GLOBAL MARKETS-Stocks jump as investors pin hopes on coronavirus treatment

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asian shares rise for 2nd straight day; China, Japan climb
* E-Mini futures for S&P500 gain 0.3%
* Coronavirus treatment, vaccine hopes support sentiment
* Oil prices rise, gold falters

By Swati Pandey
SYDNEY, Aug 24 (Reuters) - Asian shares advanced for a
second straight session on Monday, underpinned by coronavirus
hopes after the U.S. Food & Drug Administration (FDA) authorised
the use of blood plasma from recovered patients as a treatment
option.
The announcement from the U.S. FDA of a so-called “emergency
use authorization” came on the eve of the Republican National
Convention, where Donald Trump will be nominated to lead his
party for four more years. E-Mini futures for the S&P500 ESc1 gained 0.3%.
MSCI's broadest index of Asia-Pacific shares outside of
Japan .MIAPJ0000PUS jumped 0.65%, moving toward a six-month
high touched last week.
Japan's Nikkei .N225 reversed early losses to be last up
0.4%. Chinese shares rose too with the blue-chip CSI 300 index
.CSI300 adding 0.8%.
South Korea's KOSPI .KS11 , which has been on a slippery
slope since hitting a more than two-year peak earlier this
month, climbed 0.9%.
Sentiment was also supported by a Financial Times report
that the Trump administration is considering by-passing normal
U.S. regulatory standards to fast-track an experimental
coronavirus vaccine from the UK for use in America ahead of the
presidential election.
"Markets are opening this morning to optimism on the
therapeutics front after the FDA authorized the use of blood
plasma from COVID-19 survivors to treat sick patients," said
Stephen Innes, chief global markets strategist at AxiCorp.
"Not the COVID-19 cure all the world is hoping for, but it
is another positive step to help patient recovery time and get
people back on their feet quicker."
Analysts still urged caution with Wall Street indexes
already at record highs even as the world economy struggled to
recover from the once-in-a-century pandemic.
"With risks rising somewhat and September a full month for
policy, the end of summer is a good time to cross-check
valuations and to consider both threats and opportunities," said
JPMorgan cross asset analyst John Normand.
Normand pointed to talks of a U.S. fiscal package, Fed's
upcoming policy review next month and the ramping up of the U.S.
election campaign as risk events over coming weeks.
Looming large over this week was a keenly anticipated
address by Federal Reserve Chair Jerome Powell at the Kansas
City Fed Jackson Hole symposium, where he will talk on the Fed's
monetary policy framework review.
"This takes on even more significance after the market's
evident disappointment last week," said Ray Attrill, head of
forex strategy at Melbourne-based National Australia Bank.
The Fed's July meeting minutes last week barely made a
mention of its policy outlook while "failing to give succour to
expectations" that its September meeting would reveal a formal
commitment to new outcome-based' forward guidance, Attrill
added.
In currencies, the dollar was a shade weaker on the safe
haven Japanese yen JPY= at 105.74.
The British pound GBP= nursed losses after falling 0.9% on
Friday on lack of progress in post-Brexit trade talks with the
European Union. It was last at $1.3092.
Also on Friday came news that Britain's public debt went
above 2 trillion pounds ($2.65 trillion) for the first time in
July as the government ramped up public spending to cope with
the coronavirus pandemic and tax revenues fell. The euro EUR= was defensive at $1.1800 after falling 0.5%
on Friday following disappointing manufacturing activity data.
That left the dollar index unchanged at 93.154.
In commodities, oil prices rose on Monday, with Brent crude
LCOc1 up 14 cents at $44.49 a barrel and U.S. crude CLc1
climbing 11 cents to $42.45. O/R
Gold saw some selling pressure with spot prices XAU= off
0.4% at $1,931.54 an ounce.

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