Asia shares set to follow Wall Street rally on vaccine hopes
By Chris Prentice WASHINGTON (Reuters) - Asian shares were set to rise on Tuesday after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging.
By Chris Prentice
WASHINGTON (Reuters) - Asian shares were set to rise on Tuesday after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging.
Hong Kong futures
Data from Moderna Inc's
There are currently no approved treatments or vaccines for COVID-19 , and experts predict a safe and effective vaccine could take 12 to 18 months to develop.
On Wall Street, the benchmark S&P 500 <.SPX> posted its biggest one-day percentage gain in almost six weeks, gaining 3.15%. The Dow Jones Industrial Average <.DJI> rose 3.85% and the Nasdaq Composite <.IXIC> added 2.44%.
The vaccine optimism sent treasury yields surging and pulled gold
The pan-European STOXX 600 index <.STOXX> closed up 4.1%, its biggest one-day percentage gain since March 24. France and Germany on Monday called for the creation of a 500 billion euro ($543 billion) Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis.
Epicenters of the outbreak including New York, Italy and Spain are gradually lifting restrictions that have kept millions cooped up, while warmer weather has enticed people in many parts of the world to emerge from their lockdowns.
"Business survey data for the U.S. improved to merely terrible in May, up from truly awful in April. But collectively these data support our forecast that monthly activity measures from May onward should, in general, start to look better as restrictions are gradually eased," JP Morgan Chase economists said in a note on Tuesday.
Meanwhile, 8.16% of U.S. mortgages are in forbearance, a weekly industry survey showed. That figure was up from 7.91% previously, the smallest increase since mid-March.
Graphic: Asian stock markets https://product.datastream.com/dscharting/gateway.aspx?guid=516bc8cb-b44e-4346-bce3-06590d8e396b&action=REFRESH
(Reporting by Chris Prentice in Washington; Additional reporting by Wayne Cole in Sydney; Editing by Sam Holmes)
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