Asian shares rise after vaccine maker boosts Europe supplies

BEIJING (AP) — Asian stock markets rose Monday after coronavirus vaccine maker AstraZeneca agreed to increase supplies to Europe amid rising worries about the disease.

Shanghai, Tokyo, Hong Kong and Seoul advanced.

On Friday, Wall Street’s benchmark S&P 500 index lost 1.9% after GameStop, a video game vendor, and other shares were sent soaring by day traders. Investors said hedge funds that bet against those stocks were losing money and selling other shares.

Markets were rattled by AstraZeneca’s announcement it would supply the European Union with fewer than half the promised doses, which prompted the EU to impose export controls. On Sunday, AstraZeneca promised to increase European supplies and start delivery earlier.

“Concerns around the pandemic seemed to return in full force as vaccine distribution and efficacy issues re-emerged even with the virus spread gaining momentum,” said Mizuho Bank in a report.

The Shanghai Composite Index rose 0.1% to 3,486.46 and the Nikkei 225 in Tokyo added 1.4% to 28,041.27. The Hang Seng in Hong Kong gained 1.9% to 28,822.61.

The Kospi in Seoul surged 2.2% to 3,042.19 and Sydney's S&P-ASX 200 added 0.8% to 6,661.70.

India's Sensex opened down 0.2% at 46,759.42. New Zealand and Singapore declined while Bangkok and Jakarta advanced.

A purchasing managers’ index issued by business magazine Caixin declined to 51.5 from December’s 53 on a 100-point scale on which numbers above 50 reflect activity expanding. A separate PMI by the official statistics agency showed similar weakening.

The data suggest China’s rebound “is leveling off,” said Julian Evans-Pritchard of Capital Economics in a report.

Investors have bid up stocks in expectation the rollout of coronavirus vaccines would allow global business and travel...