The euro zone economy will drop deeper into recession this year and a mild rebound will follow in 2021, according to a European Commission forecast.
Markets have been balancing hopes for some positive economic developments, though the US infections resurgence clouds the future of the global economy.
Investors overlook the high infection rates, taking the view that, overall, the situation is still improving supported by week featuring strong data.
Economists have estimated a record US job addition of 3 million in June, which would be the most since the government started keeping records in 1939.
The USMCA trade pact between the United States, Canada and Mexico, replacing NAFTA, takes effect on Wednesday under record recession in years.