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BEIJING (AP) – Asian stock markets followed Wall Street lower on Friday after Pfizer Inc. cut the number of doses of a predicted coronavirus vaccine it could ship this year.
Benchmarks in Shanghai, Tokyo and Hong Kong, which account for the bulk of the region’s market value, fell as Sydney advanced.
The Wall Street S & P-500 benchmark closed 0.1% lower on Thursday, below a new record, after Pfizer halved the number of vaccine doses it could ship this year to 50 million. The company told the Wall Street Journal that testing and setting up a supply chain was taking longer than expected.
Also on Thursday, U.S. health officials reported a one-day record of 3,157 deaths from the virus.
“Before we can make any further gains, there is the usual sentimental tangle between medium-term optimism and short-term desperation from COVID-19,” Axi’s Stephen Innes said in a report.
The Shanghai Composite Index lost 0.6% to 3,423.35 and the Nikkei 225 in Tokyo fell 0.5% to 26,680.68. The Hang Seng in Hong Kong was down 0.2% to 26,685.59.
Seoul’s Kospi gained 1.6% to 2,739.21 and Sydney’s S & P-ASX 200 rose 0.4% to 6,640.60. New Zealand and Jakarta retreated while Singapore advanced.
Investors have expressed hope that one or more coronavirus vaccines may be available next year despite the challenges of manufacturing and distributing billions of doses that must be kept frozen.
On Wall Street, the S&P 500 slipped to 3,666.72. The Dow Jones Industrial Average gained 0.3% to 29,969.52. The Nasdaq composite added 0.2% to 12,377.18.
Investors were encouraged by signs that Democrats and Republicans in Washington could move beyond bitter partisanship to reach a deal to provide more financial support for the economy.
House of Commons Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke Thursday after Pelosi signaled his willingness to make major concessions in search of a bailout against the coronavirus. President-elect Joe Biden urged Congress on Wednesday to pass a relief bill now, with more help coming next year.
An industry group reported Thursday that U.S. service industries rose in November but the pace slowed for a second month.
The Institute for Supply Management’s service activity index fell to 55.9 from 56.6 in October. Readings above 50 represent expansion in industries such as restaurants and bars, retail stores and delivery businesses.
A separate report says fewer Americans filed for unemployment benefits last week than expected, although economists have warned that number may have been skewed by the Thanksgiving holiday.
Oil prices rose slightly after OPEC and allied countries, including Russia, agreed on Thursday to increase oil production by 500,000 barrels per day from January. They cut production earlier to support prices as the pandemic and controls on business and travel reduced demand.
Benchmark US crude gained 68 cents to $ 46.32 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 36 cents Thursday to $ 45.64 a barrel. Brent, used for the price of international oils, was 91 cents higher at $ 49.62 a barrel in London. It added 46 cents the previous session to $ 48.71 a barrel.
The dollar fell to 103.83 yen from 103.97 yen on Thursday. The euro edged up to $ 1.2145 from $ 1.2143.
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