Asian stocks slipped on Wednesday on growing uncertainty over whether U.S. lawmakers would strike an agreement on an additional round of big fiscal stimulus to support an economy still struggling with the coronavirus pandemic.
Mainland Chinese shares fell 1.7per cent, weighed by worries about the economic recovery after data showed a slowdown in the country's money supply and bank lending growth.On Wall Street, the S&P 500 snapped a seven-day winning streak after coming within reach of its all-time peak hit in February just before the global outbreak of the COVID-19.The declines came as political gridlock between the White House and congressional Democrats over coronavirus relief continued for a fourth day.
The U.S. election campaigns look set to gather steam after Democratic presidential candidate Joe Biden selected Senator Kamala Harris as his choice for vice president. Russian President Vladimir Putin said on Tuesday his country was the first to grant regulatory approval to a COVID-19 vaccine after less than two months of human testing.
Globally, the MSCI Value index has risen 1.6per cent so far this week while the MSCI Growth index lost 1.2per cent.Gold fell 1.6per cent to US$1,881.4 per ounce, a day after it suffered its biggest daily fall in seven years. Silver lost 3.2per cent to US$23.99 per ounce, following its 15per cent plunge on Tuesday.