World Asian markets mixed as virus, weak data subdue vaccine rally

06:55  26 november  2020
06:55  26 november  2020 Source:   msn.com

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Shares fell back in Asia on Thursday after markets worldwide rallied on rising hopes for a COVID-19 vaccine . Investors see a vaccine as the best way for the economy and human life to get back to normal. Researchers announced on Tuesday that one developed by the National Institutes of Health

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Asian traders took a breather Thursday after this month's vaccine-fuelled markets rally, with profit-takers moving in while keeping an eye on virus infections across the globe that are forcing governments to impose containment measures.

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With at least three inoculations in the pipeline and possibly rolled out within weeks, the general mood on trading floors is upbeat for 2021, but a fresh batch of data out of the US underlined the immediate impact of the disease and the long road ahead for economies.

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Emerging Markets . Latin America. Market Data . Investing. TOKYO — Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus The string of upbeat news about vaccine development has been butting up against increased caution as the virus continues to

And notes from the Federal Reserve's latest policy meeting warned that the country's recovery would be tougher without a new stimulus package.

Official figures showed applications for jobless aid rose for a second straight week as businesses were hit by a sharp increase in new infections and deaths that have led several major cities including New York and Los Angeles to close bars and restaurants.

The readings gave traders a dose of reality following weeks of fervent buying in reaction to vaccine successes and Joe Biden's election victory.

The crisis elsewhere was laid bare as Britain warned it expects to suffer its heaviest annual slump in more than three centuries, with the economy tipped to shrink 11.3 percent in 2020.

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Asian markets struggled Thursday as a week-long rally sputters, with sentiment split between vaccine hopes and Joe Biden's election win on one side and fears over a surge in virus cases that threatens any economic recovery.

Asian shares got the week off to a hesitant start on Monday as surging coronavirus cases in Europe and the United states undermined the Data due out Thursday is forecast to show U.S. economic output rebounded by 31.9% in the third quarter, after Last week's market rally showed real power.

The Dow and S&P 500 ended lower Wednesday after hitting records the day before, while the Nasdaq hit a new all-time high as tech firms -- which have benefited from people being forced to stay home -- surged.

Asian markets drifted, with Tokyo, Hong Kong, Seoul, Taipei and Jakarta up but Shanghai, Sydney, Singapore, Manila and Wellington falling.

- 'Increased downside risks' -

Still, analysts were positive about the outlook, with UBS Global Wealth Management's Xi Qiao saying: "We believe the market rally can continue from here powered by all the positive vaccine news, more political clarity with a peaceful White House transition and with more stimulus to come.

"We are already seeing a strong rotation into cyclical and reopening trades with the vaccine news and we expect this trend to continue."

Video: S&P 500, Dow pull back from all-time closing highs after grim jobless data (Reuters)

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Markets were mixed in Asia on Monday, with Thailand and Singapore also reported weak growth in the last quarter of 2019, in Though trading was mostly subdued and cautious following China’s report Thursday of a surge in cases of a new virus that raised fresh concerns about global economic growth.

Asian markets mixed after China data disappoints. Markets soar after Pfizer vaccine news and Biden win. Hong Kong (CNN Business) Asian stocks were mixed Thursday after China reported economic data that was weaker than expected.

But Fed officials are worried the US economy faces continued pain unless lawmakers agree on a new rescue deal, with minutes showing they said no action would mean "significant hardships for a number of households".

Board members considered the surge in Covid-19 cases "a downside risk to the recovery", while some noted that the worsening odds for a new spending plan "increased downside risks and added to uncertainty about the economic outlook".

Gorilla Trades strategist Ken Berman said the minutes left investors slightly disappointed as they did not give any indication of when the bank might unveil fresh monetary easing measures.

However, most observers said the weakening economic data would more than likely press the Fed to make an announcement soon, possibly next month.

Oil prices extended gains -- having put on almost 30 percent this month -- with the rollout of vaccines lifting hopes for a surge in demand as life gets back to normal.

- Key figures around 0300 GMT -

Tokyo - Nikkei 225: UP 0.7 percent at 26,470.28 (break)

Hong Kong - Hang Seng: UP 0.1 percent at 26,693.94

Shanghai - Composite: DOWN 0.3 percent at 3,353.17

Euro/dollar: UP at $1.1925 from $1.1914 at 2200 GMT

Pound/dollar: UP at $1.3390 from $1.3378

Dollar/yen: DOWN at 104.32 yen from 104.45 yen

Euro/pound: DOWN at 89.02 from 89.05 pence

West Texas Intermediate: UP 0.7 percent at $46.05 per barrel

Brent North Sea crude: UP 0.9 percent at $49.05 per barrel

New York - Dow: DOWN 0.6 percent at 29,872.47 (close)

London - FTSE 100: DOWN 0.6 percent at 6,391.09 (close)


Experts warn anti-vaxxer concerns about a COVID-19 vaccine could slow the end of the pandemic .
Vaccines are a safe and controlled way to gain immunity to a virus without contracting the disease, but some Americans are still sceptical of an upcoming vaccine against the novel coronavirus. Anti-vaxxers in the US and beyond are worried there isn't enough information to make an educated decision on whether to get a vaccine to protect against or prevent the disease. Experts told Insider their hesitation could derail nationwide progress in curtailing the spread of the virus, which has infected more than 13 million Americans and killed 272,000. Visit Business Insider's homepage for more stories.

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