GLOBAL MARKETS-U.S. stock futures fall as infections spike hits confidence

* S&P 500 futures down as much as 1% in early Asian trade
* Hong Kong in focus after China reveals details of security
law
* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By Hideyuki Sano
TOKYO, June 22 (Reuters) - U.S. stock futures dropped in
early Asian trade on Monday as rising coronavirus cases in the
United States raised more doubts about a quick economic rebound
from the massive downturn triggered by the pandemic.
U.S. S&P 500 futures ESc1 were down 0.4% at 2323 GMT,
having fallen as much as 1.05% in earlier trade.
Chicago-traded futures NIYc1 indicate Japan's Nikkei
.N225 is on course to fall 1.3%.
Apple Inc AAPL.O said on Friday it would temporarily shut
11 U.S. stores as coronavirus cases continue to rise in southern
and western states.
Data from Johns Hopkins University shows new U.S. cases on
Saturday hit the highest level since early May.
"The second wave is becoming a theme for markets. The
increase in states such as Florida and South Carolina is big
enough to be labelled as second wave," said Yoshinori Shigemi,
global strategist at JPMorgan Asset Management.
"Whether there will be a lockdown may vary depending on
region. It will be a tough decision for politicians. But they
probably have no other choice if they are running out of
hospital beds," he said.
The pandemic is accelerating globally with the World Health
Organization (WHO) reporting a record increase in global
coronavirus cases on Sunday. Investors are also wary of developments in Hong Kong after
details of a new security law for the territory showed Beijing
will have overarching powers over its enforcement.
China's top legislative body, the National People's Congress
Standing Committee, will meet on June 28, and the Global Times
reported it would likely enact the Hong Kong security law by
July 1. In the currency market, the risk averse mood pushed the
Australian dollar 0.2% lower to $0.6822 AUD=D4 but other major
currencies were mostly steady.
The euro traded at $1.1181 EUR= , having hit a two-week low
of $1.1169 on Friday.
The yen changed hands at 106.88 per dollar JPY= , not far
from a one-month high of 106.58 to the dollar hit earlier this
month.
Gold XAU= rose to $1,750 per ounce, near its May peak of
$1,764.8, which was its highest since October 2012.

(Editing by Sam Holmes)