TOKYO (AP) — Asian shares rose Tuesday on optimism about a potential vaccine for the coronavirus after hopes for a U.S. economic recovery in the second half of the year sent Wall Street into a rebound. Japan’s benchmark Nikkei 225 added 1.9% in morning trading to 20,517.42. Australia’s S&P/ASX 200 jumped 2.0% to 5,569.20. South Korea’s Kospi was up 1.8% to 1,972.73. Hong Kong’s Hang Seng gained 1.8% to 24,362.80, while the Shanghai Composite edged up 0.5% to 2,889.42. “The mood is assertively risk-on with sentiment having been tipped over by fresh hopes sparked for a COVID-19 vaccine,” said Jingyi Pan, market strategist for IG. Pan said reports that drug company Moderna had found promising results on a vaccine have “no doubt been the biggest mood booster for markets, given the fact that the lingering coronavirus implications remains the single biggest issue holding back the market from recovery and a contributor to other risk factors including US-China tensions.” Massachusetts-based Moderna saw its stock jump 20% in New York trading Monday. The S&P 500 climbed 3.2%, its best day since early April. The gains erased all of its losses from last week, when the index posted its worst showing since late… Read full this story
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