Markets soar after Pfizer vaccine news and Biden win
Hong Kong / New York (CNN Business)Markets in Asia Pacific are cautiously rising as promising news about Pfizer’s Covid-19 vaccine boosted hopes for the post-pandemic global recovery.
Japan’s Nikkei 225 (N225) advanced 1.1%, while Hong Kong’s Hang Seng Index (HSI) gained 0.8%. China’s Shanghai Composite (SHCOMP) inched up 0.1%.
South Korea’s Kospi (KOSPI), though, was flat.
The moves come after the Dow (INDU) on Monday finished up nearly 3%, or 835 points, while the broader S&P 500 (SPX) finished up 1.2%. The Nasdaq Composite (COMP) lagged behind, closing down 1.5%.
US future traded lower after hours. Dow futures were down 143 points, or 0.5%, S&P 500 futures were also down 0.5% and Nasdaq futures lost 0.4%.
Stocks soared Monday as drugmaker Pfizer announced that an early look at data from its Covid-19 vaccine, made with German partner BioNTech, shows that is 90% effective. Investors also reacted positively to greater political certainty following Joe Biden’s victory in the US presidential election.
The Shanghai-based Fosun Pharma, which has an agreement with BioNTech to distribute coronavirus vaccines, jumped 13% in Hong Kong. The stock also advanced 10% in Shanghai, the daily maximum allowable limit there.
Billionaire founder Guo Guangchang praised the positive vaccine news Monday night on the Chinese social media website Weibo, calling it a “victory for science and a victory for global cooperation.”
Guo added that he hopes a vaccine can be launched in China as soon as possible, and said Fosun will continue to talk to Chinese regulators.
— CNN’s Nadia Kounang and Anneken Tappe contributed to this report.
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