Asian stocks fall amid unease about vaccine development
PTI, Nov 27, 2020, 10:14 AM IST
Beijing: Asian stock markets declined on Friday as questions about the effectiveness of one possible COVID-19 vaccine weighed on investor optimism.
Benchmarks in Tokyo, Hong Kong, Seoul and Sydney retreated while Shanghai gained.
Investors have been encouraged by reports of progress toward a possible vaccine. But they were uneasy after researchers questioned data that showed a candidate from the University of Oxford and AstraZeneca was 70% effective.
“Market participants showed increasing signs of nervousness as data errors were revealed,” said Mizuho Bank in a report.
The Nikkei 225 in Tokyo lost 0.1% to 26,506.97 and Hong Kong’s Hang Seng sank 0.2% to 26,761.22. The Shanghai Composite Index added 0.4% to 3,383.06.
The Kospi in Seoul lost less than 0.1% to 2,625.84 and Sydney’s S&P-ASX 200 fell 0.7% to 6,592.50. New Zealand and Jakarta gained while Singapore retreated.
US markets were closed on Thursday for a holiday.
Investors are looking forward to a possible vaccine to control the coronavirus following the deepest economic slump since the 1930s, though forecasters warn the stock market rebound might be too early to be sustained.
Those hopes were dented this week when researchers questioned how Oxford and AstraZeneca calculated the effectiveness of their vaccine. That alliance is among researchers who have reported the most progress toward a possible vaccine. The AstraZeneca CEO told Bloomberg News the company might conduct another trial.
Investors also are dismayed that US states and European governments are reimposing controls on business and travel as infection rates surge.
The disease has killed more than 1.4 million people worldwide and there are 61 million confirmed cases, according to data gathered by Johns Hopkins University.
Markets are uneasy about US data showing consumer spending weakening and job losses rising.
Supplemental unemployment benefits that supported consumer spending, the engine of the US economy, have expired. Congress is deadlocked on a possible new aid plan.
In energy markets, benchmark US crude lost 67 cents to $45.04 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude used to price international oils, lost 11 cents to $47.90 per barrel in London.
The dollar fell to 104.07 yen from Thursday’s 104.25 yen. The euro rose to $1.1920 from $1.1906.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Shah: UCC Implementation in MP Fulfills BJP Pledge, Modi’s Commitment
Kumaraswamy accuses political opponents of inducements in Bangalore rural elections
Bengaluru eateries butter up voter turnout with free dosa
Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day
Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah