Coronavirus latest: Asia-Pacific stocks fall after Wall Street tumble

Coronavirus latest: Asia-Pacific stocks fall after Wall Street tumble

Coronavirus latest: Asia-Pacific stocks fall after Wall Street tumble

Asia-Pacific stocks fall after Wall Street tumble

Alice Woodhouse in Hong Kong

Asia-Pacific equities retreated on Tuesday after US stocks fell amid rising inflation expectations.

The Kospi in South Korea fell 0.7 per cent and the S&P/ASX 200 in Australia dipped 0.2 per cent. Japanese markets are closed for the emperor’s birthday.

Overnight in the US, the technology-focused Nasdaq Composite ended 2.5 per cent lower while the S&P 500 fell 0.8 per cent. Those moves came as a sell-off in US government bonds continued.

“The nascent sparks of inflation we’ve seen recently and the corresponding sell-off in bond prices really reflects increasing positivity around the economic outlook,” said Kerry Craig, global market strategist, JPMorgan Asset Management. “A steepening yield curve usually helps to bolster value-orientated and cyclical sectors of the equity market.”

S&P 500 futures were flat.

WHO agrees to compensation for Covax vaccine side effects

Mamta Badkar

People in certain countries who experience serious side effects from Covid-19 vaccines via the Covax programme are eligible for compensation under a new deal signed by the World Health Organization.

The agreement will allow individuals from Covax’s Advance Market Commitment-eligible countries, a group of 92 low-and-middle-income economies, which experience “rare but serious adverse events” associated with vaccines distributed by the programme — the global initiative to supply shots to developing countries — to seek compensation.

“This no-fault compensation mechanism helps to ensure that people in AMC-eligible countries and economies can benefit from the cutting-edge science that has delivered Covid-19 vaccines in record time,” Tedros Adhanom Ghebreyesus, WHO director-general said.

The deal — inked by WHO and US-based risk management services provider ESIS to administer the programme on behalf of Covax — is the first and only vaccine injury compensation mechanism.

The programme will offer people “a fast, fair, robust and transparent process” for claims. The WHO said by providing the “no-fault lump-sum compensation” the Covax programme aims to reduce the need for recourse to the law courts.

The mechanism, which will run until June 30 2022, will initially be financed through a levy charged on doses distributed through the Covax facility.

The WHO expects about $105m in initial funds to be available for payments under the programme. The WHO is also working with Chubb to secure insurance coverage for the programme.

The Covax facility aims to deliver at least 2bn doses by the end of the year, including 1.3bn to the 92 low- and middle-income economies.

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People in certain countries who experience serious side effects from Covid-19 vaccines via the Covax programme are eligible for compensation under a new deal signed by the World Health Organization.

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