(Bloomberg) — European stocks fell the most in a week and U.S. futures slumped as a resurgence in virus cases around the world sharpened concern about the pace of the economic recovery.Retailers and travel shares — companies that stand to benefit from life returning to normal after the pandemic — were among the biggest losers in European trading. Oil and copper retreated, while gold approached $1,800 an ounce. The dollar index was little changed. Market sentiment is turning more negative on concern that the spreading coronavirus could force policy makers to slow the pace or reverse business re-openings. At the same time, there’s the potential for trade tensions to resurface between the Europe and the U.S. “The outbreaks have given markets the unpleasant reminder that the pandemic is far from over and that the economic recovery may be slower than expected,” said Mobeen Tahir, associate director of research at WisdomTree in London. But the downturn would only become serious “if infection rates rise to alarming levels and sweeping lockdowns are enforced again.”The U.S. is weighing new tariffs on $3.1 billion of exports from France, Germany, Spain and the U.K. The U.S. Trade Representative wants to impose new tariffs on European exports like olives, beer, gin and trucks, while increasing duties on products including aircrafts, cheese and yogurt, according to a notice published late Tuesday evening. European Union is also debating whether to keep the door shut to American travelers this summer.The International Monetary Fund is also due to release an updated outlook today that will probably give a bleak view on how economies are coping with the coronavirus outbreak.Here are some key events coming up:The IMF will release new 2020 growth projections on Wednesday.U.S. jobless claims, durable goods and GDP data are due Thursday.A rebalance of Russell indexes is due on Friday.StocksThe Stoxx Europe 600 Index fell 1.8% as of 11:01 a.m. London time.Futures on the S&P 500 Index dipped 0.9%.Nasdaq 100 Index futures decreased 0.5%.The MSCI Emerging Market Index advanced 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1307.The British pound was little changed at $1.2515.The Japanese yen was little changed at 106.50 per dollar.New Zealand’s dollar fell 0.8% to $0.6441.BondsThe yield on 10-year Treasuries declined one basis point to 0.70%.The yield on two-year Treasuries climbed one basis point to 0.19%.Germany’s 10-year yield dipped one basis point to -0.42%.Britain’s 10-year yield fell less than one basis point to 0.209%CommoditiesBrent crude decreased 1% to $42.22 a barrel.Gold strengthened 0.6% to $1,778.64 an ounce.Iron ore increased 2.1% to $101.44 per metric ton.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.
