SINGAPORE — Airline stocks in Asia-Pacific soared on Tuesday morning, while markets in the region traded mixed as investors in the region reacted to positive developments overnight on the coronavirus vaccine front.
In Japan, the Nikkei 225 rose 1.19% while the Topix index gained 1.74%. Over in South Korea, the Kospi was about 0.3% higher.
Mainland Chinese stocks were mixed: The Shanghai composite was 0.16% higher while the Shenzhen component shed 0.905%.
China's consumer price index rose 0.5% in October from a year ago, according to data from the country's National Bureau of Statistics, as compared to expectations for a 0.8% increase in a Reuters poll. The producer price index for China declined 2.1% year-on-year in October, close to expectations in a Reuters poll of a 2% slip.
Hong Kong's Hang Seng index added 1.25%. Shares in Australia also advanced, as the S&P/ASX 200 rose 1.48%. In Southeast Asia, the Straits Times index in Singapore jumped 3.02%.
MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.15% higher.
Airline stocks soar
Shares of airlines in Asia-Pacific surged in Tuesday trade. The sector has been among those hardest hit by the coronavirus pandemic as a result of travel restrictions.
In Australia, Qantas gained 9.19%. Over in Hong Kong, shares of Cathay Pacific popped 16.55% while China Eastern Airlines rose 7.32%. Japan Airlines also saw its stock in Japan surge 17.85% while ANA Holdings advanced 14.69%. South Korea's Korean Air Lines added 13.3% while Singapore Airlines shares in Singapore soared 14.58%.
Pfizer vaccine hopes
Investor focus on Tuesday was likely on Pfizer and BioNTech's Monday announcement that their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.
The reported efficacy rate was higher than expected, with scientists hoping for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.
Markets stateside surged on that news. The Dow Jones Industrial Average closed 834.57 points higher at 29,157.97 — its biggest one-day gain since June 5. The S&P 500 gained 1.2% to finish its trading day at 3,550.50. The Nasdaq Composite, on the other hand, slipped 1.5% to close at 11,713.78.
Oil prices fall
After surging more than 8% on Monday, oil prices fell in the morning of Asia trading hours. with international benchmark Brent crude futures down 1.23% to $41.88 per barrel. U.S. crude futures also slipped 1.49% to $39.69 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.695 following an earlier high of 92.843.
The Japanese yen traded at 105 per dollar after weakening sharply from levels below 104.3 against the greenback yesterday. The Australian dollar changed hands at $0.7273 following its rise last week from levels below $0.72.
— CNBC's Sam Meredith contributed to this report.
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November 10, 2020 at 06:37AM
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Airline shares in Asia-Pacific soar as investors react to positive coronavirus vaccine development - CNBC
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