Asian Markets Gain Following Pfizer/BioNTech’s Covid-19 vaccine FDA Approval

Shares in Asia-Pacific rose in Tuesday trade, with Hong Kong stocks leading gains among the region’s major markets. That came after the tech-heavy Nasdaq Composite jumped to a record closing high overnight following the U.S. Food and Drug Administration’s full approval of Pfizer and BioNTech’s Covid-19 vaccine.

Hong Kong’s Hang Seng index closed 2.46% higher at 25,727.92, with shares of Chinese tech firms listed in the city jumping: internet titan Tencent rose 8.81% while Meituan soared 13.51% and Alibaba advanced 9.47%. The Hang Seng Tech index gained 7.06%.

Meanwhile, automaker BYD’s semiconductor business was among 40 IPOs which were suspended as China’s bourses investigate intermediaries in those deals. Still, shares of BYD in Hong Kong gained 1.6% on Tuesday.

Mainland Chinese stocks closed higher as the Shanghai composite rose 1.07% to 3,514.47 while the Shenzhen component advanced 0.878% to 14,663.55.

Reuters reported that the U.S. Securities and Exchange Commission has began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved.

The Nikkei 225 in Japan gained 0.87% to close at 27,732.10, as shares of conglomerate Softbank Group surged about 2% in asian trading hours. The Topix index advanced 1% to finish the trading day at 1,934.20. South Korea’s Kospi jumped 1.56% to close at 3,138.30.

In Australia, the S&P/ASX 200 edged 0.17% higher on the day to 7,503 while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.82%.

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Overnight on Wall Street, the Nasdaq Composite jumped 1.55% to 14,942.65 — a record closing high. The S&P 500 advanced 0.85% to 4,479.53 while the Dow Jones Industrial Average gained 215.63 points to 35,335.71.

Those gains stateside came as Pfizer and BioNTech’s Covid-19 vaccine became the first in the U.S. on Monday to be granted full approval by the Food and Drug Administration, clearing the path for more vaccine mandates.

Asian Markets; Currencies & Oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.016 following a recent slip from above 93.2.

The Japanese yen traded at 109.76 per dollar, stronger than levels above 110 seen against the greenback yesterday. The Australian dollar changed hands at $0.7227, still off levels above $0.729 seen last week.

Oil prices rose in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 1.29% to $69.64 per barrel. U.S. crude futures advanced 1.16% to $66.40 per barrel.