PV Business Desk : Asian markets mostly fell Tuesday as investors took a breather after the previous day’s rally, with the mood dampened by news that a vaccine trial had been halted after a volunteer fell ill.
While Wall Street provided a strong lead thanks to a surge in tech stocks, regional traders struggled to take up the baton with sentiment continuing to be kept in check by spiking virus infections and the reimposition of some lockdowns around the world.
There was little movement after remarks by a top Democrat who said the House should not expect any action on a new stimulus this week, making a rescue deal even more unlikely before the November 3 election. Republicans for their part have rejected the $1.8 trillion offer put forward by the White House last week.
Still there is a broad expectation that a bill will eventually be passed at some point — and with Joe Biden well ahead in polls while Democrats could win both arms of Congress, talk is of a bigger package.
Analysts said the prospect of a big cash injection into the struggling economy was trumping worries about a possibly less-pro-business Biden, whose huge poll leads are also easing worries about a drawn-out result.