Moderna said its COVID-19 vaccine appears to be 94. 5% effective, according to initial data This is the time this month when a company has published such encouraging vaccine figures, reinforcing hopes that the global economy can return to an appearance of normalcy. next year.
Japan’s Nikkei 225 benchmark rose 0. 3% to 25,994. 37 in the afternoon morning, after momentarily playing a 29-year high above 26,000 the previous day.
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“Vaccine fervor continued in the new week with even better results, more encouraging markets to anticipate a virus-free truth in the not-too-distant future,” said Jingyi Pan, senior IG market strata in Singapore. Markets in Asia -The Pacific region continues to enjoy vaccines. “
Although a new wave of COVID-19 infections hit Japan, the economy recovered in the third quarter and the recovery is still at its pre-pandemic level, but those symptoms increase optimism about overall business recovery in the world’s third-largest economy.
Fitch Solutions Country Risk and Industry Research revised its expansion forecast for Japan this year to a more moderate contraction of 6. 3%, with an earlier forecast of an 8. 8% contraction. By 2021, Fitch expects an expansion of 2. 7% in 2021, higher than its past expansion forecast of 2. 1%.
“In 2021, we believe that hosting the Summer Olympics and the most likely availability of a COVID-19 vaccine can lead to a more potent increase in domestic demand, leading to a review of our forecasts,” he said.
The Tokyo Games have been postponed by a year until 2021.
On Wall Street, corporate movements that would make the most of an economy emerging from its forced hibernation, such as airlines, cinemas and banks, led Monday’s rally, a trend that has basically recovered in Asia.
At the same time, pandemic-winning moves that benefited from blocking orders, such as Amazon and Zoom Video Communications, fell because they no longer appeared to be the only safe bets to play.
The Dow Jones rose 470. 63 points, or 1. 6%, to 29,950. 44 and surpassed its last final result of 29,551. 42, set in February before the panic pandemic sank inventories.
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Risks remain for global markets. Even if one or any of the vaccines are approved regardless, it is unclear when they will be widely distributed.
The pandemic continues to worsen, with an increase in the number of coronaviruses in the United States and Europe prompting governments to reduce varying degrees of corporate restrictions. Some sectors of the U. S. economy have slowed down, especially after the expiration of Congressional primary monetary programs. .
“The vaccine can help others breathe a sigh of relief, but Satan is in the details,” said Gene Goldman, leading investment officer at Cetera Financial Group, referring to the need for more complete knowledge and imaginable distribution plans.
In the energy trade, the reference U. S. crude up 27 cents to $41. 61 a barrel in the hope that an economy would consume more fuel. Brent crude, the foreign standard, rose 36 cents to $44. 18 a barrel.
In currency trading, the dollar fell to 104. 52 Japanese yen from 104. 90 yen. The euro charges 1. 1854 dollars, with 1. 1845 dollars.
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AP Business publishers Stan Choe and Damian J. Third contributed.
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