Asian stocks rise for 2nd day on coronavirus vaccine hopes

BEIJING (AP) — Asian stock markets rose for second day Tuesday on hopes for progress toward a possible coronavirus vaccine that might allow the world to revive manufacturing, shopping and normal life.

Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney rose while Seoul fell less than 0.1%.

On Wall Street, the benchmark S&P 500 index closed 1.2% higher on Monday after Pfizer Inc. said early data on a vaccine under development suggest it might be it might be 90% effective at preventing COVID-19, though that doesn’t mean its release is imminent.

“This offers a ray of hope that the market did not hesitate to take advantage of,” said Tai Hui of J.P. Morgan Asset Management in a report.

Also Tuesday, China reported October inflation fell to its lowest level in a decade. That gives Beijing room to spend more heavily and ease access to credit further if necessary to support an economic recovery that is gathering strength.

The Shanghai Composite Index gained 0.1% to 3,377.64 and the Nikkei 225 in Tokyo rose 0.3% to 24,903.44. The Hang Seng in Hong Kong advanced 0.7% to 25,202,58.

The S&P-ASX 200 in Sydney advanced 0.7% to 6,375.60 while the Kospi in Seoul declined to 2,445.37. India's Sensex opened up 0.7% at 42,888.24. New Zealand and Southeast Asian markets also rose.

Markets also were relieved by the resolution to the extended uncertainty about the battle for the U.S. presidency. Over the weekend, Democrat Joe Biden clinched the final Electoral College votes to unseat President Donald Trump, though Trump has yet to concede.

Congress may be split between Democratic control of the House of Representatives and Republicans in the Senate. Investors appear to be encouraged by that, which they hope will constrain a Biden administration's possible moves on tax...