Asian shares, risk assets advance on vaccine optimism

15.07.2020 - Petr Mazaylo
Asian shares, risk assets advance on vaccine optimism

Asian share markets advanced on Wednesday as growing hopes about a coronavirus vaccine supported risk appetite. Meanwhile, the euro reached its four-month peak backed by the prospect of stimulus ahead of a crucial EU meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan soared 1.2% as it approached a recent five-month high record. Japan’s benchmark index Nikkei jumped 1.5%, hitting its highest level since June 10.  Australia’s benchmark index advanced 1% as Chinese shares recorded a 0.3% gain with the blue-chip.

E-mini futures for the S&P 500 also advanced 0.8%.

Moderna Inc’s experimental vaccine bolstered risk appetite after it showed encouraging results. “… the vaccine is more than a show stopper. It’s the ultimate recession stopper,” said Stephen Innes, markets strategist at AxiCorp.

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