(Bloomberg) — U.S. futures retreated and Asian stocks looked set to decline as investors mulled further signs of coronavirus outbreaks in countries from the U.S. to Australia.S&P 500 contracts fell in early Asia trading and those in Japan and Hong Kong pointed lower. California reported record new cases and Florida infections jumped more than the weekly average. The Australian dollar was weaker as one state extended its state of emergency due to fresh cases. The kiwi fell.Markets remain vulnerable as governments gradually ease coronavirus lockdowns and travel restrictions to revive economic growth while attempting to control the spread of Covid-19. Meanwhile, China over the weekend released details of a proposed national security law that would give the mainland the right to directly prosecute Hong Kong residents for still vaguely defined offenses.“Shares remain technically overbought and vulnerable to a further correction or period of consolidation, but we continue to see it as a pause in a rising trend,” said Shane Oliver, a global investment strategist at AMP Capital Investors Ltd. “Fear about a second wave of coronavirus cases continues.”Elsewhere, China’s suspension of imports from a Tyson Foods Inc. plant stoked concerns over the broader implications for U.S. and global meat exports during thepandemic.Here are some key events coming up:China’s loan prime rate comes in on Monday.MSCI Inc. on Tuesday announces its market classification review for 2020.The IMF will release new 2020 growth projections on Wednesday.U.S. jobless claims, durable goods and GDP data are due Thursday.Policy decisions are expected from central banks in Turkey and the Philippines Thursday.A rebalance of Russell indexes is due on Friday.These are the main moves in markets:StocksFutures on the S&P 500 dipped 0.5% as of 7:02 a.m. in Tokyo. The index fell 0.6% on Friday.Futures on Japan’s Nikkei 225 lost 1.2%.Hang Seng futures dropped 0.8%.Futures on Australia’s S&P/ASX 200 Index declined 1.3%.CurrenciesThe yen was flat at 106.88 per dollar.The offshore yuan dipped 0.1% to 7.0796 per dollar.The Aussie fell 0.2% to 68.24 U.S. cents.BondsThe yield on 10-year Treasuries fell two basis points to 0.69% on Friday.CommoditiesWest Texas Intermediate crude oil fell 1.5% to $39.15 a barrel.Gold climbed 0.2% to $1,747.67 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
