Asian Stock Markets Wobble on Pandemic Outlook

Asian stock markets wobbled Tuesday after Moderna MRNA Chief Executive told the Financial Times that COVID-19 vaccines may be less effective against the omicron variant of the coronavirus.

Hong Kong and Tokyo declined, while Shanghai traded evenly. Seoul and Singapore exchanges fell sharply, and other regional markets were mixed.

Japan's Nikkei 225 opened higher on Wall Street cues but fell after mid-session, finishing off 1.6% following the Moderna news. The benchmark Nikkei fell for the third straight trading day, declining 462.16 to 27,821.76, as losing issues outnumbered gainers 184 to 39.

In other news, Japan's industrial output rose 1.1% in October from September, breaking the three-month-long streak of contraction, the Ministry of Economy, Trade & Industry reported.

Also, Japan's jobless rate fell to 2.7% in October from 2.8% in September, as food-service and accommodation workers returned to work with the lifting of pandemic-related restrictions, the Ministry of Internal Affairs and Communications reported.

Meanwhile, the Hong Kong Hang Seng Index opened lower and declined in trading, finishing off 1.6% on pandemic concerns and on still-slumping tech and property sectors.

The broad gauge Hang Seng lost 376.98 to 23,475.26, as losing issues outnumbered gainers 54 to six. The Hang Seng TECH Index fell back 1.2% on the day, while the Mainland Properties Index declined 2.6%.

On the mainland, the Shanghai Composite traded evenly to 3,563.89.

In other news, China's official manufacturing purchasing managers' index rose to 50.1 in November from 49.2 in October.

On the other exchanges, the S. Korean KOSPI fell 2.4%; the Taiwan TWSE added 0.6%; the Australian ASX 200 gained 0.2%; the Singapore Straits Times Index declined 2.5%, and the Thai Set lost 1.3%. In late trading in Mumbai, the Sensex was off 0.3%.