Markets advance on hopes for vaccine, focus on EU summit
More than 20 candidate vaccines are currently being tested on humans.
HONG KONG (AFP) - Hopes for a virus vaccine helped push Asian equities higher Tuesday after promising results from two clinical trials, while traders were also keeping tabs on an EU summit aimed at hammering out a stimulus package for the bloc.
The studies provided a much-needed shot in the arm for investors, who have been put on edge in recent weeks by worrying spikes in new infections around the world, causing a months-long surge across equities to stumble.
The new cases have forced authorities to reimpose containment measures, fanning concerns about an economic recovery that has been supported by trillions of dollars in government and central bank stimulus.
But two studies published in The Lancet medical journal provided some much-needed cheer, with a trial among more than 1,000 adults in Britain finding a candidate vaccine induced "strong antibody and T cell immune responses" against COVID-19.
That came as another trial of more than 500 people in China showed most had developed a widespread antibody immune response.
Meanwhile, British biotech firm Synairgen said a randomised trial of an aerosol-based treatment shows it could drastically reduce the number of new patients dying of the disease or requiring intensive care.
The positive news from the trials could be a major step towards the Holy Grail that analysts say will likely send markets soaring.
More than 20 candidate vaccines are currently being tested on humans.
In early trade, Hong Kong climbed 1.8 percent and Shanghai added 0.6 percent after rallying more than three percent on Monday.
Tokyo went into the break 0.6 percent higher, while Sydney, Seoul, Taipei and Wellington all jumped more than one percent. Singapore and Jakarta were also up.
