Asian shares, oil rally on vaccine hopes, euro at two-week highs

Asian shares jumped on Tuesday and oil extended gains on optimism the global economy would recover quickly following a successful early-stage trial of a coronavirus vaccine, while the euro hovered near a two-week top.

The vaccine optimism sent treasury yields surging overnight as investors dumped bonds, while gold came off its peak. Spot prices were last up 0.4% $1,739.2 an ounce.

Asian Shares

  • MSCI’s broadest index of Asia Pacific shares outside of Japan rose 1.5% to two-week highs.
  • Australia’s benchmark index and Hong Kong’s Hang Sang were the lead gainers, up 2% each.
  • South Korea added 1.8%.
  • China’s blue-chip index climbed 0.8%.
  • Japan’s Nikkei added 2% to the highest since early March.
  • E-minis for the S&P 500 were off 0.2% in Asian trading. 

Currency Markets

  • The euro hovered near a two-week top at $1.0907.
  • The British pound was up 0.1% at $1.2201.
  • The risk sensitive Australian and New Zealand dollars were also up slightly.
  • The safe haven yen eased on the greenback to be last at 107.40 per dollar.

Commodities

Oil prices jumped to their highest in over two months, as the easing of global lockdowns boosted hopes of economic activity and as producers appeared to be following through with planned production cuts.

  • Brent crude was last up 1.24%, or 43 cents, at $35.21. U.S. crude jumped 2.7%, or 87 cents, to $32.69.
Source: REUTERS

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