Asian indices were down in early trade today due to fears of a second wave of coronavirus in China and the US, which could further slow down the recovery in the global economy.On Saturday, Beijing reported four new coronavirus cases in the city's largest food wholesale market, sparking fears of a second wave of infections after China's capital recently started easing COVID-19 control measures.In the US, fears about return of a lockdown gripped market participants after a rise in number of coronavirus infections.Recent data showed that US states such as Florida, Texas and Arizona, which had not been majorly hit by the pandemic in early days, were now seeing record increase in case counts after it resumed business activities.Oil prices fell in early trade today as a rise in coronavirus cases dampened outlook for the recovery in demand of energy commodity.The yen was largely steady against the US dollar in early trade today as investors avoided large bets before the outcome of Bank of Japan’s policy meeting due Wednesday.Last week, market participants scaled back expectations of a sharp economic recovery after the US Federal Reserve projected 6.5% contraction in the US economy for 2020 and an unemployment rate near 9.3% by the end of the year.Indices ended higher on Friday as market participants perceived stock prices were at a bargain after a plunge in prices on Thursday.