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Asian stocks follow Wall Street higher on vaccine hopes

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Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections.

Investors were encouraged after Pfizer and BioNtech announced preliminary data from a vaccine test, one of a series being carried out by global developers.At the same time, the populous American states of California and Texas reported daily record highs in new cases.

In South Korea, the Kospi advanced 0.8% to 2,124.39 while Australia's S&P-ASX 200 added 1.6% to 6,030.30. India's Sensex opened up 0.9% while New Zealand, Singapore and Jakarta also rose. Stock markets around the world roared back last quarter on hopes economies are pulling out of their deepest slump since the 1930s. Analysts warn, however, that prices might be rising too far and too fast to be supported by economic activity when infections are rising in the United States, Brazil and some other countries.

 

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