Asian stocks follow the positive Wall Street trend
Asian stocks developed their gains on May 19. Countries around the world continue to leave the containment measures behind and the COVID-19 vaccine successfully passed the early-stage trial.
MSCI’s Asia-Pacific index gained 1.8%, getting to its highest position in two weeks. However, the index is still 1.9% down in May. The rally has been sped up by the rally on Wall Street.
Most of US stocks finished their trading session higher, yet the S&P 500 futures still lost 0.03%. European markets are headed for a higher opening as Euro Stoxx 50 futures gained 0.24%. DAX futures were trading up 0.29%.
The growth has been spurred by the news about the coronavirus vaccine, developed by Moderna. The first tests of the drug showed positive results. If further work continues to be successful, the world might get a vaccine faster than expected.
Meanwhile economic reopenings are likely to produce stronger readings and reinforce the optimism on the market. Nevertheless, some experts warn, that full recovery might take a long time. According to the CBA’s report, even when the activity levels are back to normal, the recession will not stop immediately.