ccine which lifted confidence in a world economic recovery.
The vaccine news sparked renewed optimism in equities around the world but oil prices slipped in Asian trade after posting the biggest one-day percentage gain in five months. "Given more tests are needed, then the approval process. Manufacturing and distribution would mean the vaccine, if truly effective, is still months away from mass deployment," said Tai Hui, chief Asia market strategist at JPMorgan Asset Management.
Hong Kong's Hang Seng index futures was up 1 percent in early trade but there was marginal weakness in China as the CSI300 Index slipped by 0.24 percent. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.12 percent higher. Early Tuesday, Japan's Prime Minister Yoshihide Suga instructed his cabinet to design a fresh stimulus package to help revive the nation's flagging economy to offset the ongoing effects of coronavirus.
Pfizer's announcement jolted European shares to an eight-month high, building on expectations of more stable trade policies following the U.S. election. The vaccine news also sent long-dated U.S. Treasury yields sky-rocketing in their biggest one-day jump since March. The yield curve, an indication of risk appetite, hit its steepest level since March.