Asian shares SOAR as coronavirus vaccine resumes phase 3 trials

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Vaccine hopes boosted shared, but  sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.

AstraZeneca announced it has resumed British clinical trials of its COVID-19 vaccine at the weekend, after getting the green light from safety watchdogs.

This is one of the most advanced in development.

The late-stage trials of the experimental vaccine, developed with researchers from the University of Oxford, were suspended last week after an illness in a study subject in Britain, casting doubts on an early rollout.

A vaccine has long been awaited to help pull the world out of a coronavirus-induced lockdown.

“The reopening of the global economy is enticing us to recommend a trade going long a basket of 14 laggard ‘back to work’ stocks versus a basket of 14 high-flying ‘COVID-19 winners’,” BCA Research wrote in a note.

“While we maintain a cyclical and secular bullish outlook on the broad market, a short-term correction due to technical and (geo) political reasons is likely on the cards,” it said

“A playable short-term pullback is in order.”

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