Asia Markets: Asian markets gain on new hope for coronavirus vaccine

Asia Markets

Nikkei, Hang Seng surge after Moderna’s early-stage drug trial boosts Wall Street

Stocks gained Tuesday in Hong Kong.


Getty Images/iStock Photos

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.

Japan’s Nikkei
NIK,
+1.48%

gained 1.9% and Hong Kong’s Hang Seng Index
HSI,
+2.12%

jumped 1.8%. The Shanghai Composite
SHCOMP,
+0.80%

advanced 0.5% while the Shenzhen Composite
399106,
+1.26%

rose 0.5%. South Korea’s Kospi
180721,
+2.24%

surged 1.7%, and benchmark indexes in Taiwan
Y9999,
+1.11%

, Singapore
STI,
+2.11%

, Malaysia
FBMKLCI,
+1.05%

and Indonesia
JAKIDX,
+1.12%

all gained. Australia’s S&P/ASX 200
XJO,
+1.81%

rose 1.9%.

In Tokyo trading, Nippon Steel
5401,
+6.77%

surged while SoftBank
9984,
-2.74%

fell after posting a massive fiscal-year loss. Link Real Estate Investment
823,
+3.60%

and PetroChina
857,
+3.33%

gained in Hong Kong. Samsung Electronics
005930,
+3.07%

rose in South Korea, while BHP
BHP,
+5.89%

jumped in Australia.

Moderna Inc.
MRNA,
+19.95%

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
DJIA,
+3.85%

surged 911.95 points, or 3.9%, to finish at 24,597.37, its best daily gain in six weeks. The S&P 500
SPX,
+3.15%

rose 90.21 points, or 3.2%, to end at 2,953.91. The Nasdaq Composite
COMP,
+2.44%

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.”

West Texas Intermediate crude for June delivery
CLM20,
+3.17%

was last above $32 a barrel. July Brent crude
BRNN20,
+1.78%

, the global benchmark, was little changed.

The dollar
USDJPY,
+0.12%

was up slightly at 107.40 yen..

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