Most Asian stocks rose Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. The dollar held an advance.
Australian equities outperformed, shrugging off lockdowns imposed to fight the delta variant of the virus, while Japan and Hong Kong fluctuated. U.S. contracts were higher after the S&P 500 eked out a gain, remaining on track for a fifth monthly advance — the longest run since August.
Moderna Inc. reached an all-time peak after saying its vaccine produced protective antibodies against the delta strain, which has spread around the world since emerging in India.
The dollar has firmed on haven demand due to Covid-19 flareups, a climb that has hurt gold, which is set for the biggest monthly drop in over four years. Treasury yields were steady as traders digested the latest Fed comments.
Stocks are up about 90% from the worst of the market panic over the pandemic in March last year, helped by the rollout of vaccines and substantial liquidity injections.[BLOOMBERG]
