SQUAWK BOX, MONDAY 20TH JULY, 2020

Deadlock in Brussels…EU leaders fail to agree on the bloc’s virus recovery fund following three days of negotiations. The so-called ‘Frugal Four’ nations are insisting that grants handed to the worst affected countries should be reduced. The lack of resolve tempers broader Asian gains but the Shanghai Composite manages to move 2 per cent higher, as the Chinese central bank keeps its lending rate steady. A sharp drop in Japanese exports also weighs on broader sentiment in Asia. The WHO reports a record single-day increase in global virus cases with Florida logging a fifth day of more than 10,000 infections.