With major cities in Scotland the last to report the results of the independence vote, The New York Times is reporting that Scottish voters rejected the referendum that would have moved the country from Britain to commonwealth.

The results of the close vote were within the polling margin of error for most of the day, though observers began to believe that the large turnout of older voters indicated a 'no' vote was more likely.

Australian markets were already tracking higher Friday based on perceived positive US economic news and Wall Street results Thursday.

In early Asian trading, the pound began inching higher as early results from Scottish districts began trickling in. Concerns as to what currency an independent Scotland would use, and how British banks would cope, were weighing on the currency pre-vote.

Update, 1:41 am ET: The FT reports that with 96% of the vote in, the result was less close than expected, 55.4% against vs. 44.6% for.

Update pre-open: See Zero Hedge analysis