· Stocks rise as Biden transition, vaccine progress lift confidence
Asian shares climbed on Tuesday as news U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition added to an already brighter mood from progress made on COVID-19 vaccine and the prospects for a speedy global economic revival
U.S. General Services Administration chief Emily Murphy wrote in a letter to Biden on Monday that he can formally begin the hand-over process.
President Donald Trump tweeted that he had told his team “do what needs to be done with regard to initial protocols”, an indication he was moving toward a transition after weeks of legal challenges to the election results.
U.S. stocks also got an added boost after reports that Biden plans to nominate former Federal Reserve Chair, Janet Yellen, to become the next Treasury Secretary. Futures for the S&P 500 rose 0.48% in early Asian trade.
The upbeat backdrop helped MSCI’s broadest index of Asia-Pacific shares outside Japan advance 0.15%. Australia’s S&P/ASX 200 was 1.1% stronger, touching its highest level in almost nine months, with energy stocks leading the pack.
· Japan shares end at multi-year highs on vaccine cheer, Biden transition
Japanese shares hit multi-year highs on Tuesday as progress in developing an inexpensive coronavirus vaccine boosted hopes of a swift economic recovery, with sentiment aided by a formal transition approval for U.S. President-elect Joe Biden.
The Nikkei 225 Index ended up 2.50% at 26,165.59, the highest close since May 1991. The broader Topix rose 2.23% to 1,765.91, the highest in more than two years. Energy, real estate, and financial shares led the advance.
AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, cheaper to make and easier to ship than rival vaccines, lifting global equities.
Stocks also got a boost after Biden received an approval to begin the transition to the White House and after a report that he would pick former Federal Reserve Chair Janet Yellen to be the next Treasury secretary.
· European markets climb amid vaccine optimism, Biden transition progress
European stocks advanced on Tuesday amid growing optimism that another effective coronavirus vaccine has been discovered, and on news that the Trump administration has accepted President-elect Joe Biden’s transition into office.
The pan-European Stoxx 600 climbed 0.7% in early trade, oil and gas stocks bouncing 2.4% to lead gains as almost all sectors and major bourses entered positive territory.
Reference: Reuters, CNBC
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