Picture used for illustrative purpose. File
Gulf Today Report
Asian stock markets jumped on Tuesday on the prospect of a coronavirus vaccine.
Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney rose while Seoul fell less than 0.1%.
In a report, Tai Hui, JP Morgan Asset Management said the announcement of the effectiveness of the vaccine offers a ray of hope for the market.
The Shanghai Composite Index gained 0.1% to 3,377.64 and the Nikkei 225 in Tokyo rose 0.3% to 24,903.44. The Hang Seng in Hong Kong advanced 0.7% to 25,202,58.
The S&P-ASX 200 in Sydney advanced 0.7% to 6,375.60 while the Kospi in Seoul declined to 2,445.37. India's Sensex opened up 0.7% at 42,888.24. New Zealand and Southeast Asian markets also rose.
The benchmark S&P 500 index on Wall Street closed 1.2% higher on Monday after Pfizer Inc. said their coronavirus vaccine could be 90% effective.
Dollar slumps after Joe Biden's win
The uncertainty of the battle for the US presidency seems good for the markets. Democrat Joe Biden won the election over the weekend, Donald Trump is yet to concede.
Investors are hopeful that the split of Congress between Democrats and Republicans might make it harder for the new administration’s policy on tax and regulatory changes to pass.
The dollar declined to 104.96 yen from Monday's 105.45 yen. The euro advanced to $1.1835 from $1.1831.
European shares remain steady at eight-months high on Tuesday as Pfizer announce a 90% effective coronavirus vaccine.
Although, concerns about the economic damage of the pandemic still hangs.
The pan-European STOXX 600 was flat at 4% following the vaccine announcement.
Michael Hewson, market analyst at CMC Markets UK commended the results of the Pfizer study.
However, there is still a long way to go before the world returns to normalcy, he added.
European shares have increased by 11% this month already due to the probability of easy global trade under Joe Biden’s administration.
Banking, travel and leisure, and energy stocks gained by more than 7% on Monday.
Also, investors are focusing on Brexit trade talks, Britain’s transition period will be expiring by the end of the year.
The pan-European STOXX 600 fell 0.7% by 08:10 GMT, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%, on Wall Street, the Dow slumped 1.16%.
Tokyo and Sydney rose, on the other hand, Shanghai, Hong Kong and Seoul slumped, on Wall Street, the benchmark S&P 500 index jumped 1.9% higher while European stocks grapple for momentum.
The pan-European STOXX 600 gained 0.5%, building on a 5% rally this week as investors bought into utilities as well as travel-related stocks. Asian shares rose on Wednesday after the announcement of a COVID-19 vaccine that is more than 90% effective.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06% to 609.41, which is near its January 2018 high of 617.12. The pan-European STOXX 600 index fell 0.6%, taking some shine off gains of more than 13% this month.
Dubai recorded exceptional inflows of foreign direct investments (FDIs) in 2020 with 455 projects worth Dhs24.7 billion, according to data from the Dubai FDI Monitor released by the Dubai Investment Development
Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum praised the efforts of federal and local entities for their part in Expo Dubai 2020.
Abu Dhabi state investor Mubadala invested a record amount in 2020 as it doubled down on growth sectors, and is close to making a decision on the listing of Emirates Global Aluminium (EGA),