Meanwhile, futures markets tipped Wall Street’s S&P 500 to gain 0.2 per cent when trading begins later on Monday.

London’s FTSE 100 was set to fall 0.2 percent.

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8.08am update: FTSE 100 drops by 0.27 percent

As stock markets open, the FTSE 100 has opened in red after dropping by 0.27 percent.

The CAC 40 has also slightly dropped by 0.49 percent while the Madrid Ibex 35 also opens in red after shedding 0.31 percent.

7.45am update: European markets to open in red

Due to the ongoing coronavirus pandemic, the European markets are set to open in red as cases of the deadly virus continue to rise.

Cases in Florida saw a dramatic increase last week, with governors being forced to put the state back into lockdown.

Globally, the number of cases has surpassed 10 million.

7.20am update: Asia-Pacific shares outside Japan fall

The Asian markets opened cautiously but Reuters reported the MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3 percent.

Japan's Nikkei also fell by 2.2 percent and Chinese blue chips 0.9 percent.

E-Mini futures for the S&P 500 eased 0.2 percent, while EUROSTOXX 50 futures lost 0.7 percent. FTSE futures 0.9 percent.

7am update: Steven Brown takes over from Rachel Russell

6.31am update: South Korea exports to fall for fourth month but at a slower pace, poll shows

South Korean exports likely shrunk for a fourth month but at a slower pace in June due to easing global virus lockdowns and more working days, yet a second wave of infection and Sino-U.S. tension were seen clouding near-term recovery, a poll showed on Monday.

Overseas sales were expected to decline 7.8 percent year-on-year, according to the median forecast in a Reuters poll of 12 economists. That compared with a 23.6 percent plunge in May and a 7.5% fall in preliminary data for the first 20 days of the month.

“The rate of contraction should have narrowed to a single-digit due to resumption of economic activities in some parts of the world and more working days in the month,” said Park Sung-woo, economist at DB Financial Investment.