(Bloomberg) -- Asian stocks opened weaker Tuesday after U.S. shares tumbled on concern rising coronavirus cases will hurt the global economy and stimulus talks in Washington dragged on. Treasuries edged up.Shares fell in Japan, Australia and South Korea. S&P 500 contracts fluctuated after the benchmark saw its biggest loss in a month. Ongoing spending talks in Washington continued to weigh on sentiment as prospects dimmed for fiscal aid before the presidential election. The dollar held gains and 10-year Treasury yields dipped back below 0.8%. Oil and copper were steady after declining, while gold was little changed.In Europe, a gauge of tech stocks fell the most since March after a 22% plunge in German software maker SAP SE following a cut to its sales forecast and warnings that the pandemic will hurt business through mid-2021.Surging coronavirus infections around the globe are worrying investors already cautious with the U.S. election a week away and time running out to finish an aid package before then. U.S. infections have hit a record in recent days. Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions.“The Covid case news flow has clearly resonated,” Chris Weston, head of research at Pepperstone, said in a note. “The reflation trade which was working so beautifully is being part unwound – not because of election repricing, but due to the new wave of Covid cases.” In Washington, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters.Elsewhere, Turkey’s lira weakened past 8 per dollar for the first time. The central bank rattled investors last week by unexpectedly keeping rates on hold, and geopolitical risks have sapped interest in Turkish assets.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the major moves in markets:StocksS&P 500 futures were little changed as of 9:06 a.m. in Tokyo. The S&P 500 Index decreased 1.9%.Topix index fell 1.2%.Australia’s S&P/ASX 200 Index dropped 1.4%.South Korea’s Kospi index lost 0.7%. CurrenciesThe yen was at 104.77 per dollar, up 0.1%.The offshore yuan traded at 6.6985 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro traded at $1.1809 after dropping 0.4%.The British pound was at $1.3020.BondsThe yield on 10-year Treasuries was at 0.79%.Australia’s 10-year bond yield held at 0.8%.CommoditiesWest Texas Intermediate crude rose 0.2% to $38.65 a barrel.Gold was little changed at $1,903.28 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.