Most Asian Markets up on Vaccines, Eyes on US Stimulus Talks

Tokyo Stock Exchange
  • Though greeted with great joy, Britain’s first approval of a Covid-19 vaccine on Wednesday had little influence on stocks as it was generally anticipated in the immediate future.
  • In the US and Europe, the attention is now on regulators and the rollout that will help life to return to normal and the economy to get back on track.
  • Shanghai, Singapore, Manila, and Wellington were in negative territory, but Hong Kong, Sydney, Seoul, and Taipei rose. After swinging through the morning, Tokyo went through the break hardly moving.
  • Visit The Financial Today’s homepage for more stories.

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HONG KONG — Asian markets drifted Thursday as traders failed to capitalize on the impressive rally last month, with vaccine hope firmly priced in and near-term virus fears kept in check for any more advances.

Though greeted with great joy, Britain’s first approval of a Covid-19 vaccine on Wednesday had little influence on stocks as it was generally anticipated in the immediate future.

In the US and Europe, the attention is now on regulators and the rollout that will help life to return to normal and the economy to get back on track.

There were also increasing hopes that after a bipartisan proposal was put out this week, policymakers on Capitol Hill were finally inching towards an agreement on a fresh rescue package for the beleaguered US economy.

Observers pointed to a pick-up in Treasury returns that signals that traders are anticipating interest rates to increase in the future—an indication that the economy is recovering.

“The market has almost immediately priced in a better-than-expected 2021, particularly in the second half, and that’s what we are seeing here and on the yield curve as well,” Alicia Levine, BNY Mellon Investment Management, told Bloomberg TV.

“The message here really is that better days are ahead and that dips and consolidations are eminently buyable.”

With the S&P 500 chalking up another milestone close, Wall Street celebrated another largely optimistic day, while the Dow also progressed, although the Nasdaq inched down from Tuesday’s all-time peak.

As with most markets fluctuating, though, Asia failed to break higher.

Shanghai, Singapore, Manila, and Wellington were in negative territory, but Hong Kong, Sydney, Seoul, and Taipei rose. After swinging through the morning, Tokyo went through the break hardly moving.

Although this week has cooled down the global rally, the general consensus is that a promising future awaits.

Presented by  etoro

AFP contributed to this story. Image by Dick Thomas Johnson.

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