Global shares advance on vaccine optimism
Global stock markets recorded an upbeat performance on Wednesday. This followed after encouraging results from a COVID-19 vaccine trial kept investors’ concerns at bay amid surging infections in Europe and the United States. Meanwhile, the kiwi advanced brought by the Reserve Bank of New Zealand’s upbeat remarks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was seen 0.4% higher, while Japan’s benchmark index Nikkei tallied a 1% jump. However, markets’ overall movement switched between sectors as investors resort from coronavirus advancers to coronavirus-beaten sectors.
While currencies were seen flat, the kiwi managed to gain half a percent to a 19-month peak. This came after the Reserve Bank of New Zealand decided to retain its interest rates at its current level. In addition to this, the central bank’s hawkish tone had contributed to the kiwi’s upbeat session.