Dow rally, coronavirus, China inflation data, currencies and oil

SINGAPORE — Stocks in Japan were set to trade higher at the open as investors in Asia-Pacific react to positive developments overnight on the coronavirus vaccine front.

Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 25,400 while its counterpart in Osaka was at 25,570. That compared against the Nikkei 225’s last close at 24,839.84.

Shares in Australia jumped in early trade, as the S&P/ASX 200 rose more than 2%.

On the economic data front, China’s consumer price index and producer price index for October are set to be out at around 9:30 a.m. HK/SIN.

Pfizer vaccine hopes

Investor focus on Tuesday will likely be on Pfizer and BioNTech’s Monday announcement that their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.

The reported efficacy rate was higher than expected, with scientists hoping for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.

Markets stateside surged on that news. The Dow Jones Industrial Average closed 834.57 points higher at 29,157.97 — its biggest one-day gain since June 5. The S&P 500 gained 1.2% to finish its trading day at 3,550.50. The Nasdaq Composite, on the other hand, slipped 1.5% to close at 11,713.78.


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