Asian stocks soared due to cautious bets on coronavirus vaccines

Stanley White and Lawrence Delevingne

Tokyo/Boston (Reuters)-Asian stock markets narrowed their losses on Thursday as investors awaited more details on whether drugmakers could develop a coronavirus vaccine.

The MSCI Asia Pacific (except Japan) broadest index rose 0.06% to 609.41

As prices fell hurt mining stocks, the Australian stock market fell 0.49%.S&P 500 stock futures Fell 0.55%.

European Stoxx 50 futures fell 0.58%, German DAX futures fell 0.51%, and futures fell 0.94%, marking the beginning of cautious trading in Europe.

Due to hopes for vaccines and the decline in US crude oil inventories more than expected, oil futures prices are approaching a two-month high.

As investors weighed the progress of the COVID-19 vaccine and the possible timing of an economic recovery, the US stock market was mixed as investors turned to technology stocks rather than economically sensitive industries.

Daiju Aoki, chief investment officer of UBS Securities in Japan, said: “The market is waiting for more news about the virus, so it’s difficult for investors to short the stock.”

“These expectations can keep the stock market for a few more weeks, but there are still questions about the effectiveness of the vaccine and US fiscal policy. We may see an adjustment early next year.”

On Wednesday, the Dow Jones Industrial Average fell 0.08%, the Nasdaq Index rose 2%, and the Standard & Poor’s 500 Index rose 0.77%.

European Central Bank President Christine Lagarde’s encouraging comments on continued economic support have caused European stock markets to rise for the third consecutive day.

modern Inc. (O:) said on Wednesday that it is preparing to submit data on its experimental COVID-19 vaccine to an independent safety committee, which will help determine the efficacy of the vaccine.

Pfizer (N:) also said on Monday that the effectiveness of its vaccine is more than 90%, and safety data may be released later this month.

Investors all over the world are eagerly awaiting detailed information about these two drugs, but some analysts say it will still take a long time to distribute an effective vaccine.

In the currency market, the New Zealand dollar As investors cancelled their bets on the introduction of negative interest rates, it surged to a 19-month high for the second consecutive trading day.

Christian Hawkesby, assistant governor of the Reserve Bank of New Zealand, said that compared with August, the demand for economic stimulus has decreased, which provides a further boost for the stock market.

The dollar fell slightly against the yen Kazumoto Before the president-elect of the United States, Biden, traders adjusted their positions and took office next year.

Brent crude, the global oil benchmark, rose 0.02% to US$43.81 per barrel, close to a two-month high. US crude oil futures rose 0.14% to $41.51 per barrel.

Westpac’s Australian and American analysts said: “The crude oil market is still affected by a short-term depression. Curfews, closures and work stoppages are becoming more common in the United States and Europe; in the medium term, vaccines may return vaccines to normal. Status.” New Zealand wrote in a note on Thursday.

It rose slightly by 0.27% to $1,869.75 per ounce.

The benchmark 10-year U.S. Treasury bond yield () fell slightly to 0.9357%, the yield curve Flattening in Asian trade. After the 10-year Treasury bond yield reached its highest level since March, the U.S. bond market was closed on Wednesday to mark the U.S. Veterans Day.

Graphics-Global Assets: http://fingfx.thomsonreuters.com/gfx/rngs/COMMODITIES-ASSETS/010031B62XZ/index.html

Chart-Global currency exchange rate against USD: http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html

Illustration-Emerging Markets: http://fingfx.thomsonreuters.com/gfx/rngs/WORLD-ECONOMY/0100315T2M2/index.html

Chart-MSCI all countries/regions of the Wald index market value: http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-MARKETS/010060TL1KC/index.html