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Asian markets rose in early trading Tuesday, following sharp gains on Wall Street as the U.S. economy continued to slowly reopen and drug maker Moderna announced positive early results from a potential COVID-19 vaccine.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.72% gained 1.9% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.99% jumped 1.8%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +2.01% advanced 0.5% while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +1.28% rose 0.5%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.80% surged 1.7%, and benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.88% , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.62% , Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +1.07% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.14% all gained. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.42% rose 1.9%.
In Tokyo trading, Nippon Steel /zigman2/quotes/209782682/delayed JP:5401 -0.03% surged while SoftBank /zigman2/quotes/207303954/delayed JP:9984 +2.63% fell after posting a massive fiscal-year loss. Link Real Estate Investment /zigman2/quotes/206625692/delayed HK:823 +0.23% and PetroChina /zigman2/quotes/204979431/delayed HK:857 +2.27% gained in Hong Kong. Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 +1.32% rose in South Korea, while BHP /zigman2/quotes/201448516/delayed AU:BHP +0.69% jumped in Australia.
Moderna Inc. /zigman2/quotes/205619834/composite MRNA -4.90% shares soared 20% Monday after the company released “compelling” early data from a phase-one clinical trial for its experimental coronavirus vaccine, providing a jolt to markets.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.36% surged 911.95 points, or 3.9%, to finish at 24,597.37, its best daily gain in six weeks. The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% rose 90.21 points, or 3.2%, to end at 2,953.91. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP 0.00% added 220.27 points, or 2.4%, closing at 9,234.83.
“Optimism around economies reopening and a coronavirus vaccine is driving higher equities, oil prices, and weaker USD,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note. “Trade tensions remain a critical risk for markets, however,” he wrote, and “caution is warranted with financial markets increasingly decoupling from the real economy.”
West Texas Intermediate crude for June delivery was last above $32 a barrel. July Brent crude , the global benchmark, was little changed.
The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0140% was up slightly at 107.40 yen..