· Asia stocks edge higher after vaccine hopes push Wall Street to record highs
Asian stocks held gains and moved tentatively further into record territory on Tuesday, after U.S. benchmarks were pepped up by news of another promising coronavirus vaccine, though futures indicated the rally could stall in European hours.
Investor sentiment was given a boost when Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-stage data.
The Cambridge, Massachusetts-based firm became the second drugmaker, after Pfizer Inc, to announce promising trial data in the development of a vaccine. Its shares gained 9.6% on the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.17% on Tuesday, a day after hitting its highest level since launching in 1987.
The MSCI World Index of global shares which also hit a record high on Monday, ticked higher still in the Asian session.
· Nikkei hits 29-year high as vaccine optimism boosts risk appetite
Japan’s Nikkei share average closed at a 29-year high on Tuesday as investors cheered news of another potential coronavirus vaccine that re-ignited hopes of a swift global recovery.
The Nikkei share average rose 0.42% to 26,014.62, its highest close since May 1991. The broader Topix added 0.15% to 1,734.39, after having slipped into negative territory in morning trade.
Investor sentiment was given a boost when Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data.
Still, downturn risks remain as investors turned cautious after the index rallied sharply by more than 13% this month, and as new coronavirus cases have been surging both at home and abroad, analysts said.
· China stocks slip as healthcare shares, bond defaults weigh
China stocks ended lower on Tuesday, weighed by losses in healthcare stocks on concerns over lofty valuations, while more bond defaults hit sentiment.
The blue-chip CSI300 index fell 0.2%, to 4,894.79, while the Shanghai Composite Index slipped 0.2% to 3,339.90 points.
Falling the most, the CSI300 healthcare index slid 2.7%. Transport firms, in particular shipping and port firms, climbed as news of another promising coronavirus vaccine bolstered sentiment.
· European markets open flat despite more positive vaccine news
European stocks opened flat on Tuesday despite a backdrop of more positive coronavirus vaccine news from Moderna on Monday.
The pan-European Stoxx 600 hovered around the flatline in early trade, with travel stocks shedding 0.6% and autos adding 0.5%.
European stocks closed higher on Monday as hopes for an effective coronavirus vaccine were further boosted by positive news from Moderna, which announced that preliminary data showed its coronavirus vaccine was more than 94% effective at preventing Covid-19.
Reference: Reuters, CNBC
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