The upheaval caused by the global pandemic has affected the internal economic structures of countries all across the world. With the hope that the vaccine will soon be developed, many financial markets in Asian countries are also performing better.
The regional benchmarks which were under prominent tech companies are also increasing. Due to the pandemic, tech sales got better because people were not allowed to leave their houses. The outbreak resulted in visible gains for Wall Street.
Following the benchmark increase, many Asian countries like Japan, South Korea, Hong Kong saw a jump by 0.3%, 1.8%, and 1.5% respectively. The stats show that the overall rates of the regional benchmark are gradually increasing in different parts of Asia.
Positive reports are being released by Pfizer, aiming for the vaccine to be presented for testing and reviewing in October. This news provided some relief to the people who have great hopes for the betterment of global change.
According to Pfizer and BioNTech, the vaccine for COVID-19 will not have any side effects and will be launched soon for its final testing. The authorities have associated high hopes for the vaccine to turn out successful.
According to Jingyi Pan, Wall Street and the Asian markets responded positively to the news of the vaccine.
A noticeable rise of 0.3% was observed in the stock market performance, according to the S&P 500. Earlier, there was an increase in the unemployment rate in the US. The unemployment rate resulted in a loss of 0.6% in the stock market.
According to the S&P 500, the financial and energy-producing companies are still at loss with no apparent signs of improvement. On the other hand, the technology industry stocks are improving at a rate of 1.4%. This further resulted in gaining higher points (1.1%) for the Nasdaq.
For the US, the economic conditions seem to have no gradual changes. A decrease of 35 cents in crude oil benchmark was noticed, where international standard crude oil rose by 13 cents. The currency rate of the US is also fluctuating due to defective economic conditions.