Asian stocks opened firmer on Tuesday after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery.
"This is a continuation of what we saw last week as the vaccine being a catalyst for a rotation into cyclical sectors such as energy, financials, and defense with expectations for renewed demand and travel," said Thomas Hayes, managing member at Great Hill Capital in New York. Travel-related stocks, which have been clobbered by coronavirus lockdowns, were also in demand. Shares of United Airlines Holdings Inc, American Airlines Group Inc, Carnival Corp and Norwegian Cruise Line Holdings Ltd jumped between 4.5per cent and 9.7per cent.
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