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Asian stocks rise for second day on coronavirus vaccine hopes

Asian stock markets rose for second day Tuesday on hopes for progress toward a possible coronavirus vaccine which may allow the planet to revive manufacturing, shopping and normal life.

Benchmarks in Tokyo, Hong Kong and Sydney rose by quite 1% while Shanghai and Seoul also advanced.

On Wall Street, the benchmark S&P 500 index closed 1.2% higher on Monday after Pfizer Inc. said early data on a vaccine under development suggest it’d be it’d be 90% effective at preventing COVID-19, though that doesn’t mean its release is imminent.

“This offers a ray of hope that the market didn’t hesitate to require advantage of,” Tai Hui of J.P. Morgan Asset Management said during a report.

Also Tuesday, China reported October inflation fell to its lowest level during a decade. that provides Beijing room to spend more heavily and ease access to credit further if necessary to support an economic recovery that’s gathering strength.

The Nikkei 225 rose 1.1% to 25,108.21 and therefore the Hang Seng in Hong Kong added 1.1% to 26,299.06. The Shanghai Composite Index gained but 0.1% to 3,375.42.

The S&P-ASX 200 in Sydney advanced 1.2% to 6,375.60. The Kospi in Seoul was off 0.2% at 2,443.86. New Zealand, Singapore and Jakarta also rose.

Markets also were relieved by the resolution to the extended uncertainty about the battle for the U.S. presidency. Over the weekend, Democrat Joe Biden clinched the ultimate body votes to unseat President Donald Trump, though Trump has yet to concede.

Congress could also be split between Democratic control of the House of Representatives and Republicans within the Senate. Investors appear to be encouraged by that, which they hope will constrain a Biden administration’s possible moves on tax increases and regulatory changes.

On Wall Street, S&P 500 rose to three ,550.50. The Dow Jones Industrial Average climbed 2.9% to 29,157.97.

Pfizer rose 7.7% after indicating the corporate and its German partner, BioNTech, are on target to file an emergency application to be used of their vaccine with U.S. regulators.

Chevron rose 11.6% and therefore the Disney Co. gained 11.9% on hopes people might drive more and visit theme parks again.

Big Tech companies declined. that they had surged during the pandemic on expectations they might thrive no matter whether workers and consumers stayed home. Apple Inc. fell 2% and Microsoft Corp. lost 2.4%. Zoom Video Communications, whose online meetings allow many remote students and workers to speak , sank 17.4%.

The Nasdaq composite, dominated by tech stocks, lost 1.5% to 11,713.78.

The impact of Pfizer’s vaccine announcement highlighted the virus’s economic dominance, temporarily overshadowing concerns over who controls the U.S. government. the amount of confirmed U.S. virus cases passed 10 million on Monday, the world’s highest total.

Potential legislative gridlock also makes chances of a rescue package for the economy from Congress likely to be smaller than if Democrats had swept control of all of Washington.

In energy markets, U.S. benchmark petroleum lost 39 cents to $39.90 per barrel in electronic trading on the ny Mercantile Exchange. The contract soared $3.15 on Monday to $40.29. Brent crude, the worth standard for international oils, shed 27 cents to $42.13 per barrel in London. It rose $2.95 the previous session to $42.40.

The dollar declined to 104.84 yen from Monday’s 105.45 yen. The euro was little-changed at $1.1830.

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