Stocks in Asia Pacific jumped on Tuesday after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine.
In Tokyo, the Nikkei 225 clicked higher 529.52, or 2.6%, to 20,271.17, as shares of index heavyweight and conglomerate Softbank Group jumped 4.3%.
The moves came after Japan’s Prime Minister Shinzo Abe announced Monday that the state of emergency will be lifted in the last five of the country’s 47 prefactures, according to state broadcaster NHK.
The Japanese yen traded at 107.85 per U.S. dollar following a weakening from levels below 107.2 in the previous trading week.
The Hang Seng index in Hong Kong roared 432.42 points, or 1.9%, higher to 23,384.66.
South Korea’s markets were also higher, as shares of LG Chem surged more than 6%.
In economic news, Singapore cut its 2020 economic forecasts for the third time this year. The Singapore economy is now expected to shrink by between 4.0% and 7.0% this year, according to the country’s Ministry of Trade and Industry.
The Australian dollar changed hands at $0.6588 after dipping from highs above $0.658 seen last week.
Investors watched for market reaction to the announcement from Novavax, where the firm said it expects initial results on safety and immune responses in July. That comes on the back of Moderna’s recent report of a positive development in its vaccine trial where all 45 participants had developed coronavirus antibodies.
Globally, more than 5.4 million people have been infected by the coronavirus so far while at least 344,000 lives have been taken, according to data compiled by Johns Hopkins University.
In other markets
In Shanghai, the CSI 300 gained 43.45 points, or 1.1%, to 3,872.77.
In Korea, the Kospi heightened 35.18 points, or 1.8%, to 2,029.78
In Taiwan, the Taiex index climbed 126.03 points, or 1.2%, to 10,997.21
In Singapore, the Straits Times Index returned from a long weekend to grow 30.47 points, or 1.2%, to 2,530.30.
In New Zealand, the NZX 50 sprang up 138.74 points, or 1.3%, to 10,914.74.
In Australia, the ASX 200 soared 164.46 points, or 2.9%, to 5,870.05.
