Stocks in Asia Pacific rose in Thursday morning trade following positive news overnight around the development of a potential coronavirus vaccine.
In Japan, the Nikkei 225 rose 0.39% in early trade as shares of conglomerate Softbank Group jumped 2%. The Topix index also added 0.63%. South Korea's Kospi gained 0.78%.
Meanwhile, Australia's S&P/ASX 200 rose 0.44%.
Overall, the MSCI Asia ex-Japan index traded 0.16% higher.
Investors watched for overnight reaction to a study of a coronavirus candidate being developed by Pfizer and BioNTech that showed the drug created neutralizing antibodies. The results, which were posted online, have yet to be reviewed by a medical journal.
"We are cautious," Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote in a note. "We have received positive news about potential vaccines in the past, but all are yet to see widespread production and distribution."
Meanwhile, market movements in Hong Kong will also be watched as stocks return to trade following a Wednesday holiday. Hong Kong police announced Wednesday they had made their first arrests after China's national security law went into effect.
In economic data news, Australia's trade data for May is set to be released around 9:30 a.m. HK/SIN on Thursday. The U.S. nonfarm payrolls report is also set to be released Thursday morning stateside.
Overnight stateside, the S&P 500 and Nasdaq Composite started the new quarter with gains. The S&P 500 rose 0.5% to end its trading day at 3,115.86 while the Nasdaq Composite posted a record closing high, rising 0.95% to 10,154.63. The Dow Jones Industrial Average lagged, slipping 77.91 points, or 0.3%, to close at 25,734.97.
The U.S. dollar index, which tracks the greenback against basket of its peers, was at 97.148 earlier touching levels around 97.6.
The Japanese yen traded at 107.39 per dollar following its strengthening yesterday from around the 108 mark against the greenback. The Australian dollar was at $0.6912 after bouncing from levels below $0.69 yesterday.
Oil prices slipped in early trade on Thursday, with international benchmark Brent crude futures down 0.29% to $41.91 per barrel. U.S. crude futures also declined 0.35% to $39.68 per barrel.
Here's a look at what's on tap:
- Australia: Trade data for May at 9:30 a.m. HK/SIN
— CNBC's Fred Imbert contributed to this report.
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Asia Pacific stocks rise amid coronavirus vaccine hopes; Australia trade data for May ahead - CNBC
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