The increasing nervousness among market watchers about potential second waves of Covid-19 infections, European countries' different strategies for easing lockdowns are in focus.Relations between the U.S. and China are back in focus, with numerous potential sources of tension between the two. U.S. prosecutors said China can't be trusted with sensitive documents involved in the case against Huawei Technologies Co. regarding Iran sanctions. The Senate is moving towards a vote on sanctions on Chinese officials over human rights abuses against Muslim minorities. And Hong Kong's leaders are pushing a pro-China agenda, potentially setting up a showdown with U.S. President Donald Trump.Major economies are staring down a massive economic slump, but the pain will be just as bad for their emerging counterparts. Developing economies are set to pay the price for the surge in their debt piles since the last financial crisis, as they lack the fiscal headroom that developed governments have to fight the virus effects.And the U.S. election could pose risks should U.S.-China trade relations worsen, resulting in more tariffs on Chinese goods and subsequent yuan volatility.