Asian shares, oil gain as COVID-19 vaccine trials show positive data

Asian shares surged and oil prices gained on Tuesday after an early-stage trial for the COVID-19 vaccine showed positive results.

MSCI’s broadest index of Asia Pacific shares outside Japan climbed 1.5%. Japan’s Nikkei grew 2%, its highest since March.

Hong Kong’s Hang Sang and Australia’s benchmark index both gained 2%. Chinese blue-chip index rose 0.8%, while South Korea’s benchmark increased 1.8%.

Wall Street rallied overnight after Moderna Inc’s COVID-19 trial vaccine reported encouraging data. The results lifted market sentiment on hopes that the global economy would recover faster than initially thought.

S&P 500 rose 3.15%, its largest one-day gain in six weeks. The Dow Jones Industrial Average climbed 3.85%, while the Nasdaq Composite grew 2.44%.

S&P 500 e-mini futures lost 0.2% in early trade. U.S. Treasury yields also surged as investors turned away from bonds. Spot prices were up 0.4%, at $1,739.2 per ounce.

In the currency markets, the euro stood at $1.0907, while the pound gained 0.1%, at $1.2201. The safe-haven yen stood at 107.40 on the dollar.

In the oil markets, Brent crude jumped 1.24%, or 43 cents, at $35.21. U.S. crude was up 2.7%, or 87 cents, at $32.69.