Hong Kong shares outperformed after returning from a holiday, despite the recent tensions over China’s new national security law over the city. Stocks in Australia, China, Japan and South Korea also rose. U.S. futures ticked higher after the S&P 500 rose for a third day and the Nasdaq Composite jumped to a record. An early trial of an experimental shot from Pfizer Inc. and BioNtech SE showed it was safe, and prompted patients to produce antibodies.
Meantime, U.S. House of Representatives passed by unanimous consent a bill imposing sanctions on banks that do business with Chinese officials involved in cracking down on pro-democracy protesters in Hong Kong. Relations between Washington and Beijing have soured badly in the months since the “phase one” trade deal was signed in January, while the coronavirus pandemic made many of its elements moot.
Traders also monitored minutes of the Federal Reserve’s June meeting, which revealed that various participants viewed the economy needing support
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