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.
Gold jumps by 1% as attention returns to loose monetary policy
Oil prices decline as Europe face fresh lockdowns
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.
Shares in Taiwan, India and Thailand were higher, as upbeat Chinese exports data also underpinned risk appetite.
Measured over the course of 2022, the ranking is based on the amount of time vessels spend in the port to complete cargo exchange, Khalifa Port was ranked 5th in the 2021 CPPI report.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, on Wednesday officially inaugurated the second edition of the Make it in the Emirates Forum, which is being held under the theme of “Investment, Sustainability, Growth”.
Abu Dhabi National Energy Company (Taqa) alongside ENGIE, a global leader in low-carbon energy solutions, and EWEC (Emirates Water and Electricity Company), announced the successful financial closing of the Dhs2.3 billion ($620 million) low carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project. The project is primarily
The Sharjah Chamber of Commerce and Industry (SCCI) has taken the next step in its trade mission in the Republic of India, staging the “UAE-India Business Forum” in New Delhi. The forum discussed the deep-rooted economic ties between the UAE, the Emirate of Sharjah, and India while also highlighting promising business