{"id":123952,"date":"2021-05-06T06:49:54","date_gmt":"2021-05-06T06:49:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123952"},"modified":"2021-05-06T06:49:54","modified_gmt":"2021-05-06T06:49:54","slug":"world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines\/","title":{"rendered":"World shares resilient, drugmakers hit by Biden's move on vaccines"},"content":{"rendered":"

TOKYO (Reuters) – World shares and commodity prices held firm on Thursday as investors switched to cyclicals amid hopes of a strong economic recovery, but drugmakers\u2019 shares came under pressure after Washington backed waiving patents for COVID-19 vaccines.<\/p>

FILE PHOTO: A man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS\/Aly Song\/File Photo<\/figcaption>

MSCI\u2019s broadest gauge of world stocks, ACWI, was up slightly and European stocks are expected to open flat with both Euro Stoxx futures and Britain\u2019s FTSE futures little changed.<\/p>\n

Japan\u2019s Nikkei jumped 1.8% as it reopened after a five-day holiday.<\/p>\n

But MSCI\u2019s index of Asia-Pacific shares outside Japan lost 0.15% as Chinese shares, also resuming trade for the first time since last week, wobbled. The CSI300 fell 1.3%, led by falls in biotech firms.<\/p>\n

China\u2019s healthcare share index dropped more than 4% after U.S. President Joe Biden threw his support behind waiving intellectual property rights for COVID-19 vaccines.<\/p>\n

Biden\u2019s move hit U.S. vaccine makers, too, including Moderna, but Wall Street was supported overall by gains in energy and other cyclical shares.<\/p>\n

Dow hit a record high overnight, having risen 0.29%, while the S&P 500 added 0.07%.<\/p>\n

\u201cThis year, both the U.S. and Chinese economy could grow 6% or more. If the world\u2019s two biggest economies are growing that much, clearly that\u2019s positive,\u201d said Norihiro Fujito, chief investment strategist, Mitsubishi UFJ Morgan Stanley Securities.<\/p>\n

Against this backdrop, commodity prices are riding high, with copper flirting with 10-year peaks. [MET\/L]<\/p>\n

Oil prices extended gains to edge near their March tops as crude stockpiles in the United States, the world\u2019s largest oil consumer, fell more sharply than expected.<\/p>\n

U.S. crude futures stood at $65.65 per barrel, little changed on the day but just below Wednesday\u2019s two-month high of $66.76. [O\/R]<\/p>\n

As agricultural products such as corn, soybeans and wheat, have gained sharply in recent weeks, Thomson Reuters CRB index has risen to its highest level since 2015, having gained more than 21% so far this year.<\/p>\n

BONDS AND CURRENCIES<\/h2>\n

Higher commodity prices are fuelling inflation expectations in the bond market.<\/p>\n

The U.S. breakeven inflation rate, or inflation expectations calculated from the yield gap between inflation-linked bonds and conventional bonds, rose to as high as 2.48% overnight.<\/p>\n

But the U.S. nominal bond yields held relatively stable, with the 10-year U.S. Treasuries yield little changed at 1.584%.<\/p>\n

\u201cBonds were supported partly because the pace of vaccinations has slowed in the States and as real-money investors are starting to buy,\u201d said Naokazu Koshimizu, economist at Nomura Securities.<\/p>\n

\u201cThe rise in inflation is also driven more by supply constraints than demand, which is why we are seeing rising inflation expectations and a fall in nominal yields,\u201d he added.<\/p>\n

In currencies, the Australian dollar briefly dropped as much as 0.6% after China said it was indefinitely suspending all activity under a China-Australia Strategic Economic Dialogue, the latest setback for their strained relations.<\/p>\n

It last stood down 0.15% at $0.7734<\/p>\n

The British pound was flat at $1.3910 ahead of a central bank policy review.<\/p>\n

The Bank of England could slow the pace of its bond buying to allow its quantitative easing programme to last until the end of the year, as it could reach the cap by September at the current pace of buying.<\/p>\n

Investors also looked to Scotland\u2019s election that could trigger a showdown with British Prime Minister Boris Johnson over a new independence referendum.<\/p>\n

Other currencies were little moved, with the focus on Friday\u2019s U.S. monthly jobs report which is expected to show that nonfarm payrolls increased by 978,000 jobs last month.<\/p>\n

The euro stood flat at $1.2004 while the yen changed hands at 109.35 per dollar.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) – World shares and commodity<\/p>\n","protected":false},"author":3,"featured_media":123951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nWorld shares resilient, drugmakers hit by Biden's move on vaccines - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World shares resilient, drugmakers hit by Biden's move on vaccines - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) – World shares and commodity\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-06T06:49:54+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/World-shares-resilient-drugmakers-hit-by-Bidens-move-on-vaccines.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/world-shares-resilient-drugmakers-hit-by-bidens-move-on-vaccines\/\",\"name\":\"World shares resilient, drugmakers hit by Biden's move on vaccines - 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