SINGAPORE — Stocks in Asia-Pacific traded higher on Tuesday morning as investors in the region react to positive developments overnight on the coronavirus vaccine front.
In Japan, the Nikkei 225 rose 1.46% in early trade while the Topix index gained 1.84%. Over in South Korea, the Kospi was above the flatline.
Shares in Australia also advanced, as the S&P/ASX 200 rose 1.49%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.13% higher.
On the economic data front, China’s consumer price index and producer price index for October are set to be out at around 9:30 a.m. HK/SIN.
Pfizer vaccine hopes
Investor focus on Tuesday will likely be on Pfizer and BioNTech’s Monday announcement that their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.
The reported efficacy rate was higher than expected, with scientists hoping for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.
Markets stateside surged on that news. The Dow Jones Industrial Average closed 834.57 points higher at 29,157.97 — its biggest one-day gain since June 5. The S&P 500 gained 1.2% to finish its trading day at 3,550.50. The Nasdaq Composite, on the other hand, slipped 1.5% to close at 11,713.78.
Currencies
Source: CNBC