GLOBAL MARKETS-Stocks rally 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 0.4%
* 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 U.S. regulators authorised the use of blood plasma
from recovered patients as a treatment option.
The announcement from the U.S. Food & Drug Administration of
a so-called "emergency use authorisation" 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 0.4%. European
markets were also set for a leg higher with futures for Euro
Stoxx 50 STXEc1 up 0.65% while those for Germany's DAX FDXc1
and London's FTSE FFIc1 added 0.6% each.
MSCI's broadest index of Asia-Pacific shares outside of
Japan .MIAPJ0000PUS jumped 0.8%, edging closer to a six-month
high touched last week.
Japan's Nikkei .N225 reversed early losses to be last up
0.3%. 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 1%.
"Whenever there is any news that is seen as something that
is helping the battle against coronavirus it gives a boost to
sentiment," said Shane Oliver, Sydney-based chief economist at
AMP.
"It's just hard to tell whether this will be a game changer.
We still don't know if it's going to work," he added, referring
to the plasma treatment.
Equity market 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.
Analysts 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.
Adding a layer of complication on Trump's re-election
campaign, White House adviser Kellyanne Conway on Sunday said
she would leave the administration at the end of this month,
leaving the president without one of his more passionate
spokespersons.
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 105.83.
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 up a shade at $1.3100. The euro EUR= was defensive at $1.1800 after falling 0.5%
on Friday following disappointing manufacturing activity data.
That left the dollar index slightly lower at 93.193.
In commodities, oil prices rose on Monday, with Brent crude
LCOc1 up 8 cents at $44.43 a barrel and U.S. crude CLc1
climbing 7 cents to $42.37. O/R
Gold saw some selling pressure with spot prices XAU= off
0.3% at $1,932.89 an ounce.

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