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Hong Kong Hang Seng Index (HSI) increased by 1.3%, China Shanghai composite (SHCOMP) was up 0.1% and South Korea Kospi (KOSPI) increased by 0.7%.
From Japan Nikkei (N225) led the region’s gains, reaching around 2% at its highest level since early 1991. Shares of the country’s flagship carrier, ANA, jumped nearly 3%, after Japan and China announced Tuesday that they had agreed to resume business travel by the end of the month.
US equity futures also edged up. Dow (UNDUE) futures contracts rose 100 points, or 0.4%. S&P (SPX) futures contracts rose 0.4% and Nasdaq (COMP) futures contracts rose 0.6%.
The wave of promising coronavirus vaccine developments in recent weeks is behind the surge in global stocks, according to Stephen Innes, chief global market strategist at Axi.
“Global investors are thrilled with the vaccine news,” Innes wrote in a note Wednesday.
Investors are also relieved that a formal transition from US President Donald Trump to President-elect Joe Biden is finally underway, Innes said.
The United States General Service Administration is initiating the so-called verification process, which allows Trump administration officials to coordinate with the Biden team. Sources have confirmed to CNN that former Federal Reserve Chairman Janet Yellen would be Biden’s candidate for Treasury secretary.
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