Global equities kick off December with a rally, as investors cheer economic data, vaccine progress

Global equities kick off December with a rally, as investors cheer economic data, vaccine progress

Global equity markets rallied after Chinese data showed factory activity boomed at a 10-year high in November, while progress in the rollout of a COVID-19 vaccine underpinned that optimism.

US stock futures pointed to a higher start on Wall Street later, while cryptocurrencies rallied for a fourth day.

"Vaccine optimism, impressive Chinese factory data and the prospect of continuing fiscal and monetary stimulus is keeping the mood upbeat," CityIndex analyst Fiona Cincotta said.

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Global equity markets rose on Tuesday, extending the record-breaking gains of the previous month, after strong factory data pointed to a robust recovery in China, while progress on more vaccine candidates reinforced the optimism of the past few weeks, although oil slipped.

US biotech firm Moderna on Monday said it would file for regulatory approval for its COVID-19 vaccine, after the product had proven to be 94% effective during clinical trials, sparking a 20% rise in the company's share price on Monday.

A week ago, drugmaker Pfizer said it would seek approval for distribution of its vaccine from regulators both in the United States and overseas.

Adding to the upbeat