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Investing.com – Asia Pacific stocks were up on Tuesday morning, with the first full approval for a COVID-19 vaccine expected to boost U.S. vaccination rates and assuaging some concerns over COVID-19’s impact on the global economic recovery.
Japan’s Nikkei 225 rose 1.12% by 9:49 PM ET (1:49 AM GMT).
South Korea’s KOSPI rose 1.38%, with the Bank of Korea due to hand down its policy decision on Thursday.
In Australia, the ASX 200 was up 0.28%.
Hong Kong’s Hang Seng Index rose 1.70%.
China’s Shanghai Composite gained 0.61% and the Shenzhen Component jumped 1.98%. Meanwhile, the People’s Bank of China called for more credit support for the real economy in a statement and the U.S. Securities and Exchange Commission reportedly began issuing new disclosure requirements for Chinese companies seeking to list in New York.
U.S. shares continued an upward trend, with the Nasdaq 100 hitting a fresh record after the FDA gave the Pfizer Inc. (NYSE:PFE)/BioNTech SE (F:22UAy) COVID-19 vaccine its full approval.
Investors now turn to the U.S. Federal Reserve’s Jackson Hole symposium, taking place from Aug. 26 to 28, for a timetable for asset tapering and interest rate hikes. With COVID-19 continuing to spread globally, Fed officials could delay beginning asset tapering
“The feeling is Fed Chairman Jerome Powell will err on the side of caution at this week’s Jackson Hole symposium and fail to offer advance notice of tapering its asset purchase program,” Pepperstone Financial Pty head of research Chris Weston said in a note.
Some investors may have felt that “now is the time to wade into a bit of cyclicality,” the note added.
Investors also digested the latest, mixed U.S. economic data. Existing home sales were a higher-than-expected 5.99 million in July, while growth at U.S. services and factories fell to an eight-month low in August. The manufacturing purchasing managers index (PMI), Markit composite PMI and services PMI were 61.2, 55.4, and 55.2 respectively.
The U.S. GDP for the second quarter is out on Thursday and the core personal consumption expenditures price index, alongside personal income and spending data, will follow on Friday.
