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Good morning. There are fears of a second wave of the virus in China, U.K. non-essential shops reopen their doors today and stock futures are lower. Here's what's moving markets. Beijing Outbreak An outbreak of nearly 100 coronavirus cases in Beijing raised fears of a resurgence of the pandemic in China. Infections spread to a second fruit and vegetable market and more than 20 residential compounds across the city were locked down. While China has contained outbreaks in its central and northeastern regions through oppressive lockdowns, it's never had a significant flare-up in a major city until now. With new cases likely to grow as mass testing gets underway, an escalation of restrictions in the capital could happen quickly. Shopping Time Stores in Britain selling non-essential items reopen their doors today as attempts to restart the country's economy continue in the wake of last week's predictably awful gross domestic product data. "People should shop, and shop with confidence," Prime Minister Boris Johnson said from a London mall on Sunday, while also suggesting regulations requiring people to stay 2 meters (6 feet 7 inches) apart in public spaces could be relaxed as infection rates fall. In France, meanwhile, indoor service at bars and restaurants in the Paris region can resume today, while all schools will reopen from June 22. Kudlow Upbeat White House economic director Larry Kudlow offered a more cheery outlook than Federal Reserve Chairman Jerome Powell did last week, saying the U.S. is recovering from the "act of nature" that coronavirus shutdowns created. "There's a very good chance you are going to get the V-shaped recovery," Kudlow said on CNN's "State of the Union" on Sunday. "The unemployment rate will fall, and 2021 is going to be another solid, solid year." Powell, meanwhile, is expected to reiterate his downbeat assessment in testimony to congress this week. Futures Fall European and U.S. futures are lower along with Asia stocks amid concerns about the new Chinese infections. Industrial output data showed China's economy continued to inch out of the coronavirus slump in May, but also highlighted the vulnerability of any recovery to second wave fears. On the outlook for the global economy, Morgan Stanley economists were also upbeat, suggesting output will return to pre-coronavirus crisis levels by the fourth quarter. In commodities, oil kept falling after its first weekly drop since late April. Coming Up… Swedish fast fashion giant Hennes & Mauritz AB provides a sales update and keep an eye on U.K. homebuilder shares, too, after Rightmove data showed an uptick in asking prices. Cineworld Group Plc will be in focus after backing out of a deal to acquire Canada's Cineplex Inc. And in politics, there's speculation Italian Prime Minister Giuseppe Conte could become leader of the anti-establishment Five Star Movement, while Emmanuel Macron just staked his claim to a second term as French president. Finally, in the U.S., the Chicago Board Options Exchange is due to reopen its trading floor after a closure lasting about three months. What We've Been Reading This is what's caught our eye over the past 24 hours. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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