Asian stocks extend gains as vaccine hopes support global reopening

Asian shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy, which would help the region's heavily trade-dependent markets.

Australia's benchmark S&P/ASX 200 .AXJO climbed 1.05% with energy stocks and miners boosted by higher crude and commodity prices.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose around 0.6% in early trade ahead of the country's central bank meeting. Nikkei 225 .N225 added 1.1%, and Hong Kong's Hang Seng index futures .HIS HSIc1 rose 0.09%.

“Investors anticipate a lift in economic activity and a swing back to physical businesses, judging by their support for travel, consumer, financial, materials and energy stocks,” Michael McCarthy, chief market strategist for CMC (NS:CMC) Markets in Sydney, wrote in a note Wednesday.

The gains in Asia came despite the S&P 500 index slipping slightly and the Nasdaq closing sharply lower on Tuesday as vaccine optimism led investors away from market leaders and toward cyclical stocks associated with economic recovery. the same time, there were mixed signals from U.S. government leaders about near-term policies.