Markets on edge as US stimulus deadline looms - business live

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The Speaker and Secretary Mnuchin spoke at 3:00 p.m. today for approximately 53 minutes. In this call, they continued to narrow their differences. The Speaker has tasked committee chairs to reconcile differences with their GOP counterparts on key areas. (1/2)

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. The two principals will speak again tomorrow and staff work will continue around the clock. (2/2)

Dow closes >400 points lower w/one day left until Pelosi's stimulus deadline. Fear Index VIX jumps >29. https://t.co/whSerdm2dQ pic.twitter.com/z66hpl1toU

The two sides remain talking ahead of today's deadline. While the Republican-led Senate has been reluctant to pass a stimulus bill above the $500 billion level that Majority leader McConnell has supported, President Trump has indicated that he is willing to go up to the $2.2 trillion range that Democrats have demanded. Mr Trump said yesterday that if an agreement with Democrats is reached, he would lean" on Republican Senators to come along."

Regardless, the confirmation that the two sides remain significantly apart saw the S&P 500 fall over 1.1% in the last 90 minutes of trading, though the index had been dripping lower throughout the day as risk sentiment soured after a healthy start.

Markets pulling back again late in Asian session after early recovery.

European Opening Calls:#FTSE 5858 -0.45%#DAX 12760 -0.74%#CAC 4919 -0.20%#AEX 563 -0.41%#MIB 19243 -0.68%#IBEX 6810 -0.73%#OMX 1829 -0.66%#STOXX 3217 -0.80%#IGOpeningCall