SYDNEY: Asian stocks hit a record high on Monday as vaccine optimism and strong economic data from China and Japan outshone worries about rising coronavirus cases, lifting just about every sector.
"There's just mountains of cash sitting on the sidelines, waiting to be put to work and since we've got this vaccine news, as well as diminished risk around the US elections, all of this is flying into equities," said Kyle Rodda, analyst at IG Markets."Everyone's thinking now that it's the cue to get in."
Coronavirus cases are surging in Europe and the United States and new outbreaks have emerged in South Korea, Japan and Australia. Brexit talks are at delicate crossroads, again.A few of these fears kept currency market moves in check and left oil, a proxy for global growth, well below last week's peaks as traders brace for a grim winter ahead.
Sterling crept higher against the dollar and euro . The common currency rose 0.1 per cent against the dollar to US$1.1848.