Significant rise on the Tokyo Stock Exchange – E24

Significant rise on the Tokyo Stock Exchange – E24
Significant rise on the Tokyo Stock Exchange – E24

Japanese stocks are leading the way on Asian stock markets.

RISES: The railway company JR East, which especially runs trains in the areas around Tokyo, is among the shares that are rising. Here, one of their trains at Shinjuku station, the train station in the world with the most passengers.

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byoutline BEHROUZ MORE / AFP

Published:Updated: November 24, 2020 6:33 AM, Published: November 24, 2020 6:02 AM

After being closed for public holidays on Monday, the Nikkei 225 index jumps in Tokyo on Tuesday. There is mostly an upturn in the stock markets in Asia, but it is more subdued elsewhere in the region.

The development comes after incoming President Joe Biden has been given the green light to begin the transition process, which may reduce political uncertainty in the United States. The market probably also wants Biden to now, according to American media, want former central bank governor Janet Yellen as the new finance minister. Vaccine hopes also continue to contribute to optimism in the market, according to test results from AstraZeneca, which showed that their vaccine is on average 70 percent effective in protecting against the coronavirus.

This is how the stock exchanges in the Asia-Pacific region work:

  • Nikkei 225 in Tokyo 2.75 percent
  • Hang Seng in Hong Kong 0.05 percent
  • Kospi in Seoul 0.49 percent
  • Shanghai Compositened 0.07 percent
  • FTSE Straits Times in Singapore up 0.86 percent
  • ASX 200 in Sydney up 1.38 percent

Biden can start the transition process

It is the federal agency General Services Administration (GSA) that declares a winner of the election. This usually does not happen until the losing candidate has admitted defeat. GSA chief Emily Murphy wrote in a letter to Biden on Monday, reproduced by CNN, that he seems to have won the election.

She thus allows the incoming president and the team around him to have important access to public funds and offices and can coordinate the takeover with the incumbent administration and the country’s authorities. According to Bloomberg, recognition from the GSA reduces political uncertainty in the United States.

President Donald is signing https://twitter.com/realDonaldTrump/status/1331013908971261953 that in the interests of the United States, he asks GSA and Murphy to do “what is necessary” to facilitate the transfer of power and that he has instructed his administration to do the same.

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US media: Joe Biden wants Janet Yellen as finance minister

Media: Want Yellen as the new finance minister

Joe Biden plans to nominate former Federal Reserve chief Janet Yellen (74) as finance minister, according to several US media outlets, including the Wall Street Journal.

Chief strategist Charles Schwab believes she is a well-chosen set in the eyes of investors.

“The market knows how she communicates, so there will be no misunderstandings,” Schwab said of the former Fed chief.

If the Senate accepts the recommendation, she will become the first female finance minister in the United States.

The future finance minister will have a tough job ahead of him with responsibility for leading the US economy out of the corona crisis.

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AstraZeneca vaccine: 70 percent effective against coronavirus

AstraZeneca vaccine: 70 percent effective against coronavirus

The Swedish-British company has together with Oxford University developed a corona vaccine. The preliminary results from the third and most recent clinical study conducted in the United Kingdom and Brazil show that the corona vaccine is on average 70 percent effective against the virus.

This is happening after other positive vaccine news in recent weeks, as both Pfizer and Biontech as well as Moderna have come up with test results from the latest phases of studies that show that the vaccine candidates were around 95 percent effective.

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