Asian stocks rise another day on hopes of a coronavirus vaccine

BEIJING (AP) – Asian stock markets rebounded on Tuesday in hopes of progress toward a potential coronavirus vaccine that could help the world produce, buy and revive normal life.

Benchmarks rose more than 1% in Tokyo, Hong Kong and Sydney, while Shanghai and Seoul also remained ahead.

On Wall Street, Pfizer Inc. closed at a low of 1.2% on Monday on the Beefmark S&P 500 Index. Preliminary data on the vaccine under development suggest that it may be 90% effective in preventing COVID-19, although this does not mean that release is imminent.

J.P. This provides a ray of hope that the market will not hesitate to take advantage of, said Tai Hui of Morgan Asset Management in a report.

On Tuesday, China reported that October inflation had reached its lowest level in a decade. It offers the Beijing Room the opportunity to facilitate the ease of access to credit if needed to incur heavy costs and support a more economical recovery.

The Nikkei 225 rose 1.1% to 25,108.21 and the Hang Seng rose 1.1% to 26,299.06 in Hong Kong. The Shanghai Composite Index fell 0.1% to 3,375.42.

In Sydney, the S&P-ASX 200 rose 1.2% to 6,375.60. In Seoul, the Kospi closed 0.2% higher at 2,443.86. New Zealand, Singapore and Jakarta also advanced.

U.S. Markets were also relieved by the resolution of widespread uncertainty over the presidential fight. Over the weekend, Democrat J B Biden received the final Electoral College College votes to unset President Donald Trump, although Trump has not yet accepted.

Congress could be divided between the House of Representatives in the Senate and the Democratic control of Republicans. Investors are encouraged by what they hope will prevent a possible move by the Biden administration on tax hikes and regulatory changes.

On Wall Street, the S&P 500 rose to 3,550.50. The Dow Jones Industrial Average rose 2.9% to 29,157.97.

The company and its German partner, Bioentech, U.S. Pfizer rose 7.7% after showing regulators were on track to file an emergency application for their vaccine use.

Chevron rose 11.6% and Walt Disney Con rose 11.9%, hoping people will drive more and visit theme parks again.

Big tech companies reject. They raised expectations during the epidemic regardless of whether workers and customers stayed at home. Apple Pal Inc. In 2% and Micro .ft Corp. fell 2.4%. Zoom Video Communications, whose meetings allow millions of remote students and activists to communicate online, has sunk 17.4%.

The Nasdaq Composite, which is dominated by tech stocks, fell 1.5% to 11,713.78.

The economic dominance of the virus was highlighted by the impact of the Pfizer vaccine announcement, temporarily raising concerns over who controls the US government. The world’s highest total in the U.S. on Monday. The number of confirmed cases of the virus reached 10 million.

A potential legislative gridlock also makes the chances of a rescue package for the economy from Congress less likely, if the Democrats had gained control of all of Washington.

In the energy markets, U.S. Benchmark crude oil fell 39 cents to. 39.90 a barrel on the New York Mercantile Exchange. The contract rose to 15 3.15 ared 40.29 on Monday. International oil prices fell 27 cents to Brent crude in London, at 42.13 a barrel. It rose to 95 2.95 in the previous session. Reached 42.40.

The dollar fell to 104.84 yen from 105.45 yen on Monday. 18 The euro changed slightly at 1.1830.