Asian stocks lower after Pfizer cuts vaccine shipment plans

Asian stock markets followed Wall Street lower Friday after Pfizer Inc. cut number of doses of a planned coronavirus vaccine it might ship this year. Benchmarks in Shanghai, Tokyo and Hong Kong, which are bulk of region's market value, retreated while Sydney vanced.

Wall Street's benchmark S&P 500 index closed 0.1% lower on Thursday, short of a new record, after Pfizer reduced number of vaccine doses it might ship this year by half to 50 million. company told Wall Street Journal testing and setting up a supply chain took longer than expected. Also Thursday, U.S. health authorities reported a one-day record of 3,157 virus deaths.

“Before we can make new gains, re is usual sentiment tug of war between medium-term optimism and near-term COVID-19 despair,” Stephen Innes of Axi said in a report.

Shanghai Composite Index lost 0.4% to 3,430.03 and Nikkei 225 in Tokyo sank 0.3% to 26,727.17. Hang Seng in Hong Kong retreated 0.2% to 26,686.54. Kospi in Seoul gained 1.4% to 2,734.37 and Sydney's S&P-ASX 200 was 0.4% higher at 6,644.00. New Zealand and Jakarta declined while Singapore and Bangkok vanced.

Investors hopeone or more coronavirus vaccines might be available next year despite challenges of making and distributing billions of doses that must be kept frozen. On Wall Street, S&P 500 slipped to 3,666.72. Dow Jones Industrial Aver gained 0.3% to 29,969.52. Nasdaq composite ded 0.2% to 12,377.18. Investors have been encourd by signs Democrats and Republicans in Washington may get past ir bitter partisanship to agree on an ecomic aid pack.

House Speaker Nancy Pelosi and Senate Majority Leer Mitch McConnell spoke Thursday after Pelosi signaled a willingness to make major concessions. President-elect Joe Biden urged Congress on Wednesday to pass a relief bill w, with more aid to come next year. An industry group reported Thursday that U.S. service industries grew in vember but pace slowed for a second month.

Institute for Supply Manment's index of services activity declined to 55.9 from October's 56.6. Reings above 50 represent expansion in industries such as restaurants and bars, retail stores and delivery companies. A separate report said fewer Americans filed for unemployment benefits last week than forecast, though ecomists cautioned that number may have been distorted by Thanksgiving Day holiday.

Oil prices edged higher after OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels per day starting from January. y slashed output earlier to shore up price as pandemic and controls on business and travel depressed demand.

Benchmark U.S. crude gained 71 cents to $46.35 per barrel in electronic tring on New York Mercantile Exchange. contract rose 36 cents on Thursday to $45.64 a barrel. Brent crude, used to price international oils, was 90 cents higher at $49.61 per barrel in London. It ded 46 cents previous session to $48.71 a barrel. dollar declined to 103.91 yen from Thursday's 103.97 yen. euro was unchanged at $1.2143. 

(Im Credits: AP)