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Asian markets rose in early trading Tuesday, following sharp gains on Wall Street as the U.S. economy continued to slowly reopen and drug maker Moderna announced positive early results from a potential COVID-19 vaccine.
Japan’s Nikkei NIK, +1.94% gained 1.9% and Hong Kong’s Hang Seng Index HSI, +1.79% jumped 1.8%. The Shanghai Composite SHCOMP, +0.52% advanced 0.5% while the Shenzhen Composite 399106, +0.70% rose 0.5%. South Korea’s Kospi 180721, +2.09% surged 1.7%, and benchmark indexes in Taiwan Y9999, +1.16% , Singapore STI, +1.82% , Malaysia FBMKLCI, +0.76% and Indonesia JAKIDX, +1.82% all gained. Australia’s S&P/ASX 200 XJO, +2.03% rose 1.9%.
In Tokyo trading, Nippon Steel 5401, +7.10% surged while SoftBank 9984, -1.51% fell after posting a massive fiscal-year loss. Link Real Estate Investment 823, +3.67% and PetroChina 857, +3.33% gained in Hong Kong. Samsung Electronics 005930, +3.27% rose in South Korea, while BHP BHP, +5.58% jumped in Australia.
Moderna Inc. MRNA, +19.95% shares soared 20% Monday after the company released “compelling” early data from a phase-one clinical trial for its experimental coronavirus vaccine, providing a jolt to markets.
The Dow Jones Industrial Average DJIA, +3.85% surged 911.95 points, or 3.9%, to finish at 24,597.37, its best daily gain in six weeks. The S&P 500 SPX, +3.15% rose 90.21 points, or 3.2%, to end at 2,953.91. The Nasdaq Composite COMP, +2.44% added 220.27 points, or 2.4%, closing at 9,234.83.
“Optimism around economies reopening and a coronavirus vaccine is driving higher equities, oil prices, and weaker USD,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note. “Trade tensions remain a critical risk for markets, however,” he wrote, and “caution is warranted with financial markets increasingly decoupling from the real economy.”
West Texas Intermediate crude for June delivery CLM20, +2.29% was last above $32 a barrel. July Brent crude BRNN20, +0.60% , the global benchmark, was little changed.
The dollar USDJPY, +0.09% was up slightly at 107.40 yen..
