(Bloomberg) — U.S. futures retreated along with Asian shares and the dollar climbed against major peers as investors gauged the danger of a second wave of coronavirus infections.

S&P 500 futures were down about 1.5%. Stocks in Hong Kong saw the bulk of selling, with losses also in Australia, Japan and South Korea. Declines were pared after key Chinese data showed some signs of economic improvement. More than 20 U.S. states are seeing a pick-up in cases, Tokyo reported a jump over the weekend and a fresh outbreak in Beijing prompted officials to close a market there. Second-wave concerns had pummeled shares on Thursday before a modest rebound Friday. Crude oil prices slid, and Treasuries climbed.

“The risk is that, globally, we get a second wave,” said Chris Iggo, the chief investment officer for core investments at AXA Investment Managers. “Now is the time to have that long-duration bond exposure in the portfolio.”

Key Chinese data on Monday showed signs of progress, albeit a bumpy path, as the world’s second-biggest economy recovers. Retail sales and industrial output were marginally weaker than expectations in May, but still showed a pick up from the previous month. Officials moved a press briefing online due to the latest virus outbreak in Beijing.

These are some key events coming up:

• Policy decisions from the Bank of Japan, Bank of England and the Swiss National Bank are due this week.
• China on Monday releases industrial production and retail sales data for May.
• CBOE plans to open its trading floor, which has been electronic only since March 16.
• Federal Reserve Chairman Jerome Powell delivers his semi-annual policy report to Congress.

These are some of the main moves in markets:

Stocks

• S&P 500 futures fell 1.3% as of 12:15 p.m. in Tokyo. The S&P 500 advanced 1.3% on Friday.
• Japan’s Topix index was down 0.1%.
• Hong Kong’s Hang Seng fell 0.8%.
• Kospi Index dropped 0.4%.
• Shanghai Composite lost 0.2%.
• Australia’s S&P/ASX 200 Index, which tumbled almost 5% the previous two sessions, was down 0.5%.
• Euro Stoxx 50 futures retreated 0.7%.

Currencies

• The yen edged up 0.2% to 107.21 per dollar.
• The offshore yuan slipped 0.1% to 7.0860 per dollar.
• The euro was at $1.1256.
• The Bloomberg Dollar Spot Index rose 0.1%.

Bonds

• The yield on 10-year Treasuries fell about three basis points to 0.67%.
• Australia’s 10-year yield fell four basis points to 0.87%.

Commodities

• West Texas Intermediate crude dropped 2.6% to $35.31 a barrel.
• Gold was at $1,729.65 an ounce, little changed.