Reuters, London :
Asian markets had been playing catch-up overnight having been closed when Monday’s news of the vaccine broke, although like Wall Street overnight, they had lost momentum by the end of the session Stock markets and commodities continued to push higher on Tuesday, after the euphoria of a coronavirus vaccine had sent global equity indexes soaring to an all-time high and shaken bond yields higher.
Having surged 4% on Monday on the vaccine breakthrough from US and German drugmakers Pfizer and BioNTech there was little surprise that Europe saw the pace drop, though things were still moving forward.
Pan-European STOXX 600 was up another 0.5% taking November’s rally past 13% and there was another 2.7% rally in bank stocks as worries about mass loan defaults and even more negative interest rates continued to ease.
“We have some consolidation in markets but I don’t think surprising given the size of the moves yesterday,” said JP Morgan Asset Management’s Hugh Gimber.
“The news we had was clearly a big step forward… it’s a big piece of the jigsaw to getting the global economy back on its feet.”
Asian markets had been playing catch-up overnight having been closed when Monday’s news of the vaccine broke, although like Wall Street overnight, they had lost momentum by the end of the session.
