HONG KONG, Aug 24 — Equities and oil prices rose again in Asia today, extending a global rally fuelled by renewed optimism over the recovery outlook after Washington gave full approval to Pfizer-BioNTech’s vaccine and an increase in US Covid infections appeared to be peaking.
New York’s three main indexes shot higher yesterday — with the Nasdaq hitting a new record — as traders cheered news that the Food and Drug Administration had fully approved the Pfizer-BioNTech shot, which is expected to help push up vaccinations. Analysts said data suggesting that a recent spike in infections in the United States was tailing off was also lifting spirits as figures dropped in the original hotspots and new cases slowed in Florida and Louisiana.
The rally was mirrored in oil markets, where both main contracts extended the previous day’s surge of more than five per cent, which marked the best daily performance in nine months as recovery hopes lifted demand expectations. West Texas Intermediate “should be supported going forward as the selloff was overdone and as stockpiles continue to shrink”.