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Vaccine hopes boost world share markets

Stock Markets Sep 14, 2020 04:50AM ET
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By Dhara Ranasinghe

LONDON (Reuters) - World stocks rallied on Monday on hopes for a coronavirus vaccine after AstraZeneca (NYSE:AZN) resumed its phase-3 trial, but caution lingered before a host of central bank meetings this week.

Sterling, which has been hit by renewed Brexit turmoil, was on firmer ground before a vote on British Prime Minister Boris Johnson's plan to break international law by breaching parts of the Brexit divorce treaty with the European Union.

European stock markets opened broadly higher (STOXX) and U.S. stock futures rallied more than 1% (ESc1) (1YMc1) -- suggesting a strong start for Wall Street later on.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 0.9% to its highest in almost a week. Japan's Nikkei (N225) firmed 0.7% after Chief Cabinet Secretary Yoshihide Suga won a landslide victory in a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

Drugmaker AstraZeneca (L:AZN) said at the weekend it has resumed British clinical trials of its COVID-19 vaccine, one of the most advanced in development, after getting the green light from safety watchdogs.

The news provided a boost to sentiment in world share markets, hit last week by a selloff in U.S. tech stocks.

"The news over the weekend that AstraZeneca clinical trials had resumed is likely to be well received, however it is unlikely to assuage concerns that the speed with which these trials are being done could result in a vaccine being rushed out too hastily, with unforeseen circumstances," said Michael Hewson, chief market analyst at CMC Markets UK.

U.S. chipmaker Nvidia Corp (O:NVDA) said it would buy UK-based chip designer Arm from Japan's SoftBank Group (T:9984) for as much as $40 billion in a deal set to reshape the global semiconductor landscape, spurring a 1% gain in Europe's tech sector. (SX8P)

Friday marked six months since the World Health Organization (WHO) declared the coronavirus a pandemic on March 11.

Since then, major global economies have slipped into recession and millions have lost their jobs, prompting central banks around the world to launch unprecedented stimulus.

The U.S. Federal Reserve this week holds a two-day policy meeting and is expected to hold rates while elaborating on an earlier announcement of a shift to inflation targeting. The Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

BREXIT WATCH

Major currencies were stable on Monday, with the British pound holding above 1-1/2 month lows against the dollar ahead of a parliamentary debate on the Internal Market Bill. After the debate, lawmakers will vote to decide if it should go to the next stage.

Johnson's decision to explicitly break international law has plunged Brexit back into crisis less than four months before Britain is finally due to leave the EU's orbit at the end of a post-Brexit transition period.

"The question will be how many Conservative MPs (members of parliament) rebel on the matter," said Deutsche Bank (DE:DBKGn) strategist Jim Reid, referring to Johnson's ruling party.

The dollar was a tad weaker at 106 yen, though still a long distance from its low this year of 101.2. The euro (EUR=) was a touch firmer at $1.1857.

In commodities, U.S. crude (CLc1) jumped 0.6% to $37.55 a barrel. Brent crude (LCOc1) climbed 0.4% to $40 per barrel.

Gold was firm, with spot prices at $1,946.9 per ounce.

Elsewhere, Turkey's currency and dollar-bonds came under pressure after Moody's (NYSE:MCO) cut the country's sovereign rating and warned of the risk of a balance of payment crisis. The lira weakened 0.2% , flirting with fresh record lows last week.

Vaccine hopes boost world share markets
 

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Comments (11)
zRa yz
zRa yz Sep 14, 2020 10:10AM ET
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There wont be a crash till vaccine is out. Stop whining just because u missed the chance to buy the dip
Ka Al
Ka Al Sep 14, 2020 9:16AM ET
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nobody wants a vaccine thats rushed , normal process for a vac is much longer . if the vaccine comes to early without testing a while , nobody will trust it ......
Jo Va
Jo Va Sep 14, 2020 8:22AM ET
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Markets are betting on a vaccine that few trust and many will not take. What could possibly go wrong?
Alvin Lau
Alvin Lau Sep 14, 2020 2:58AM ET
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Another trap
hit man
hit man Sep 14, 2020 1:57AM ET
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save your cash
hit man
hit man Sep 14, 2020 1:56AM ET
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everyone at risky Zone
Ludovic Raymond
Ludovic Raymond Sep 14, 2020 1:19AM ET
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It feels like we read that headline before..
perplexed76 .
perplexed76 . Sep 14, 2020 1:05AM ET
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maximum new cases in the world. Time for hope attack ad
Walter Kovacs
Walter Kovacs Sep 14, 2020 12:27AM ET
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This headline is feeling like an overworked ******
Casil Casil
Casil Casil Sep 13, 2020 11:15PM ET
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With al the hopes of last 6 month and next months dow jones will reach 100K :). Biggest bubble of the history
Sep 13, 2020 11:15PM ET
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Hope Bubble?
Muhamed Jaffir
Muhamed Jaffir Sep 13, 2020 11:15PM ET
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Always with this vaccine hopes garbage to justify manipulation. Well some of us never fell for it, and never will.
Kelly Mayer
Kelly Mayer Sep 13, 2020 11:15PM ET
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Jobs are coming back faster and faster. Strong therapeutics already developed and the world is starting to receive vaccines. US top economists are giving the US economy a positive feedback, and interest rates are going to stay negative for a long time, as the new standart. Doubt there is going to be a bubble bursting and collapsing the market. There are new ways and new minds managing the economy right now, people thinking in old paradigms of bubble/burst may lose the opportunity of a lifetime.
mike mike
mike mike Sep 13, 2020 11:15PM ET
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Kelly Mayer  Kelly Mayer "Jobs are coming back faster and faster" = what jobs? coming back from where? "Doubt there is going to be a bubble bursting" said everyone right before it burst. "There are new ways and new minds managing the economy right now, people thinking in old paradigms of bubble/burst may lose the opportunity of a lifetime" - I don't know how old you are but this statement could literally be a quote from "experts" in the year 2000 right before the crash. All I can say is I wish you and the "new minds" lots of luck.
 
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