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Asian Markets Drop As US Stimulus Remains Elusive

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Key Points

  • Asian markets mostly fell Monday with traders increasingly pessimistic that US lawmakers will pass a new stimulus package before next week’s election, while spiking virus cases fanned worries about the economic impact of new containment measures.
  • Adding to the negative sentiment is a surge of coronavirus cases across the United States and Europe, with the World Health Organization on Sunday reporting a third straight day of record new infections globally.
  • Traders are also keeping tabs on a key policy-setting meeting of China’s Communist Party this week, which is expected set the course for the world’s second-biggest economy for the next several years with an eye on US relations.
  • Visit The Financial Today’s homepage for more stories.

HONG KONG — Asian markets mostly fell Monday with traders increasingly pessimistic that US lawmakers will pass a new stimulus package before next week’s election, while spiking virus cases fanned worries about the economic impact of new containment measures.

Despite months of arduous talks in Washington, there appears to be little chance Republicans and Democrats will hammer out a rescue deal to help hard-strapped Americans, with both sides blaming each other for the impasse.

Analysts said investors had essentially given up hope of an agreement being made any time soon, and were now betting on Joe Biden and a Democratic sweep of Congress that would open the way for an even bigger spending package in the new year.

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