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·         Stocks hover near record high, oil skids on demand outlook

 

Asian shares stalled near record highs on Friday as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region’s economies will recovery quicker than their Western peers.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.04% but remained with striking distance of a life-time peak touched this week.

 

Australian shares ended down 0.53%. Treasury Wine Estates Ltd tumbled by 11.25% after China slapped tariffs on Australian wine, which is likely to worsen a diplomatic row between Beijing and Canberra.

 

U.S. S&P 500 e-mini stock futures fell 0.09%. U.S. financial markets were closed on Thursday for the Thanksgiving holiday and will trade on a partial schedule later on Friday.

 

·         Nikkei rallies for fourth day, ends at over 29-1/2-yr high on recovery hopes

 

Japan’s Nikkei stock average ended at its highest since April 1991 on Friday as it rallied for the fourth session in a row, buoyed by hopes of economic recovery and strong corporate earnings, after progress in COVID-19 vaccine development.

 

Nikkei rose 0.41% to close at 26,644.71. The index has gained 15.96% this month, and is on track for its best performance since January 1994. The broader Topix rose 0.47% to hit a 25-month high at 1,786.52.

 

On a weekly basis, the indexes rose 4.38% and 3.42%, respectively.

 

The rally was driven by progress in vaccine-related developments, with many investors expecting their delivery next year. Easing U.S. political uncertainty after President-elect Joe Biden’s transition to the White House and signs of pick-up in the Chinese economy also lifted sentiment.