Asian markets were choppy after more barbs between Beijing and Washington over Hong Kong. — Reuters pic
An experimental vaccine produced by biotech start-up Moderna Inc showed it was safe and provoked immune responses in all 45 healthy volunteers, an early — stage trial showed on Tuesday.US Treasury yields rose and the yield curve steepened, indicating a wider spread between long — and short-term interest rates, as the hopes for a vaccine boosted risk appetite and upbeat economic data released yesterday added to the optimism.
Adding to the enthusiasm, the Federal Reserve’s Beige Book survey showed US businesses saw an uptick in activity into the beginning of July as states eased restrictions to contain the pandemic. Goldman Sachs rose after reporting its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March.
Hopes of progress this week toward a deal on the European Union’s 750-billion-euro Covid recovery fund helped sentiment in Europe. The euro traded above US$1.1430 for the first time since March, and Italy and Spain’s bond market borrowing costs came down again. China’s Foreign Ministry vowed to retaliate, saying, “Hong Kong affairs are purely China’s internal affairs and no foreign country has the right to interfere.”
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