Asian stocks rise as vaccine boosts positive economic sentiment
Wednesday morning saw a rise in Asia Pacific stocks as the region continues to have a positive outlook driven by news of vaccines that can work against the new COVID-19 Delta strain built up investor sentiment.
China’s Shanghai Composite crept up 0.16% by 10:40 PM ET (2:40 AM GMT) as the Shenzen Component went up 0.39%.
Hong Kong’s Hang Seng Index rose 0.01% while Japan’s Nikkei 225 slumped 0.04%.
South Korea’s KOSPI grew 0.42% while in Australia, ASX 200 climbed 0.57%.
US shares concluded at a record, with Moderna Inc.’s shares reaching a record high following the company’s pronouncement that its COVID-19 vaccine produced protective antibodies against the new Delta strain of the virus.
The development of COVID-19 vaccines has helped boost the recovery of global shares from the initial global panic after COVID-19 was declared a pandemic in March 2020.
US Treasuries stabilized as investors mulled over the Fed’s latest comments. Fed Bank of Richmond CEO Thomas Barkin stated he wants to see much more US labor markets progress before slowing asset purchases, while Fed Governor Christopher Waller contended that recent economic performance merits thinking about drawing back some stimulus.
The market now awaits the June US job report due on Friday to determine the employment market’s recovery.