Asia Stocks Trade Higher amid Positive Vaccine Result from Pfizer and BioNTech

Stocks in Asia all traded higher in early morning sessions amid positive development of the coronavirus vaccine from Pfizer and BioNTech.

 

As of 9:15 local time in Thailand (GMT+7), Nikkei gained 0.37%, SSEC rose 0.49%, HSI jumped 1.19%, ASX 200 increased 0.88% and Kospi advanced 0.76%.

 

Last night, Pfizer and BioNTech said that their experimental vaccine had generated neutralizing antibodies at a higher level than in people recovering from a coronavirus infection. Still, the results will have to be reviewed by a medical journal.

In its June meeting, the U.S. Federal Reserve (Fed) showed that officials remained seriously concerned, even as states reopened. Fed also pointed out that some businesses will not make it through the pandemic-spurred economic crisis, while consumer spending will not fully bounce back even into next year. More importantly, it is possible of a double-dip downturn that could permanently leave a mark in the American labor force.