Japanese stocks bounced on hopes of the Covid-19 vaccine

Japanese stocks led the uptrend wave in Asia on November 24 trading day when investors responded positively to the news about the Covid-19 resistant vaccine.

Japan’s Nikkei 225 index rose 2.75% at the end of trading day 24/11. Photo: AFP

Back after the holiday yesterday on November 23, the Nikkei 225 today remained in green and rose 2.75% at the end of the session, while the Topix index rose 2.28%.

After the rally in Asia-Pacific market, South Korea’s Kospi today increased modestly by 0.54%, while the Australian stock market rose stronger with 1.5%.

On the contrary, mainland Chinese stocks fell this afternoon with the Shanghai Composite Index slipping slightly and the Shenzhen Component Index down 0.169 percent. On the Hong Kong market, the Hang Seng index inched slightly by 0.3% to 26,566.26 points. Overall, the MSCI Asia-Pacific (excluding Japan) still rose 0.31%.

Asian stock markets have a “green floor” movement because investors continue to expect growth momentum in the time when the race to develop Covid-19 resistant vaccine opens new prospects. In addition to a number of US pharmaceutical and biotech companies, the pharmaceutical company AstraZeneca (UK) has just released the results of preliminary analysis showing that the vaccine developed by this unit is effective against Covid-19. 70%.

Earlier, Pfizer-BioNTech and Moderna of the US also published the final test results that the vaccine they developed was effective against Covid-19 to 95%.

In addition, the news that US President-elect Joe Biden has just decided to choose former US Federal Reserve Chairman Yellen as Finance Minister is also a factor stimulating global and Asian stocks. If approved by the US Senate, Ms. Yellen will be the first female Finance Minister of the “United States of America”.

“The spirit of cooperation between the Fed and the Ministry of Finance is one of the things we can guarantee,” commented Mr. Ray Attrill, director of foreign exchange strategy at National Australia Bank.

And Jeffrey Kleintop, Head of Global Investment Strategy at Charles Schwab Multinational Financial Group, said that Ms. Yellen is a reputable humanitarian.

Meanwhile, CNBC TV channel cites some federal sources as saying that the administration of US President Donald Trump has begun the transition to President-elect Joe Biden.

On the currency markets, the US dollar index against other major currencies today rose to 92.478, from 92.4. Japanese Yen depreciated to 104.56 JPY for 1 USD compared to 104 JPY / USD set yesterday. In contrast, the Australian dollar inched from 1 AUD / 0.7281 USD to 1 AUD / 0.7312 USD.

Oil prices on the Asian market went up this afternoon. Futures Brent oil edged up 0.87% and traded at $ 46.46 / barrel, while US crude futures rose 1% to $ 43.49 / barrel.

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