| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning. There's a breakthrough in talks on the EU's stimulus package, Brexit negotiations are underway, and it's another busy week for corporate earnings. Here's what's moving markets. Breakthrough Negotiations over the European Union's virus recovery fund made a breakthrough Monday morning after days in deadlock, as leaders of the so-called Frugal Four countries signaled they would be ready to accept a compromise. Contentions centered on how the plan's 750 billion euros ($856 billion) would be divided between grants and loans, with leaders of the Netherlands, Austria, Denmark and Sweden objecting to the initial proposal of 500 billion euros in grants. The four nations' leaders are now ready to accept 390 billion euros in grants, according to unnamed officials, with talks still ongoing on other elements of the package. With investors already pricing in a deal, leaders have been under intense pressure to bridge their differences before markets open today. Out of Control Some areas that are struggling to contain the coronavirus are warning new restrictions may have to be imposed. The mayor of Los Angeles said the city may be "on the brink" of new measures, including another stay-at-home order, while a lawmaker in Florida called for a lockdown of the third most-populous American state, describing the outbreak as being "out of control." In Asia, Hong Kong plans to mandate wearing of masks in all shared indoor areas. In Europe, a regional health commissioner warned that Rome could go into lockdown again after 17 new cases were reported. Luxembourg, too, said it would impose new restrictions as the small nation is not respecting measures to curb Covid-19. Futures Slip After three weeks of gains for global equities, investors are weighing up the impact of potential additional fiscal support both in Europe and in the U.S., along with the latest round of corporate earnings. European and U.S. stock futures are edging lower this morning, though Chinese equities saw solid gains overnight, even after news that the world's biggest money manager, BlackRock Inc., will begin taking profits in Chinese shares. Elsewhere, crude oil fell for a third session, though remains within a tight range as the coronavirus continue to cloud the demand outlook. Back to Brexit The latest round of talks to define Britain's post-Brexit relationship with the EU starts today. Confidence that a quick agreement will be reached is evaporating, with no progress in informal meetings since last month, according to people familiar with the matter. Privately, EU officials say their attempts to compromise haven't been reciprocated, while their U.K. counterparts retort that the bloc's concessions haven't gone far enough. Meanwhile, the U.K. government is urging EU countries to ensure that a million British expats across the bloc get to stay. Coming Up… Medical technology giant Royal Philips NV posted second-quarter sales that fell by less than analysts had expected. Up next, we'll get mid-year results from Swedish plastics firm Trelleborg AB and Spanish cell phone tower firm Cellnex Telecom SA. Early data from the University of Oxford and AstraZeneca PLC's joint coronavirus vaccine effort are also expected today. U.K. Foreign Secretary Dominic Raab is expected to address Parliament on Hong Kong, after dropping a ``heavy hint'' that he will suspend extraditions to the former colony, as Britain's relations with China to continue to sour. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morning Hedge funds continue to tentatively push their bullish Treasuries positions higher after two-and-a-half years of overwhelmingly bearish bets. Speculative net long positions have climbed for four straight weeks to the highest since November 2017, according to the latest Commodity Futures Trading Commission data. Treasuries are grinding higher this month as a surge in new coronavirus cases clouds the U.S. economic outlook, with the benchmark 10-year U.S. yield down about 4 basis points in July to around 0.62%. While the overall position size is modest, it does suggest wagers are growing on more action from the Federal Reserve -– maybe as soon as this month's meeting. The Fed already owns $4.2 trillion of U.S. government debt, roughly 22% of the total outstanding, and has bought about $1.7 trillion in Treasuries since slashing rates in March to near zero. It looks like the fast money cohort is beginning to get comfortable with the idea that there are more purchases to come.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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