Wall Street: forget Q2 results, and instead pay attention to this

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Good morning. Asia and Europe are awash in red as investors fret over U.S.-China geopolitical tensions, plus a new wave of shutdowns and coronavirus spikes from Hong Kong to California.

Let’s check in on the action.

Markets update

Asia

• The major Asia indexes are all lower in afternoon trade with the Shanghai Composite Index off 1.5%...