SYDNEY - Asian stocks pushed higher on Tuesday after a large-scale coronavirus vaccine study delivered the most-promising results in the battle against the worst pandemic in a century. Bonds and other haven assets steadied after overnight declines.
Japan's Nikkei index jumped 1.6 per cent while Australia's S&P/ASX 200 Index gained 1.5 per cent and Souht Korea's Kospi index edged up 0.1 per cent. Investors pulled out of defensive assets and poured cash into markets that are closely tied to economic growth, with the value of the MSCI All Country Index jumping by as much as US$1.8 trillion after the latest vaccine developments. The top infectious disease expert in the US, Anthony Fauci, said the shot being developed by Pfizer will have a"major impact" on everything we do with regards to Covid-19 going forward.