Asia Markets: Asian markets gain on new hope for coronavirus vaccine
Nikkei, Hang Seng surge after Moderna’s early-stage drug trial boosts Wall Street
Asian markets rose in early trading Tuesday, following sharp gains on Wall Street as the U.S. economy continued to slowly reopen and drug maker Moderna announced positive early results from a potential COVID-19 vaccine.
gained 1.9% and Hong Kong’s Hang Seng Index
jumped 1.8%. The Shanghai Composite
advanced 0.5% while the Shenzhen Composite
rose 0.5%. South Korea’s Kospi
surged 1.7%, and benchmark indexes in Taiwan
all gained. Australia’s S&P/ASX 200
In Tokyo trading, Nippon Steel
surged while SoftBank
fell after posting a massive fiscal-year loss. Link Real Estate Investment
gained in Hong Kong. Samsung Electronics
rose in South Korea, while BHP
jumped in Australia.
shares soared 20% Monday after the company released “compelling” early data from a phase-one clinical trial for its experimental coronavirus vaccine, providing a jolt to markets.
The Dow Jones Industrial Average
surged 911.95 points, or 3.9%, to finish at 24,597.37, its best daily gain in six weeks. The S&P 500
rose 90.21 points, or 3.2%, to end at 2,953.91. The Nasdaq Composite
added 220.27 points, or 2.4%, closing at 9,234.83.
“Optimism around economies reopening and a coronavirus vaccine is driving higher equities, oil prices, and weaker USD,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note. “Trade tensions remain a critical risk for markets, however,” he wrote, and “caution is warranted with financial markets increasingly decoupling from the real economy.”
was up slightly at 107.40 yen..