Asia-Pacific stocks trade higher after Dow surges to a new record
Stocks in Asia-Pacific rose in Wednesday morning trade following a record session on Wall Street as coronavirus vaccine hopes and reduced uncertainty in U.S. politics buoy investor sentiment.
In Japan, the Nikkei 225 jumped 1.4% while the Topix index gained 1%. South Korea’s Kospi advanced 0.85%.
Meanwhile in Australia, the S&P/ASX 200 rose 0.76%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.38% higher.
Investors will monitor Hong Kong-listed shares of Chinese smartphone maker Xiaomi after the firm posted a roughly 19% year-over-year surge in its adjusted net profit for the three months ended Sept. 30.
“Our global smartphone shipments rose to the 3rd position in the third quarter of 2020, with an all-time high market share of 13.5%, according to Canalys,” Xiaomi said in a statement.
Positive momentum in the race for a coronavirus vaccine has boosted global markets. Earlier this week, AstraZeneca announced that interim analysis showed its vaccine has an average efficacy of 70% in protecting against the virus.
Uncertainty in U.S. politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay.
Reference: CNBC
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