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* Highly anticipated vaccine facing more scrutiny
* Equity markets ready for record highs
* U.S. markets on shortened hours after Thanksgiving holiday
* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh
By Marc Jones
LONDON, Nov 27 (Reuters) - World stocks remained on course
for their best month ever on Friday as recent vaccine progress,
Joe Biden's U.S. presidential election win, hopes for further
stimulus, a commodity surge and a weak dollar all lifted the
spirits.
European markets had a touch of caution ahead of a barrage
of economic data and as questions emerged over trial data on
AstraZeneca's COVID-19 vaccine, but that wasn't going to derail
a November to remember.
Germany's, France's, Italy's and Spain's main bourses all
squeezed out gains and government bond yields stayed
lows after the European Central Bank reinforced expectations of
further stimulus next month.
London's FTSE was fractionally lower with some
last-minute Brexit nerves, but with Wall Street pointing to a
post-Thanksgiving rise MSCI's main world index
was readying another all-time high.
"Risk sentiment is in reasonable nick because we've got
vaccines and easy money," said Societe Generale strategist Kit
Juckes. "That is the underpinning of optimism."
It hadn't been all good news overnight. Australian shares
ended down 0.5% and Treasury Wine Estates was
whacked 11.25% as China slapped new tariffs on Australian wine,
the latest move in the countries' long-running trade
spat.
But shares in China still rose 0.1% after data
there showed industrial profits surged at the fastest pace since
early 2017. South Korean stocks and Japan's Nikkei
both rose 0.3% too, albeit in choppy trade.
British drugmaker AstraZeneca's coronavirus drug was
touted as a "vaccine for the world" due to its inexpensive cost,
but the efficacy of the vaccine is now facing more intense
scrutiny, which experts say could delay its approval.
Several scientists have raised doubts about the robustness
of results showing the shot was 90% effective in a sub-group of
trial participants who, by error initially, received a half dose
followed by a full dose.
"With global (coronavirus) case numbers having now topped 60
million... there is certainly some rough terrain ahead for the
global recovery, and that can create economic scarring,"
analysts at ANZ Bank wrote in a memo.
VIRUS VS VACCINE
U.S. hospitalizations for COVID-19 are at a record and
experts warn that Thanksgiving gatherings could lead to further
infections and deaths.
More than 20 million people across England will be forced to
live under the toughest restrictions even after a national
lockdown ends on Dec. 2. Partial lockdowns in some European
countries have also raised concern about economic growth.
The European Central Bank's chief economist highlighted
these concerns, saying there were "some worrying signals" in
financing conditions in Europe for small and medium-sized
enterprises, which pushed European bond yields lower.
German 10-year Bund yields traded near two-week lows on
Friday, while Portugal's 10-year government bond yields touched
zero for the first time.
The euro, which last bought $1.1924, showed little
reaction because currency traders have largely priced in
expectations for additional ECB easing next month.
The dollar, which has fallen more than 2.2% so far
this month as global sentiment has surged, lessening demand for
the safe-haven currency, was near its lowest in nearly three
months.
"Surely euro-dollar can't break through $1.20 without good
news on the (Brexit) trade deal," Societe Generale's Juckes
added.
The yield on benchmark 10-year Treasury notes
fell to 0.8586% as some investors sought the safety of holding
government debt.
In commodity markets, copper, another key gauge of global
economic sentiment due to its use in infrastructure, hit a near
7-1/2 month high. Oil, though up nearly 30% this month, dipped
overnight on oversupply concerns, but Brent recovered in London
to rise to $48 per barrel.
Bitcoin, the world's biggest cryptocurrency,
edged up to $17,256 on Thursday after tumbling 8.4% in the
previous session, having failed to take out its record high of
$19,666.
The cryptocurrency showed little reaction to a report in the
Financial Times that Facebook will launch its own Libra
digital currency in limited format next year.
Bitcoin has rallied around 140% this year, fuelled by demand
for riskier assets.
(Additional reporting by Stanley White in Tokyo; Editing by Jan
Harvey)
