Reuters. People wearing protective face masks after a coronavirus outbreak are reflected on a screen showing the Nikkei index, outside a brokerage in Tokyo.
By Stanley White and Jessica Dinapoli
TOKYO / NEW YORK (Reuters) – Asian stocks posted early gains on Wall Street on Wednesday as some investors booked profits on stellar moves to record gains, but additional U.S. Economic stimulus and the hope of a coronavirus vaccine have kept market sentiment well. Supported.
Outside of Japan, MSCI’s broad index of Asia-Pacific stocks fell 0.06% to bounce back from last week’s highs. Australian Australian stocks erased early gains and fell 0.38%.
Shares in China fell 0.22%. Tokyo stocks fell 0.17% after a new 29-year high. Additional signals in demand for semiconductors led South Korean stocks to rise 1.11%.
Wall Street shares hit record highs in the U.S. Stock futures are down 0.4%.
Benchmark U.S. Treasury revenues fell slightly but remained at three-month highs as Republicans and Democrats tabled proposals for economic stimulus to pass the bill some time later this month.
Analysts say further losses for global equities are potentially limited, with large uncertainties surrounding them now weakening.
“We have some positive leads, and a mix of optimism around the vaccine, and the stimulus position of the government and the central bank,” said Michael McCarthy, a key markets strategist at CMC Markets. “It’s a sweet spot for markets.”
MSCI’s stock gauge rose 0.07% to the highest toward high in Asia on Wednesday.
Pfizer Inc. (NYSE 🙂 and Germany’s Biotech SE (Nasdaq 🙂 on Tuesday sought emergency approval of their vaccine candidate from European regulators. Rival Modern (Nasdaq 🙂 Inc. also applied for emergency approval from European regulators on Tuesday.
Pfizer and Bioentech said their vaccinations in the European Union could begin earlier this month, although European regulators said they would complete their vaccine review by December.
U.S. lawmakers also signaled progress on economic stimulus. Top U.S. Senate Republican Mitch McConnell said Tuesday that a 1. 1.4 trillion bill by Congress should include a new coronavirus stimulus aimed at advancing the government’s shutdown amid the epidemic.
The three-week high in the previous session was 91.91% in Asia, compared to 0.9380% as investors anticipated higher financial costs.
The spread between the two-year and 10-year yields was also at its closest in three weeks.
Yields did not support higher yields, which pressed closer to their lowest levels in more than 2-1 / 2 years as investors’ appetite for risk increased.
OPEC and its allies postponed a meeting to decide whether to increase output in January, boosting losses in Asian trade in oil prices.
Futures fell 0.53% to. 47.16 a barrel, while down 0.63% to .2 44.27 a barrel.
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