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GLOBAL MARKETS-Asian stocks rally on extended Wall St bounce, easing Fed taper worries

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By Anshuman Daga

SINGAPORE, Aug 24 (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 sentient 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…

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