Japan Stocks Pop on Vaccine News, Asia Rises

Tuesday, November 24, 2020 Japan Stocks Pop on Vaccine News, Asia Rises Stocks in Japan led gains among Asia-Pacific markets on Tuesday as investors in the region reacted to more positive coronavirus vaccine news, as well as U.S. President-elect Joe Biden’s choice of former Federal Reserve Chair Janet Yellen as Treasury secretary. Markets in Japan took off for the sky Tuesday after a long weekend, the Nikkei 225 vaulting 638.22 points, or 2.5%, to 26,165.59. The Japanese yen traded at 104.28 per U.S. dollar after seeing levels below 104 against the greenback yesterday. In Hong Kong, the Hang Seng index popped 102 points, or 0.4%, to 26,588.20. Investors continued to monitor positive momentum surrounding the race for a coronavirus vaccine. AstraZeneca said Monday interim analysis showed its coronavirus vaccine has an average efficacy of 70% in protecting against the virus. News that Biden has picked former U.S. Fed Chair Yellen to be Treasury Secretary may also have buoyed investor sentiment on Tuesday. If confirmed by the Senate, she is set to be the first woman to lead the department. The Australian dollar was at $0.7353 following an earlier low of $0.7281. In other markets In Shanghai, the CSI 300 handed back 30.74 points, or 0.6%, to 4,974.29. In Korea, the Kospi index added 15.17 points, or 0.6%, to 2,617.76. In Taiwan, the Taiex Index erased 70.88 points, or 0.5%, to 13,807.13. In Singapore, the Straits Times Index gained 42.85 points, or 1.5%, to 2,891.63. In New Zealand, the NZX 50 climbed 51.64 points, or 0.4%, to 12,553.38 In Australia, the ASX 200 jumped 82.48 points, or 1.3%, to 6,644.07.
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