· Dow surges more than 900 points in best day since early April amid hope for coronavirus vaccine
Wall Street logged its best day in over a month on Monday as news from a Moderna trial stoked optimism about a potential coronavirus vaccine.
The Dow Jones Industrial Average closed 911.95 points higher, or 3.9%, at 24,597.37. The S&P 500 gained 3.2% to close at 2,953.91 while the Nasdaq Composite advanced 2.4% to 9,234.83. The Dow and S&P 500 both had their biggest one-day gains since April 6 while the Nasdaq posted its best rally since April 29. The S&P 500 also closed at its highest level since March 6.
Moderna shares rallied 20% after the company reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.
· European markets close 4% higher as lockdown lifting continues
European stocks closed sharply higher Monday as investor confidence rose with lockdown restrictions around the world being lifted.
The pan-European Stoxx 600 provisionally closed 4% higher, with basic resources stocks climbing 8% to lead gains as all sectors and major bourses traded firmly in positive territory.
Economies across the continent continue to lift lockdown restrictions, allowing more businesses to cautiously open. There is growing discontent among swathes of the public at the speed of the lifting of restrictions, however, with large-scale anti-lockdown protests seen in Germany this weekend.
Investors are also digesting comments from U.S. Federal Reserve Chairman Jerome Powell on Sunday, about the prospects for the U.S. economy to recover in the medium term.
· Japan surges more than 2% as hopes of coronavirus vaccine rise
Stocks in Asia jumped in Tuesday morning trade as hopes rise on a potential coronavirus vaccine after a positive development from a Moderna trial.
In Japan, the Nikkei 225 surged 2.44% in early trade as shares of robot maker Fanuc soared nearly 4%. The Topix index also gained 2.07%. South Korea’s Kospi also saw robust gains as it added 2.04%.
Over in Australia, the S&P/ASX 200 advanced 1.56%.
Overall, the MSCI Asia ex-Japan index traded 0.77% higher.
Investors watched for market reaction to overnight developments after Moderna reported “positive” phase one results for a potential coronavirus vaccine. The company said that after two doses all 45 trial participants had developed coronavirus antibodies.
On the economic data front, Japan’s industrial production print for March is expected around 12:30 p.m. HK/SIN. That comes on the back of a Monday data release that shows the Japanese economy contracting at an annualized rate of 3.4% between January and March.
Reference: CNBC, Reuters
Thai
Eng