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Asian stock markets rose largely on Tuesday, led by airlines, tourism and transportation, as investors hailed progress in developing a coronavirus vaccine that boosted confidence in the global economic recovery, according to Mediafax.
Pfizer said its COVID-19 vaccine, developed with German partner BioNTech, was effective in more than 90 percent of infection prevention cases, marking the first positive results of a large-scale clinical trial.
Vaccine news generated renewed optimism in markets around the world, but oil prices fell in Asia after posting the highest percentage gain for one day in five months.
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Some analysts are wary of the speed with which the vaccine could be implemented. “More testing is needed for the approval process. Production and distribution would mean the vaccine, if truly effective, is still within months of mass delivery,” said Tai Hui, chief Asian market strategist at JPMorgan Asset Management.
Japan’s Nikkei 225 index was up 1.1% after hitting a 29-year high at the start of trading and the Australian S & P / ASX 200 was up 1.6%.
The Hong Kong Hang Seng Futures Index rose 1% at the start of trading and the MSCI Asia Pacific Index rose 0.12%.
Performance in Asian markets comes after positive progress in the US and Europe.
On Wall Street, the Dow Jones was up 2.95%, the S&P 500 was up 1.17%, while the Nasdaq Composite was down 1.53%.
Pfizer’s announcement pushed European equities to an eight-month high, based on expectations of more stable trade policies following the US election.
The Aussie dollar fell 0.18% against the US dollar to $ 0.7272.
The yen was up 0.3% to $ 105.03, while the pound was trading at $ 1.3174, up 0.09%.
The CBOE Market Volatility Index, a barometer of investor anxiety, reached its lowest level since the end of August.
Oil prices rose with the highest daily percentage gain in more than five months, while news of the vaccine and an OPEC manufacturing deal fueled optimism about return to demand.
In Asian markets, some of the oil momentum has been lost. Light crude oil fell 1.49% to $ 39.69 a barrel, while Brent crude oil fell 1.25%.
Spot gold gained 0.32% to $ 1,867.6 an ounce.
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