MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2%, with Japan and South Korean indexes jumping more than 1%. Australia shares were up 0.2% and Taiwan stocks rose 0.7%.
By Anshuman Daga
SINGAPORE (Reuters) - Asian stocks rose on Tuesday on an extended bounce on Wall Street as investors drew comfort from full approval granted to the Pfizer/BioNTech vaccine and on easing worries of an imminent tapering of stimulus by the Federal Reserve.
The dollar was licking its wounds after its sharpest one-day fall since May, which spurred a 5% rally in oil prices on Monday.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2%, with Japan and South Korean indexes jumping more than 1%. Australia shares were up 0.2% and Taiwan stocks rose 0.7%.
Chinese markets also edged up 0.2%, with technology stocks extending their recovery after enduring a pummelling in recent weeks on regulatory worries.
Wall Street's strength underpinned sentiment in Asia. The Nasdaq reached an all-time closing high on Monday after the U.S. Food and Drug Administration granted full approval to the COVID-19 vaccine developed by Pfizer and BioNTech, in a move that could accelerate inoculations in the United States.
Analysts at ANZ pointed to growing expectations that decelerating global business activity will act as a restraint on central bank intentions to start dialing back monetary stimulus in the near term.
Global markets took a beating last week on worries the Fed is edging closer to tapering its stimulus. Asia's main index tumbled 4.8% last week, and MSCI's Asia Pacific index ex-Japan index is still down 2.9% so far this month.
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