Reuters

BP will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels.

U.S. stock index futures tumbled on Monday as a recent jump in coronavirus cases in China and parts of the United States doused investor hopes of a quick economic rebound that had powered the Nasdaq to record levels last week.

Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said.

Volkswagen AG's Mexican unit will begin sending workers back to its plant in the central state of Puebla on Tuesday for "preparation and training eyeing a gradual start further ahead," the company said in a statement on Sunday.

SoftBank Group Corp share buybacks accelerated in June, with a total of 499.9 billion yen ($4.66 billion) spent on buying back 107.7 million of its shares since March, a company filing showed on Monday.

Italian bank Intesa Sanpaolo has increased the number of branches and amount of assets it will sell to rival BPER if its proposed takeover of UBI Banca goes through in an effort to overcome antitrust objections to the deal.

Italy's BPER Banca estimates it will need to raise 600-700 million euros in a new share issue to fund a revised deal to buy branches and assets from Intesa Sanpaolo , two sources with knowledge of the matter said on Monday.

Commerzbank will announce "considerably" more branch closures and job cuts when it lays out its strategy review in August, a member of the bank's supervisory board said on Monday.

H&M , the world's second-biggest fashion retailer, on Monday reported a sharp but slightly smaller than expected drop in second-quarter sales as measures to slow the COVID-19 pandemic slammed the sector.

Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

A second straight day of record new coronavirus cases in Beijing and a spike in infections across a swathe of the United States has dented investor sentiment and sent stocks sharply lower on Monday.

Commerzbank will announce "considerably" more branch closures and job cuts when it lays out its strategy review in August, a member of the bank's supervisory board said on Monday.

Oil slumped on Monday, extending last week's losses, as new coronavirus infections hit China, Japan and the United States' increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels.

H&M , the world's second-biggest fashion retailer, on Monday reported a sharp but slightly smaller than expected drop in second-quarter sales as measures to slow the COVID-19 pandemic slammed the sector.

China's factories stepped up production for a second straight month in May, as the country shook off the economic torpor of the coronavirus, although the weaker-than-expected gain suggested the recovery remained fragile.

Dutch Tata Steel employees held further strike actions on Monday to protest against job cuts planned as part of a broader restructuring, the FNV union said.

Asian shares and Wall Street futures fell on Monday as growing fears of a second wave of coronavirus infections revived economic worries, while underwhelming data from China also weighed on investor sentiment.

Stock market gains have further to run and investors are still under-pricing the scale of the world's coronavirus recovery, investment bank Morgan Stanley said in an outlook note.

Oil fell more than 2% on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the virus could weigh on the recovery of fuel demand.