From Gina Lee
Investing.com – Asian stocks rose Monday morning, fueled by renewed hopes for a COIVD-19 vaccine after AstraZeneca (LON 🙂 resumed Phase 3 trials, but ahead of the Japanese central bank meetings, Britain and the US were later subdued in the US week.
The UK drug maker announced on Saturday that it has resumed clinical trials in the UK with its COVID-19 vaccine candidate, jointly developed with Oxford University and one of the most advanced in development after the UK Medicines Health Regulatory Agency (MHRA) this had communicated his approval. The studies were suspended the week before after a patient participating in the UK studies fell ill with an unspecified disease and raised doubts about the introduction of the vaccine.
Another pharmaceutical company, this time in the United States, added to the excitement a day later. Pfizer (NYSE 🙂 CEO Albert Bourla said that the proprietary candidate, which was jointly developed with German drug maker BioNTech, has a "good chance" of submitting important data from late-stage studies to the FDA by the end of October and approving them once, could be rolled out to Americans by the end of the year. Bourla added that the company has already started manufacturing the vaccine.
However, memories of three US tech sell-offs in less than two weeks the previous week made some investors feel cautious.
"Without a clear, secure path to economic recovery and liberation from COVID-19 and with the additional geopolitical risks of the rapidly approaching US presidential elections and the Brexit deadline at the end of the year, we expect the general market sentiment to remain fragile for the foreseeable future," Simon Ballard, chief economist at Abu Dhabi Bank, told Bloomberg.
Japan rose 0.60% to 11:06 p.m. (4:06 p.m. GMT). Japan's ruling Liberal Democratic Party will vote on a new leader on Monday. Yoshihide Suga is widely expected to win by a landslide, placing him in the best position to replace incumbent Prime Minister Shinzo Abe.
South Korea rose 1.18% and Australia rose 0.66%.
Hong Kong gained 0.61%.
China gained 0.40% and rose 1.10%. Tik Tok announced that Oracle Corp. (NYSE 🙂 as the winner of the US deal, the latter beating an offer of Microsoft Corp. (NASDAQ :).
Meanwhile, investors are waiting for China's industrial production and retail sales data to be released on Tuesday.
In financial terms, the Bank of Japan and the Bank of England will make their respective political decisions on Thursday. The US Federal Reserve will also hold its political meeting on Wednesday. The Fed is widely expected to maintain its low profile stance on policy.
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