US Stocks Tumble; Paris Hit By Glitch

US and European stock markets were mostly lower Monday as a technical hiccup hit Paris and investors saw dwindling chances of a US stimulus package.

Following three hours of technical problems, Euronext annulled all trades after 5:30 pm (1530 GMT), meaning the Paris benchmark CAC 40 index closed 0.14 percent higher, rather than 0.1 percent lower as originally calculated.

"Because of these issues, Euronext has decided to cancel all the trades that occurred after 5.30 pm... on all asset classes, except commodities," the operator tweeted.

Frankfurt slipped by 0.4 percent, and London lost 0.6 percent as sterling rose, which weighs on the share prices of multinationals earning in dollars.

In New York, the broad-based S&P 500 index lost 1.6 percent.

Investors remained focused on the chances for more US fiscal stimulus ahead of the November 3 presidential election as President Donald Trump trails far behind his Democratic challenger, former vice president Joe Biden.

But time is dwindling for a spending package to boost the coronavirus-ravaged US economy: House Speaker Nancy Pelosi said on Sunday there were less than 48 hours left to work out a deal that could be approved before the election.

"As time goes on, it's less and less likely that we get the stimulus package before the election," Sam Stovall, chief investment strategist at CFRA Research, told AFP.

"Why would the Democrats want to give the Republicans something to brag about?"

Trump has proposed a $1.8 trillion package and indicated he would go higher, while Democrats in the House of Representatives have approved a $2.2 trillion measure.

However, Senate Majority Leader Mitch McConnell has repeatedly signaled he would not support a massive package.

Pelosi and Mnuchin spoke again Monday and "continued to narrow their differences," Pelosi spokesman Drew Hammill said after markets closed.

"The Speaker continues to hope that, by the end of the day Tuesday, we will have clarity on whether we will be able to pass a bill before the election," he tweeted.

In London, traders remained on edge over the possibility that Britain and the European Union will not reach a post-Brexit trade agreement after Prime Minister Boris Johnson last week said he was ready to walk away without one.

With the two sides blaming each other for a lack of movement, senior British minister Michael Gove on Sunday said he was still hopeful there would be a deal.

In Asia, investors digested news that China's economy expanded at a slower rate than expected in July-September.

The 4.9 percent rate was short of the 5.2 percent tipped by analysts in an AFP poll, but it was a big improvement on the previous quarter.