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The virus is back in China, data points to a slow recovery, and stocks fall.

China reported its largest daily increase in coronavirus cases since mid-April, with infections concentrated around Beijing's biggest fruit and vegetable supply center. Over 20 residential compounds across the capital were locked down by Monday as authorities move to contain the outbreak. In the U.S. the number of cases is rising in almost half of states, while in Germany the infection rate remains above the key threshold of 1.0. Economists at Morgan Stanley say that new outbreaks will be manageable as they double down on their call for a V-shaped global recovery. White House economic director Larry Kudlow said there is a "very good chance" there would be a quick recovery and that "2021 is going to be another solid, solid year."