Asian stocks hold vaccine-driven gains after US defensive shift

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Stocks in Asia were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.

FILE PHOTO: A man wearing a protective face mask walks past a stock quotation board outside a brokerage, amid the coronavirus disease outbreak, in Tokyo, Japan November 2, 2020. REUTERS/Issei KatoAustralian S&P/ASX 200 shares rose 0.29per cent in early trading, while Japan's Nikkei 225 futures fell 0.2per cent and Hong Kong's Hang Seng index futures rose 0.56per cent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.01per cent higher.

The momentum of vaccine hopes and encouraging comments from European Central Bank chief Christine Lagarde on continued economic support boosted European shares higher for the third straight session. "We continue to recommend positioning for a 'great hawkish shift' from the - as it gradually shifts its stance away from the most dovish central bank in the G10 to a more balanced approach emphasizing 'lower for longer,'" Morgan Stanley analysts wrote in a note ThursdayThe euro fell to its lowest level against the dollar in a week as yields on U.S. bonds rose compared with those on European bonds.

 

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