Photographer: Paul Yeung/Bloomberg

Photographer: Paul Yeung/Bloomberg

U.S. equity futures retreated, while the dollar index strengthened to a one-month high amid concern that new virus infections will slow the pace of business re-openings.

European stocks fluctuated, with energy producers sliding after Royal Dutch Shell Plc announced up to $22 billion in writedowns. Italian bonds advanced as a sale of 10-year debt saw the highest oversubscription rate since 2012. Copper climbed above $6,000 a ton in London.

While improving purchasing-manager indexes in China added to optimism, some investors are beginning to question the rally. The MSCI All Country World Index is up about 18% this quarter, the biggest advance in a decade. Yet the

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