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The alarming surge in coronavirus cases in Europe and the U.S. is wiping out months of progress against the scourge on two continents, prompting new business restrictions, raising the threat of another round of large-scale lockdowns and sending a shudder through financial markets.

“We are deep in the second wave,” European Commission President Ursula von der Leyen said Wednesday. “I think that this year’s Christmas will be a different Christmas.”