Asia stocks gain after vaccine hopes push Wall Street to record highs
By Chibuike Oguh NEW YORK (Reuters) - Asian stocks opened firmer on Tuesday after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery. Investor sentiment shot up after Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data.
By Chibuike Oguh
NEW YORK (Reuters) - Asian stocks opened firmer on Tuesday after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery.
Investor sentiment shot up after Moderna Inc
The Cambridge, Massachusetts-based firm became the second drugmaker, after Pfizer Inc
"This is a continuation of what we saw last week as the vaccine being a catalyst for a rotation into cyclical sectors such as energy, financials, and defense with expectations for renewed demand and travel," said Thomas Hayes, managing member at Great Hill Capital in New York.
Australia's S&P/ASX 200 <.AXJO> rose 0.6% in early trading, while Hong Kong's Hang Seng index futures <.HSI>
All three main Wall Street indexes advanced on Monday, with the Dow Jones Industrials Average setting a record as it neared the 30,000 mark for the first time in nine months. The benchmark Dow is the last of the three to reclaim levels reached in February, before lockdowns sent the markets into free-fall. The S&P 500 surpassed its own record set on Friday.
Cyclical and small cap names, which generally benefit the soonest as an economy recovers from a recession, led the way, with energy <.SPNY>, industrials <.SPLRCI> and financials <.SPSY> the top-performing sectors.
Travel-related stocks, which have been clobbered by coronavirus lockdowns, were also in demand. Shares of United Airlines Holdings Inc
"The light switch has really be turned on and this is the real deal unlike some months back," Hayes said.
On Wall Street, the Dow Jones Industrial Average <.DJI> rose 1.6%, the S&P 500 <.SPX> gained 1.16%, and the Nasdaq Composite <.IXIC> added 0.8%.
Oil prices rose on the prospects of an end of pandemic restrictions that have hit demand. Prices were also buoyed by data showing a rebound in China and Japan, with figures showing Chinese refineries processed record daily levels of crude in October.
U.S. Treasury yields rose on Monday and the yield curve steepened in the wake of the vaccine developments. Benchmark 10-year notes
(Reporting by Chibuike Oguh in New York; Editing by Sam Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
ADDIS ABABA/NAIROBI (Reuters) - Ethiopia's military is fighting battle-hardened troops in the northern Tigray region, threatening stability around the Horn of Africa. Here are some facts on the forces: THE NATIONAL MILITARY: THE ENDF The Ethiopian National Defence Force (ENDF) has around 140,000 active personnel, the vast majority of them in the army, according to the Janes security data group. Its troops have been tested by Islamist militants in Somalia and rebel groups in Ethiopia's border regions, as well as a two-year border war with Eritrea followed by an 18-year standoff that only ended in 2018.
ISTANBUL (Reuters) - Turkey's President Tayyip Erdogan said on Tuesday that the government will impose tighter measures to fight with the coronavirus and impose partial lockdowns on weekends across the country. Speaking after the cabinet meeting, Erdogan also said all schools will remain closed until the year-end and all restaurants will only work by delivery
BRASILIA (Reuters) - Brazilian President Jair Bolsonaro said on Tuesday his government in coming days will name countries that are importing wood illegally extracted from the Amazon. Addressing a BRICS summit of big developing economies, Bolsonaro said Brazilian police had developed a way of tracking wood exported from the Amazon using isotopes.