Asia Shares rally on vaccine hopes following Wall Street:
Asia is set on vaccine marathon in hope and was set to rise on Tuesday with the early-stage trial for coronavirus vaccine lifted hopes for economic recovery. This set the global equity markets and oil prices on a surge. Hong Kong futures were up 1.8% and Australian shares are also set to open higher. Nikkei futures were trading above Nikkei 225 index’s previous close, pointing to an opening gain of about 2%.
Moderna lnc’s data about the COVID-19 vaccine, the first to be tested in the United States, reflected that produced protective antibodies in a small group of healthy volunteers, the company claimed on Monday. Shares of Pharmaceuticals are surging in the hope of vaccines. Although currently no vaccines or treatments are available for COVID-19, experts predict that an effective and safe vaccine could take anywhere from another 12 to 18 months to develop.
Epicenters of the outbreak including New York, Italy, and Spain are lifting restrictions in an orderly manner. Oil prices jumped to their highest in two months, as the easing of global lockdowns pumped the hopes of economic activity.