Global stocks fell and futures pointed to modest losses in the U.S., where the recent market rally has stalled on signs of a severe economic downturn and disappointment about the progress of coronavirus drug trials.

Futures tied to the S&P 500 ticked down 0.3%, suggesting the blue-chip index may slip after a volatile day of trading Thursday. The Stoxx Europe 600 index fell 1.3% and governments’ borrowing costs rose in southern European nations after leaders warned it could take months for the European Union to form a crisis-recovery…

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