Hong Kong
Hopes for a vaccine to treat coronavirus and a further easing of lockdown measures around the world spurred a rally on Asian markets Tuesday as investors tracked a surge across Europe and Wall Street.
A half-a-trillion-dollar Franco-German plan to support the European Union economy also lifted confidence, while Australian investors brushed off news that China had imposed massive tariffs on barley imported from the country.
While the number of infected people is fast approaching five million and more than 300,000 have died, the rates are slowing enough to allow governments to begin opening up their economies after months of economically devastating shutdowns.
Investors are eyeing a gradual return to some semblance of normal in key markets, with major tourist attractions in Italy and Greece reopening, top-tier football back in Germany and the “Big Three” Detroit automakers resuming manufacturing.
But the big news Monday was US biotech firm Moderna reporting “positive interim” results in early testing of a vaccine candidate, with some analysts suggesting that if all goes well it could be in use by the end of the year.
All three main indexes on Wall Street surged between 2.4 and 3.9 percent, with airlines and other tourism-linked firms — which have been battered by the lockdowns — soaring.
And Asia-based carriers were enjoying healthy buying on Tuesday. AirAsia jumped six percent in Kuala Lumpur, Hong Kong’s Cathay Pacific was up more than four percent and Qantas rose almost five percent. Seoul, Manila, Jakarta and Taipei were more than one percent higher. There were also gains in Wellington, Kuala Lumpur and Shanghai.—AFP
