GLOBAL MARKETS-Asian shares fall as fresh outbreaks overshadow vaccine progress

By Chibuike Oguh
NEW YORK, Nov 18 (Reuters) - Asian stocks followed Wall
Street's sharp selloff on Thursday as concerns about rising
coronavirus infections and new shutdowns in major U.S. cities
hosed down earlier investor enthusiasm about COVID-19 vaccine
developments.
Bearish sentiment triggered a late-session retreat in stock
markets on Wednesday after a surge in new COVID-19 infections
prompted New York City, which has the largest school district in
the United States, to halt in-person learning starting from
Thursday.
The news of the shutdowns overshadowed Pfizer Inc's PFE.N
announcement that its COVID-19 vaccine was 95% effective and
that the company would apply for emergency U.S. authorization
within days. Pfizer's vaccine has a similar effectiveness as the
candidate developed by Moderna Inc MRNA.O . "It's like a seesaw, the fight between the growth of COVID
and the excitement about the vaccine is really weighing on the
market," said Hilary Kramer, chief investment officer for Kramer
Capital Research in New York.
Australia's S&P/ASX 200 .AXJO lost 0.5% in early trading,
while Hong Kong's Hang Seng index futures .HSI HSIc1 lost
0.02%. Japan's Nikkei 225 .N225 fell 0.4%.
New York City joined other large school districts in cities
like Boston, Detroit, Las Vegas, Philadelphia that have recently
canceled in-person learning due to rising coronavirus cases.
Forty-one U.S. states have reported record daily increases in
COVID-19 cases in November, 20 have registered record daily
deaths and 26 have reported new peaks in hospitalizations,
according to a Reuters tally of public health data.
Despite upbeat vaccine developments, the prospect of
roll-backs of reopenings and new lockdowns weighed on market
participants. All 11 major sectors in the S&P 500 closed in
negative territory, with energy shares .SPNY suffering the
biggest loss.
The Dow Jones Industrial Average .DJI fell 1.16%, the S&P
500 .SPX lost 1.16%, and the Nasdaq Composite .IXIC dropped
0.82%.
Richmond Federal Reserve President Thomas Barkin said
allowing the Fed's emergency lending programs to sunset on Dec.
31 could pose risks to financial markets, especially as the
pandemic is escalating.
The dollar moved off earlier lows following
better-than-expected U.S. housing data, with the greenback still
on pace for its fifth straight decline as the Pfizer news gave
investors an appetite for some risk taking. The dollar index =USD fell 0.043%, with the euro EUR=
down 0.05% to $1.1855.
U.S. Treasury yields reversed early declines on optimism
about a potential vaccine and after a weak 20-year bond auction
diminished the appeal of the safe-haven debt. Benchmark 10-year
notes US10YT=RR last fell 1/32 in price to yield 0.875%, from
0.872% late on Tuesday.
Oil prices advanced as the vaccine news buoyed investor
appetite, along with hopes OPEC and its allies will delay a
planned increase in oil output.
U.S. crude CLc1 settled up 0.94% at $41.82 per barrel and
Brent LCOc1 was at $44.34, up 1.35% on the day.

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