European, Asian shares gain on hope for a vaccine - GulfToday

European, Asian shares gain on hope for a vaccine

European stock

Picture used for illustrative purpose. File

Gulf Today Report

European shares advanced on Monday as news of coronavirus vaccine development uplift hope for a faster economic recovery. 


The pan-European STOXX 600 index rose 0.4% by 09:45 GMT and hit a fresh high since late February, with energy and banking sectors leading gains.


The injection of stimulus into the economy has boosted the benchmark index by 40% from its March lows. However, the markets are not doing as well as expected due to surge in coronavirus cases. 


AstraZeneca in collaboration with the University of Oxford announced a 90% effective COVID-19 vaccine, under one dosing regimen. 


According to a survey, activities at eurozone declined in November due to fresh restrictions imposed across Europe. 



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Asian Shares


Asian shares gained on Monday as investors look towards coronavirus vaccine to aid in recovering the economy, despite the increase in cases. 


MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.71% on Monday, pushing past a previous record high touched on Friday.


Seoul's Kospi was 1.83% higher as an optimistic earnings outlook for South Korean chip giants drove gains.


Japanese markets were closed for a holiday, but Nikkei futures added 0.27% to 25,815.


Investors hope was boosted by an announcement from a US government official about the vaccine being available for healthcare workers by mid-December.


The regional index also got a boost from Australian shares which gained 0.34% as the country eased some COVID-19 restrictions. Most of the country has seen no new community infections or deaths in several weeks.



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