Covid-19 vaccine progress injects optimism into global stocks | Malay Mail

📆 11/10/2020 4:54 AM
📰 malaymail

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BOSTON, Nov 10 ― Global stocks and oil jumped and Treasuries sold off yesterday as progress in the development of a coronavirus vaccine lifted investor confidence in a world economic recovery. “Preliminary trials have caused markets to come alive, not that they needed much encouragement,”...

Japan's Nikkei 225 rose 1.5 per cent to a 29-year high in early trade and Australia's S&P/ASX 200 rose 1.4 per cent. — AFP pic

Pfizer Inc said its Covid-19 vaccine, developed with German partner BioNTech SE, was more than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial. Pfizer's announcement jolted European shares to an eight-month high, building on expectations of more stable trade policies following the US election.

The dollar index rose 0.65 per cent, but Joseph Capurso, a strategist with Commonwealth Bank of Australia in Sydney, expects the move to be short-lived.

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