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TOKYO (Reuters) – Asian equities halted near record highs on Friday as investors weighed renewed doubts about a highly anticipated coronavirus vaccine against hopes that some of the region’s economies will recover faster than their Western peers.
MSCI’s broader index of Asia Pacific equities outside of Japan fell 0.04%, but remained with an impressive distance of a peak of life hit this week.
Australian equities closed 0.53% lower. Treasury Wine Estates Ltd tumbled 11.25% after China slapped tariffs on Australian wine, which is likely to worsen a diplomatic dispute between Beijing and Canberra.
Japan’s Nikkei was up 0.33% with unstable trading.
Equities in China were up 0.13% after data showed that Chinese industrial profits increased at the fastest pace since the beginning of 2017. South Korean equities also rose 0.27%.
US e-mini S&P 500 stock futures fell 0.09%. US financial markets were closed on Thursday for Thanksgiving and will be trading on a partial schedule later on Friday.
Euro Stoxx 50 futures fell 0.26%, German DAX futures fell 0.24% and FTSE futures fell 0.22%, suggesting a soft start to the European session.
US oil prices extended their decline from seven-month highs due to signs of oversupply.
British pharmaceutical company AstraZeneca’s coronavirus drug has been advertised as a “vaccine for the world” due to its low cost, but the vaccine’s effectiveness is now facing tighter scrutiny, which experts say could delay its implementation. approval.
Several scientists questioned the robustness of the results showing that the injection was 90% effective in a subset of study participants who, initially, by mistake, received a half dose followed by a full dose.
“With global case numbers now exceeding 60 million … there is certainly some rough ground to cover for global recovery, and this can create economic scars,” ANZ Bank analysts wrote in a memo.
MSCI’s broader global equities index rose 0.08% on Friday, just below the record high of the previous session.
Concerns about the distribution of a coronavirus vaccine have drawn renewed attention to the current state of the pandemic, which in many places looks grim.
U.S. hospitalizations for COVID-19 are record-breaking, and experts warn that Thanksgiving gatherings could lead to further infections and deaths.
More than 20 million people across England will be forced to live under the toughest restrictions even after the end of a national blockade on 2 December. Partial freezes in some European countries have also raised concerns about economic growth.
The European Central Bank’s chief economist highlighted these concerns in his dovish comments on Thursday, which pushed European bond yields lower.
The euro, which last bought $ 1.1924, showed little reaction as currency traders largely discounted expectations of further ECB easing next month.
The dollar index has fallen to a low for over two months.
The benchmark 10-year Treasury bond yield fell to 0.8586% as some investors sought the security of holding government debt.
US crude fell 1.82% to $ 44.88 a barrel. Brent crude fell 0.17% to $ 47.72 a barrel.
Fuel demand is declining due to new coronavirus freezes, but some oil producers are not meeting agreed production cuts, which raises concerns about oversupply.
Bitcoin, the largest cryptocurrency in the world, rose to $ 17,256 on Thursday, but plunged 8.4% in the previous session after failing to hit its record high of $ 19,666.
The cryptocurrency has shown little reaction to a Financial Times report that Facebook will launch its own limited-format Libra digital currency next year.
Bitcoin has rallied around 140% this year fueled by demand for riskier assets.
Reporting by Stanley White; editing by Richard Pullin, Lincoln Feast and Kim Coghill
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