MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.31%.
· Hong Kong’s Hang Seng index jumps nearly 2% as optimism rises on Pfizer vaccine approval
Hong Kong’s Hang Seng index was up 1.56% by the afternoon as shares of Chinese tech firms listed in the city jumped: internet titan Tencent rose 4.56% while Meituan soared more than 9% and Alibaba advanced 5%. The Hang Seng Tech index gained 4.52%.
Meanwhile, automaker BYD’s semiconductor business was among 40 IPOs which were suspended as China’s bourses investigate intermediaries in those deals. Still, shares of BYD in Hong Kong were up 2.13% by Tuesday afternoon in the city.
Mainland Chinese stocks were higher as the Shanghai composite rose 1% while the Shenzhen component advanced 0.856%.
Reuters reported that the U.S. Securities and Exchange Commission has began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved.
The Nikkei 225 in Japan gained 1.03%, as shares of conglomerate Softbank Group surged about 2%. The Topix index advanced 1.11%. South Korea’s Kospi jumped 1.44%.
In Australia, the S&P/ASX 200 edged 0.33% higher.
Nasdaq and S&P 500 futures both rose 0.15%, while European stocks markets were set for a strong opening, with Euro Stoxx 50 futures up 0.19% and German DAX futures gaining 0.16%.
· Chinese tech stocks rally as JD.com surges 13%, Tencent climbs 7%
The pan-European Stoxx 600 climbed 0.4% in early trade, with travel and leisure stocks adding 1.1% to lead gains as all sectors and major bourses entered positive territory.
Focus for global investors this week remains on the Fed’s Jackson Hole symposium, which takes place virtually on Thursday, where policymakers could detail their plans for tapering the central bank’s $120 billion a month bond buying program. Fed Chairman Jerome Powell will deliver a speech on Friday.
Investors continue to keep one eye on the situation in Afghanistan. Reuters reported that G-7 (Group of Seven) leaders are expected the seek a unified decision on Tuesday as to whether or not to recognize the Taliban’s leadership, and whether to impose sanctions on the organization.
· Stock futures inch higher after a broad rally on Wall Street amid vaccine approval
Stock futures edged higher in early morning trading on Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s Covid vaccine.
Futures on the Dow Jones Industrial Average rose 84 points. S&P 500 futures and Nasdaq 100 futures traded in positive territory.
Reference: CNBC, Reuters
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