(Bloomberg) -- Asian stocks dropped Thursday after shares tumbled in the U.S. and Europe, as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. U.S. futures rebounded from the worst of the overnight declines.Losses were more modest across Asia than in the American session, with shares in South Korea and Australia faring worst, while Japan erased earlier declines. S&P 500 contracts climbed about 1% after the benchmark lost 3.5% Wednesday -- its biggest drop since June. The dollar gave back some of its overnight advance and 10-year Treasury yields held at 0.78%. Oil was steady after tumbling more than 5% on concern rising infections will sap demand.In China, nearly 1,000 firms are releasing third-quarter earnings on Thursday, with traders looking to see if the results confirm the nation’s accelerating recovery. The yen held a small decline after the Bank of Japan kept its key interest rate and asset purchases unchanged.An MSCI gauge of global equities is down almost 5% this week as virus cases surge, and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Germany and France are imposing stricter lockdowns, while Italy, Spain and the U.K. all reported record case numbers on Wednesday.“Market sentiment is turning with investors buffeted by U.S. election uncertainty and now economic worries from rising Covid-19 cases across Europe, sparking concerns that measures to control the virus will hamper economic activity,” said Kerry Craig, global market strategist at JPMorgan Asset Management. “These short-term forces are well beyond the control of individual investors, underscoring the need to maintain balance through the immediate uncertainty, but investors should stay focused on the longer-term economic recovery, which still looks solid.”Elsewhere, the pound steadied as European Union and U.K. negotiators made progress toward resolving some of the biggest disagreements, raising hopes that a Brexit deal could be reached by early November. The European Central Bank’s policy decision is due later Thursday, with the new coronavirus lockdowns by the euro zone’s biggest economies boosting the chance of preemptive monetary stimulus.These are some events to watch this week:Bank of Japan and the European Central Bank briefings from Governor Haruhiko Kuroda and President Christine Lagarde will follow policy decisions on Thursday.The Chinese Communist Party’s Central Committee holds its plenum through Friday, where it’s expected to chart the course for the economy’s development for the next 15 years.Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.The first reading of U.S. third-quarter GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the main moves in markets:StocksS&P 500 Index futures added 1% as of 2:03 p.m. in Tokyo. The gauge dropped 3.5% on Wednesday.Japan’s Topix index rose 0.1%.South Korea’s Kospi index was down 1.2%.Hang Seng Index fell 0.9%.Shanghai Composite dipped 0.2%.Australia’s S&P/ASX 200 Index retreated 1.4%.Euro Stoxx 50 futures rose 0.5%.CurrenciesThe Bloomberg Dollar Spot Index slipped 0.1%.The yen fell 0.1% to 104.43 per dollar.The offshore yuan gained 0.3% to 6.7098 per dollar.The euro bought $1.1752.BondsThe yield on 10-year Treasuries was at 0.78%.Australia’s 10-year yield rose three basis points to 0.81%.CommoditiesWest Texas Intermediate crude was at $37.48 a barrel, up 0.2%.Gold rose 0.3% to $1,882.41 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.