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| - Stocks 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, there appears to be little chance Republicans and Democrats will hammer out a rescue deal to help cash-strapped Americans, with both sides blaming each other for the impasse. Analysts said investors had essentially given up hope of an agreement 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. 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. "Rising Covid cases, no US stimulus and an election next week isn't exactly the recipe for a strong week for equity markets," said Craig Erlam, senior market analyst at Oanda trading group. The Dow was down around 2.7 percent in midday trading. Democrats and Republicans in Washington have tried for months to agree before the November 3 election on another massive stimulus package to help the economy recover from the Covid-19 downturn. But there has been no agreement yet, and White House economic advisor Larry Kudlow said before markets opened that differences remain between the two sides. "The talks have certainly slowed down, but they're not ending," Kudlow said on CNBC, while declining to make a prediction about the prospects for an agreement. That flew in the face of expectations on Wall Street that lawmakers would eventually overcome their differences. Meanwhile, surging numbers of coronavirus cases in the US and Europe are worrying investors as several countries including Britain, Germany and France reimpose tough restrictions to prevent the disease from spreading. "Naturally, growth concerns are at the root of the negative bias since the resurgence of the virus threatens more lockdowns and the lack of a stimulus deal threatens to exclude many struggling businesses and households from the economy," said analysts at Briefing.com. The coronavirus has so far claimed 1.1 million lives and infected more than 42 million people around the world. In Europe, Frankfurt's DAX 30 tumbled 3.7 percent, weighed down by a 22-percent drop in the share price of SAP. The German software giant on Sunday downgraded its outlook for 2020, saying a resurgence in coronavirus cases would weigh on demand from "hard hit" customers. London ended the day 1.2 percent lower and Paris fell 1.9 percent. Oil prices slumped around 3 percent. "The oil market is sensitive to the perceptions about global demand, and the sharp rise in Covid-19 cases in Europe and the US has spooked traders" as further lockdowns will reduce consumption, said analyst David Madden at CMC Markets UK. Traders are also keeping tabs on a key policy-setting meeting of China's Communist Party this week, which is expected to set the course for the world's second-biggest economy for the next several years. London - FTSE 100: DOWN 1.2 percent at 5,792.01 points (close) Frankfurt - DAX 30: DOWN 3.7 percent at 12,177.18 (close) Paris - CAC 40: DOWN 1.9 percent at 4,816.12 (close) EURO STOXX 50: DOWN 2.9 percent at 3,104.98 (close) New York - Dow: DOWN 2.7 percent at 27,571.46 Tokyo - Nikkei 225: DOWN 0.1 percent at 23,494.34 (close) Shanghai - Composite: DOWN 0.8 percent at 3,251.12 (close) Hong Kong - Hang Seng: Closed for holiday Euro/dollar: DOWN at $1.1820 from $1.1859 at 2100 GMT Friday Dollar/yen: UP at 104.87 yen from 104.69 yen Pound/dollar: DOWN at $1.3015 from $1.3043 Euro/pound: DOWN at 90.80 pence from 90.89 pence West Texas Intermediate: DOWN 3.2 percent at $38.59 per barrel Brent North Sea crude: DOWN 3.1 percent at $40.48 per barrel burs-rl/wai
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