Stocks in Asia and Europe suffered fresh losses on Monday due to unrelenting pressure from the worsening global spread of Covid-19. The virus has already infected more than 724,000 people worldwide and caused 34,017 deaths.

Japan’s Nikkei 225 dropped almost four percent at the opening, Hong Kong’s Hang Sang Index slid 1.9 percent and China’s Shanghai Composite fell about 1.4 percent.

All the European stocks also tanked in early trading, with shares in France off the most. The CAC 40 was down 2.6 percent while London’s FTSE 100 nosedived two percent. Germany’s DAX was lower by 1.5 percent and the pan-European Stoxx 600 tumbled 2.2 percent.

The downbeat tone to the start of the week suggests “that the false rally in a super bear market won’t last for too long, as investors continue to evaluate deteriorating economic conditions and an escalating pandemic situation,” Margaret Yang, an analyst with CMC Markets, said, as cited by CNN.

The ongoing pandemic threatens, among other things, jobs, corporate earnings and the travel industry, despite massive bailout pledges by governments across the globe. Last week US jobless claims hit a historic record level, surging to over three million. The country now has more coronavirus cases than any other in the world, with more than 142,000 infections and 2,489 deaths as of Monday.