group soared about 3%. The Topix index added 0.84%. South Korea’s Kospi also rose 0.9%.

Shares in Australia were also higher, with the S&P/ASX 200 gaining 1.33%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.29% higher.

Former U.S. vice president Biden won following his projected win in the states of Pennsylvania as well as Nevada, according to NBC News projections on Saturday. Still, Trump is refusing to concede the election, claiming it’s “far from over.”

On the economic data front, China’s exports surged 11.4% in October as compared to a year earlier, according to official statistics released over the weekend.

Meanwhile, on the coronavirus front, infections continue to surge stateside. The U.S. recently reported more than 126,000 new infections for two day in a row. Globally, the number of coronavirus infections crossed the 50 million mark on Sunday, according to Reuters.

Oil prices were higher in the morning of Asian trading hours, with international benchmark Brent crude futures up 1.42% to $40.01 per barrel. U.S. crude futures jumped 1.67% to $37.76 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.164 following a decline in recent days from levels above 93.1.

The Japanese yen traded at 103.29 per dollar after strengthening from levels above 104.3 against the greenback last week. The Australian dollar changed hands at $0.728 after last week’s rise from levels below $0.711.