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.
"There is very limited incentive on both sides to get a deal done," Joseph Shaposhnik, a portfolio manager at TCW, told Bloomberg TV.
The virus has now claimed the lives of 1.1 million people and infected more than 42 million around the world.
Tokyo, Shanghai, Sydney, Mumbai, Seoul and Singapore all fell, though there were gains in Taipei, Manila and Jakarta.
Worries about fresh lockdowns and the lack of movement in stimulus talks also dented expectations for oil demand, sending prices tumbling more than 2%.