Meanwhile, in China, the symptoms of another wave of the virus can combine an already stagnant economic recovery.

Industrial production, investment activity and retail sales improved slightly from previous months, according to data released by the China National Statistics Bureau on Monday. However, all three readings fell below the estimates of analysts surveyed by Refinitiv.

“Ultimately, consumers are willing to leave their apartments amidst the constant social distance required by governments or consumer behavior – [that] “In a recovery note, AxiCorp’s global markets strategist, Stephen Innes,” will determine the pace of recovery. “

Still, some economists pointed to positive signs. According to the China National Services Industrial Production Index, activity in the country’s service sector expanded for the first time this year. The index measures the change in the production of the services sector every month.

Capital Economy Chinese economist Martin Rasmussen, in a research report, “The overall economic output rose above the 2019 levels in May for the first time since the Covid-19 outbreak.” “We previously thought that the Chinese economy will not return to positive growth on an annual basis. [the third quarter]. However, today’s data show that this milestone can be reached this quarter. “

Oil also moved down. US oil futures dropped 4.1% to $ 34.76 a barrel. Global oil benchmark Brent fell 3.4% to $ 37.49 a barrel. Both Brent and US oil prices fell more than 8% last week due to concerns about pandemic revival.

Matt Egan and Anneken Tappe contributed to this report.