[BENGALURU] Australian shares closed at a near three-week low on Tuesday, as a rise in cases of the novel coronavirus around the world and fading hopes on a timely US stimulus deal stoked fears of a prolonged global economic pain.Record daily cases in the United States, Russia, France and many other countries, and a lack of progress in US stimulus deal talks pulled global markets lower. Wall Street's main indexes too closed down overnight.
"We are now past the time for a stimulus agreement in the United States. This now means that nothing will be forthcoming until, say, February 2021," said Brad Smoling, managing director at Smoling Stockbroking. Markets are starting to realise the possibility of a bank failure either in the United States or Europe due to untimely stimulus and possible further lockdowns from higher virus numbers, Mr Smoling said.
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