Need the lowdown on what’s transferring European markets in your inbox each morning? Enroll right here.Good morning. Britain up to date its quarantine guidelines once more, U.S. Republicans offered a stimulus plan and a luxurious big reported earnings. Right here’s what’s transferring markets.Steering ChangeSpain responded angrily because the UK. up to date its journey recommendation as soon as once more to incorporate the all-important Balearic and Canary Islands amongst locations to which non-essential journey needs to be averted. With another European nations additionally advising in opposition to visits to sure areas in Spain, lawmakers in Madrid are battling to guard a tourism sector that accounts for for 12% of their nation’s economic system. In the meantime, the European Union seems set to maintain its exterior borders shut to travellers from most nations, together with the U.S., for at the very least two extra weeks. Member states are additionally tweaking home controls, with Belgium saying every family shall be allowed to have leisurely contact with not more than 5 different individuals for the following 4 weeks beginning Wednesday.GOP PlanSenate Republicans offered their $1 trillion plan to bolster the pandemic-ravaged U.S. economic system in a sequence of payments that may trim further unemployment advantages, ship $1,200 funds to most Individuals and protect companies, colleges and different organizations from lawsuits stemming from coronavirus infections. The invoice introductions had been simply step one towards negotiating a compromise plan with Democrats, who’ve provided their very own $3.5 trillion stimulus plan. Home Speaker Nancy Pelosi delivered a harsh evaluation of the proposal, calling it a “pathetic” strategy and saying it wasn’t satisfactory to the nation’s wants.Posh StuffLVMH stated second quarter gross sales slumped 38% on an natural foundation, although that was higher than the 42% drop forecast by analysts. The maker of Louis Vuitton purses adopted Richemont and Burberry Group Plc in reporting what’s anticipated to be the luxurious items business’s worst ever quarter, although it additionally cited indicators of restoration throughout a number of companies in June and a very robust rebound in China. Gucci proprietor Kering SA updates after the shut of buying and selling as we speak.Golden HourFor broader markets, the beginning of the week has been all in regards to the greenback and gold, with a gauge of the previous buying and selling on the lowest degree since September 2018 forward of an anticipated dovish message from the Federal Reserve Wednesday and the latter printing a brand new document excessive earlier than paring the rally this morning. Futures on the valuable steel touched $2,000 an oz for the primary time ever amid a requirement for havens. Silver, in the meantime, has been lifted by issues about provide too. Within the debt market, the world’s large pile of bonds that value traders cash to maintain has left traders “desperately” looking for yield.Coming Up…Knowledge are anticipated to indicate Spanish unemployment within the second quarter rose to the very best degree in additional than two years amid the continuing tourism disaster. In the meantime, it is a packed earnings day with Dettol cleansing product-maker Reckitt Benckiser Group Plc and Peugeot maker PSA Group among the many large names to look out for. Additionally watch UK. homebuilder stocks after property portal Zoopla stated costs grew in June at the quickest tempo in almost two years. Lastly, stock futures are creeping greater this morning.What We’ve Been ReadingThis is what’s caught our eye over the previous 24 hours. And at last, this is what Cormac Mullen is on this morningThe spectacular rally in gold this month is many issues, a splash for a risk-asset haven is just not one among them. Whereas the yellow steel has jumped about 11% in July to an all-time excessive, its conventional haven cousins have languished. Commerce-weighted gauges of the yen and Swiss franc are little modified on the month whereas an index of U.S. Treasuries — the last word secure haven — is up lower than 1%. And naturally the greenback is sliding, its decline lending assist to the transfer in gold. While sympathetic to the argument that traders are betting on an inflation hedge, expectations for price rises stay beneath pre-pandemic ranges and their rise from the March lows is missing the urgency seen within the gold surge. Sarcastically, linking the gold price to inflation bets is more likely to undermine the steel as a haven ought to threat property unload. If expectations for a sturdy financial rebound falter, dragging inflation expectations again down and threat property with them, gold may nicely observe. In different phrases, gold’s current rally may smash its standing as a haven. Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg Information in Tokyo.Like Bloomberg’s 5 Issues? 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