Asian markets set to track U.S. gains on vaccine, EU deal hopes

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© Reuters. People wearing protective face masks, following an outbreak of the coronavirus, walk past a screen showing Nikkei index, outside a brokerage in Tokyo © Reuters. People wearing protective face masks, following an outbreak of the coronavirus, walk past a screen showing Nikkei index, outside a brokerage in Tokyo

By Elizabeth Dilts Marshall

NEW YORK (Reuters) – Asian shares were set to open higher on Tuesday after U.S. markets gained ground on positive data from trials of three potential COVID-19 vaccines and hopes that the European Union would finalize a recovery fund.

Australian S&P/ASX 200 futures rose 0.70% in early trade while {{178|Japan’s Ni () were up 0.02%, or 0.47% higher than the Nikkei’s close on Monday.

Hong Kong’s Hang Seng index futures () () rose 0.92%. E-mini futures for the S&P 500 slipped 0.08%.

Early data from trials of three potential COVID-19 vaccines released on Monday, including a closely-watched candidate from Oxford University, increased confidence that a vaccine can train the immune system to recognize and fight the novel coronavirus without serious side effects.

European Union leaders appeared to near an agreement on Monday on a 750-billion-euro stimulus plan for regional economies hard-hit by the pandemic.

Also supporting sentiment were hopes for another round of U.S. economic stimulus after congressional Republicans announced plans to seek another $ 1 trillion in coronavirus economic relief.

“Global equities kicked off the trading week on a positive note as vaccine hopes supported optimism,” Felicity Emmett of ANZ Research wrote. “U.S. politicians will begin discussing the next tranche of stimulus this week, and that’s going to be a key focal point for markets too.”

The day’s news helped push the euro to its highest level in more than four months against the U.S. dollar, while the Nasdaq reached a new high – its seventh record in July.

The euro () was up 0.16%, at $ 1.1444, while the yen gained 0.27%, to $ 107.2800.

The Dow Jones Industrial Average () rose 0.03%, the S&P 500 () gained 0.84% and the Nasdaq Composite () jumped 2.51%.

Tech stocks Amazon.com Inc (O:) and Microsoft Corp (O:) provided the biggest boosts to the Nasdaq and the S&P500.

MSCI’s benchmark for global equity markets () rose 0.85%.

However, worries about the pandemic’s economic and human toll pushed gold prices to their highest level since September 2011 on Monday. U.S. settled up 0.4% to $ 1,817.40 per ounce.

More than 14.58 million people have been reported to be infected by the novel coronavirus globally and 605,782​ have died, according to a Reuters tally.

Oil prices were little changed on Monday. Brent crude () settled up 14 cents, or 0.3%, at $ 43.28 per barrel, while U.S. West Texas Intermediate (WTI) () rose 22 cents, 0.5%, to $ 40.81.

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