S&P 500 and Dow futures declined by more than 1%, and Nasdaq futures shed 1.8%. Germany's DAX (DAX) dropped over 3% in morning trading, and France's CAC 40 (CAC40) dipped 2.5%.

The FTSE 100 (UKX) posted losses of 2.4% in London. Hong Kong's Hang Seng (HSI) led Asian markets lower, closing down 2.1% -CNN reports. This is how Global stock markets and US futures retreated on Thursday as a second wave of coronavirus cases triggered more restrictions in Europe and negotiations in Washington over financial help for struggling workers and businesses remained deadlocked.

In Europe, a second wave of coronavirus cases is forcing countries including the United Kingdom to impose tougher restrictions on businesses and travel. In France, Paris and other cities will face an overnight curfew. Leading European airline Ryanair (RYAAY) said on Thursday that it has been forced to reduce its winter flight capacity to just 40% of the previous year. It had been hoping to operate at 60% capacity, but increased flight restrictions in Europe had made that impossible.

Shares in the low-cost carrier dropped 3.5%. Weeks of negotiations between Republicans and Democrats on another major stimulus package for the US economy have failed to produce results, and hopes are fading that a compromise can be reached before the presidential election on November 3.