Asian shares rebounded and the dollar firmed Thursday in a remarkable snapback from the shock of Republican Donald Trump's presidential victory.

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 1.7 percent. That was after dropping 2.4 percent on Wednesday as global markets plunged on Trump's surprising election victory.

At the same time, expectations of higher spending and inflation under Trump saw U.S. Treasury 10-year note yields rebound from a plunge to 1.716 percent to climb overnight to 2.09 percent.

That's the highest since January. The European markets opened today.