COVID-19 cases are edging closer to 33 million around the globe with 992,470 reportedly dead with Europe seeing a surge in new infections.
“While governments are loathe to re-introduce nationwide lockdowns, localised and sector based restrictions may last for some time, restraining economic activity,” Craig added.
Investor focus will next be on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.
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A strong performance in Tuesday’s debate by Biden, who currently has a modest lead in betting odds and polls, might boost stocks related to global trade and renewable energy, while a perceived victory by Trump could benefit fossil fuel and defense companies.
Market focus will also be on progress on a new fiscal support package in the United States while investors will be closely watching UK-Europe post-Brexit trade talks as they continue this week.
In currencies, the dollar eased from a near a two-week high against the Japanese yen to 105.44.
The euro was last at $1.1628, not far from a two-month trough of $.1611 touched on Friday.
The British pound rose 0.1% to $1.2760.
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The risk sensitive Australian dollar was slightly firmer at $0.7052 after falling for six consecutive sessions as odds narrowed over the prospect of further monetary policy easing in the country.
In commodities, oil prices came under pressure as renewed mobility curbs in various countries to contain a resurgence of coronavirus cases cloud the outlook on fuel demand recovery.
U.S. Brent crude slipped 18 cents to $41.74 a barrel while U.S. light crude was down 19 cents at $40.06.
Gold was a shade higher at $1,861.8, still some way off an all-time peak of above $2,000 an ounce touched in August.
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