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July 1, 2020, 11:42 p.m. EDT

Asian markets rise on vaccine hopes, signs of improving global economy

Stocks gain in Tokyo, Shanghai, Hong Kong

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By Associated Press


AFP/Getty Images
An aerial view shows the Huangpu River and the city of Shanghai.

Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.96%   rose 0.7% and the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.39%   in Tokyo added 0.6%. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.60%   in Hong Kong, reopening after a holiday, gained 1.5%. In South Korea, the Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.39%   advanced 0.8% while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.62%   added 1.1%. New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR -1.00%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.53%   and Jakarta /zigman2/quotes/210597981/delayed ID:JAKIDX -0.66%   also rose.

Investors were encouraged after Pfizer /zigman2/quotes/202877789/composite PFE +0.47%   and BioNtech /zigman2/quotes/214419716/composite BNTX -0.10%   announced preliminary data from a vaccine test, one of a series being carried out by global developers.

At the same time, the populous states of California and Texas reported daily record highs in new cases.

“Vaccine hopes, while welcome, fall short of guaranteeing a V-shaped recovery,” said Mizuho Bank in a report.

On Wall Street, the benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.06%   rose 0.5% on Wednesday to 3,115.86, boosted by gains for technology companies.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17%   lost 0.3% to 25,734.97. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.87%  , which is heavily weighted with technology companies, climbed 1% to a record 10,154.63.

Stock markets around the world roared back last quarter on hopes economies are pulling out of their deepest slump since the 1930s. Analysts warn, however, that prices might be rising too far and too fast to be supported by economic activity when infections are rising in the United States, Brazil and some other countries.

In the United States, a report on manufacturing showed activity returned to growth in June, a much better reading than the contraction economists expected.

Earlier, a separate report suggested private employers hired more workers than they cut in June.

“It is still a guessing game as to how the COVID-19 lingering impact will sustain,” said Jingyi Pan of IG in a report.

In China, two surveys this week showed manufacturing improved in June, adding to signs of a gradual recovery.

A similar survey for the 19-country eurozone showed manufacturing almost growing again after widespread shutdowns.

Analysts said that while the data pointed in the right direction, it shows that an economic recovery from the pandemic will be slow.

In energy markets, benchmark U.S. crude   lost 1 cent to $39.81 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 55 cents to settle at $39.82 on Wednesday. Brent crude /zigman2/quotes/209705582/delayed UK:BRNU20 +0.05%  , the international price standard, gained 2 cents to $42.05 per barrel in London. The contract rose 76 cents the previous session to $42.03 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0585%   gained to 107.53 yen from Wednesday’s 107.49 yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,354.04
-32.43 -0.96%
Volume: 40.39B
Aug. 7, 2020 3:01p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,351.67
+9.06 +0.39%
Volume: 812,594
Aug. 7, 2020 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,004.80
-37.40 -0.62%
Volume: 20.00
Aug. 10, 2020 8:42a
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,646.68
-117.91 -1.00%
Volume: 0.00
Aug. 7, 2020 5:00p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,545.51
-13.59 -0.53%
Volume: 0.00
Aug. 7, 2020 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,143.89
-34.38 -0.66%
Volume: 0.00
Aug. 7, 2020 3:00p
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 38.45
+0.18 +0.47%
Volume: 21.91M
Aug. 7, 2020 4:04p
P/E Ratio
15.29
Dividend Yield
3.95%
Market Cap
$213.58 billion
Rev. per Employee
$580,595
loading...
/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 77.00
-0.08 -0.10%
Volume: 3.04M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$17.60 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,433.48
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,010.98
-97.09 -0.87%
Volume: 3.85M
Aug. 7, 2020 5:16p
loading...
/zigman2/quotes/209705582/delayed
UK : U.K. ICE Futures Europe
$ 43.30
+0.02 +0.05%
Volume: 0.00
July 31, 2020 7:29p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
105.8680
-0.0620 -0.0585%
Volume: 0.0000
Aug. 9, 2020 8:03p
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