by emphasizing washington's commitment to the alliance. the president said a strong alliance is essential for america, turning the page on the period when donald trump questioned the organizations value. mr. biden says he sees nato's mutual defense guarantee as a sacred obligation. the u.s. supreme court rejected appeals by two members of a white supremacist group convicted under a federal antiriot law for attacking counterprotesters during a deadly 2017 rally in charlottesville, virginia. the men argue that the 1958 law violates the constitution by punishing protected speech. they were convicted of multiple violent acts, including punching, kicking, choking, and hud betting people -- headbutting people at the rally and other demonstrations. iran has said it has reached agreement with united states on the lifting of sanctions in its

industrial sectors, including energy, but the country is warning there is much left time yet for powers to revive the landmark 2015 nuclear deal. trade restrictions have all but resented the islamic republic from exporting oil. covid-19 infections are surging in the gulf arab state of oman. health officials are warning that hospitals are seeing a shortage of beds. the crisis comes as the country is experiencing a lag in its vaccine rollout and the spreading of highly transmissible variants. one hospital directors has severe and critical cases of covid-19 are hitting record highs. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

>> it is 1:00 p.m. in new york, 1:00 a.m. in hong kong. i'm kailey leinz, welcome to bloomberg markets. we are awaiting a news conference from prime minister boris johnson, where he is expected to announce a delay to his plan to lift england's pandemic restrictions. we will bring you those comments. and then later on we speak to dr. lisa cooper about the g7's pledge for one billion new vaccine doses. and musk moves bitcoin again. he says that the company will resume trading with the cryptocurrency once they have cleaner mining. let's get a check on the markets. we seeing our -- we are seeing a mixed picture.

the s&p 500 is down .3%. with that big tech outperformance, they may have soaking to do with the fact that yields are moving higher. the 10-year yield sitting shy of 1.5%. the biggest weekly decline in yields since last week. this may be market positioning for the fed decision wednesday. wti crude is higher, $71 a barrel. bitcoin is higher as well, elon musk weighing in on the currency. that may be boosting sen. we are back above $40,000 for the first time since may. breaking news out of the u.k. as well related to vaccinations. two shots preventing most hospitalizations in a u.k. study. let's listen to prime minister boris johnson. >> when we set out on our roadmap to freedom a few months ago, we were determined to make progress that was cautious but irreversible.

step-by-step, thanks to the enormous efforts of the british people and the spectacular vaccine rollout, we now have one of the most open economies and societies in europe. as we have always known, as the february roadmap expose it leap predicted, this opening up over the past three steps has inevitably been accompanied by more infection and more hospitalization. we must be clear, we cannot simply eliminate covid. we must learn to live with it. and with every day that goes by, we are better protected by the vaccines, and we are better able to live with the disease. vaccination greatly reduces transmission and two doses provides a high degree of protection against serious illness and death. but there are still millions of younger adults who have not been vaccinated, and sadly, a

proportion of the elderly and vulnerable may still succumb, even if they have had two jabs. that is why we are so concerned by the delta variant that is now spreading faster than the third wave that was predicted in the february roadmap. we are seeing cases growing by about 64% per week, and in the worst affected areas, it is doubling every week. the average number of people being admitted to hospital in england has increased by 50% week on week, 61% in the northwest, which may be the shape of things to come. because we know the remorseless logic of exponential growth. even if the link between infection and hospitalization has been weakened, it has not been severed. even if the link between hospitalization and death has

also been weakened, i'm afraid numbers in intensive care, i see you, -- icu, are also rising. we have obviously faced a difficult choice, go forward with the steps on june 24, even though there is a real possibility the virus will outrun the vaccines, and thousands more deaths would ensue, that could otherwise have been avoided. or else, we can give the nhs a few more crucial weeks to give those remaining jabs into the arms of those who need then. since today i cannot say that we have met all of our four tests for proceeding with step four on june 21, i think it is sensible to wait just a little longer. by monday, july 19, we will aim to have double jabbed two thirds

of the adult population, including everyone over 50 or the vulnerable, or frontline and health care workers, and everyone over 40 who received their first dose by mid-may. to do this, we will accelerate the second jabs for those over 40, just as we did vulnerable groups, so they get the maximum protection as fast as possible. and we will bring forward our target to get every adult in this country a first dose by the 19th of july. that is including young people over the age of 18 with 23 and 24-year-olds invited to book jabs from tomorrow. we have reduced the risk of transmission among the groups that mix the most. and to give the nhs that extra time, we will hold off step four

openings until july 29, except for weddings that can still go ahead with more than 30 guests, provided social distancing remains in place. the same will apply to -- we will continue to pilot events such as euro 2020 and theatrical performances. we will monitor the position every day. if, after two weeks, we determined the risk has diminished, we reserve the possibility of proceeding to step four and a full opening sooner. as things stand, on the evidence that i can see right now, i'm confident that we will not need more than four weeks, will not need to go beyond july 19. it is unmistakably clear the vaccines are working, and the sheer scale of the vaccine rollout has made our position

incomparably better than in previous waves. but now is the time to ease off the accelerator. because by being cautious now, we have the chance, in the next four weeks, to save many lives by vaccinating millions more people. once the adults of this country will be vaccinated, which we can achieve in a short amount of time, we will be in a stronger position to keep hospitalizations down, to live with this disease, and to complete our cautious but irreversible roadmap to freedom. thank you very much. i will hand over to chris to do the slides. >> the slides are arranged around the four tests -- kailey: that was u.k. prime

minister boris johnson announcing a delay of the england lockdown lifting until july 19, in order to give the nhs more time to get inoculations into arms of people in the u.k. vaccinating two thirds of the adult population by july 19. let's bring in our reporter joe mays. this was largely expected, how will that go over in the u.k.? i think we have lost joe. just to recap some of those headlines from boris johnson, he said it was a difficult choice to go forward with the reopening or to take the step that they have announced, delaying of the lifting of restrictions until july 19. let's get more on this with dr. lisa cooper with the johns hopkins bloomberg school of public health. obviously the issue in the u.k. largely surrounds the spread of

the delta variant. when you look at the numbers coming out of the u.k., how concerned are you? dr. cooper: i am pretty concerned. the circulation of this new delta variant is of extreme concern because it is highly transmissible and there is some evidence that it actually causes more severe illness. the sooner we can get people vaccinated, the less likely we will see this variant and other variants spreading around the population. kailey: there was a study out of scotland today that found people infected with the delta variant are more than twice as likely to end up in the hospital. what we heard from prime minister johnson, his solution is to get more people vaccinated. is that the only way to deal with it? dr. cooper: that is absolutely the critical way to deal with this, yes. it is the most important thing to do. that will mean leaders around

the world coming together and figuring out not only to -- how to vaccinate their own citizens but had to contribute to vaccinating other citizens around the world. we are not safe until we are all vaccinated. kailey: that was a key focal point of the g7, u.k. and the u.s. leading the charge to get these rich western nations to give more vaccines to the developing world. do you think the commitments from the g7 on that front were enough? dr. cooper: they were encouraging, i am glad to see that they committed almost one billion vaccine shots, but they are not enough. the director general of the who has said the same. we will need much more than that, more vaccine doses. we will also need flexible funding to these countries, so they can use the funding in the best way they need, where it is needed most.

we need to make sure the vaccines we distribute, doses of vaccines, but also additional funding to support the administration of these vaccines in countries that often don't have highly resourced health care delivery systems. kailey: what could we be looking at if that doesn't happen quickly enough? dr. cooper: sadly, if it doesn't happen quickly enough, we will see on vaccinated people become ill with the delta variant or perhaps other new variants. light now, the vaccines deemed to be effective against the vaccines -- variants circulating. but the more virus spread, it is unclear how successful the vaccines will be. then even vaccinated people would be at risk, so we need people clearly vaccinated as well. we have seen when people have only one dose, they don't have the level of protection against newer variants, as when they have two doses. kailey: we had some data that

showed that out of the u.k.. the pfizer and moderna vaccine more than 90% effective against the delta variant after two doses. we think about the discrepancies we see globally and what is happening in the west, but there are still divergences here in the united states. some communities less likely to be vaccinated than others. do you think the biden administration has done a good enough job attempting to close that gap? dr. cooper: i think they are doing the best they can. a lot of this is left up to states and local areas. i think they will continue to press on this. they have said it's a priority, but it will take partnerships between federal and state and locals, partnerships with community-based organizations, people trusted in communities that are experiencing higher rates of vaccine hesitancy.

that is african-american communities in particular right now, american indian communities where we see a higher percentage of the population that is not vaccinated. kailey: what role do you think employers should play in that effort? it's a big story today, goldman sachs welcoming back employees to their offices. they have mandated that employees report their vaccination status. do you think that should be required to return to the office? dr. cooper: i know it is certainly an incentive for many people, people want to get back to work. i have heard a lot of discussion where employers are mandating, people will say that they will get the vaccine. they will also get it if it is required for travel. employers in the travel industry have a key role to play. employers can provide places where people can get vaccinated as well, increasing access. kailey: thank you so much, dr.

lisa cooper. the johns hopkins bloomberg school of health is founded by michael bloomberg. let's get back to the situation in the u.k. and bring back our u.k. government reporter joe mays. prime minister johnson announced the delaying of restrictions until july 19. how will that go down among the u.k. population? joe: i think many are supportive of some kind of delay because they recognize cases are going up because of the new delta variant. we know that two doses gives particular protection against this variant. we also know that there is a cohort that wants restrictions lifted quicker than that. there will be a vote in the house of commons. primarily speaking,

[indiscernible] the population will be broadly supported. kailey: is this likely to have a major impact on businesses in hospitality, for example? joe: night clubs and other places like that will have another month. it is not wholly welcome throughout the industry because it means they cannot have full capacity venues. that is a problem for them. they will be economic damage from this decision, for sure. kailey: thank you so much. the u.k. lockdown extended until july 19. this is bloomberg. ♪

kailey: this is bloomberg markets. bitcoin is jumping today after elon musk said teflon -- tesla

would resume transactions with the cryptocurrency once the mining is done with cleaner energy. he has whipsawed the price of digital tokens in the past few months. first by announcing that tesla had bought $1.5 million of bitcoin in february. joining us now is adam jonas. when you are trying to put together a picture of tesla, which holds cryptocurrency on its balance sheet, and you get these kinds of tweets from elon musk, how do you deal with it? adam: the fact that we're on your program talking about bitcoin from a tesla context kind of tells me that there is not a lot of news happening around tesla lately. there have been a lot of other things. shouldn't there be so many other exciting thing to delve into as elon musk and tesla are

essentially chief contractors of building the renewable world? i struggle as a tesla analyst to see how a bitcoin outcome can and should affect tesla fundamentals. it really shouldn't. it might be easier for people to see how tesla could affect a bitcoin sentiment, but not so much the other way around. kailey: you have a $900 price target on tesla. trading around $614 now. does bitcoin have no role in where that goes? adam: it has absolutely zero role within our $900 price target. saying that, i think what you are seeing, what i think the investment community is becoming more aware of, the ethos of tesla is all about sustainability, correct? there fundamentals today are

heavily dependent on china and their chinese production. two thirds or more of their profit is coming from their shanghai operation. perhaps that is where the linkage is. elon understanding the environmental externalities, unintended consequences that so much of his company is trying to improve. perhaps it is also a bit of a hat tip to china. some investors have suggested the greater scrutiny of tesla supporting bitcoin is related to perhaps thoughts about where china may be coming out environmentally and energy wise. this is coming from the investment community but you can draw your own conclusions. over time, you'll be talking about tesla expanding production, rolling out new models, and we won't be talking

so much about crypto. kailey: will tesla be able to retain its market share in china and elsewhere? adam: mathematically, no. not really doable. they had an 80% share in the u.s. for a while, 30% share within ev's in china. as you get other entities, legacy car companies, dart ups moving in, tesla has to lose share. we have tesla growing at a 25% rate over the next decade, but we think ev's will grow by around 30. when you combined that over the decade, tesla loses a lot of share, but can still install -- grow its installed base to 40 million units by the end of the decade. the growth of that platform of vehicles at real estate, that is

where investors will start to realize this is an apple-like story when we move forward. kailey: when you think about what the ev market will look like, the growth it will see, what assumptions are you making about green infrastructure spending here in the u.s.? what happens if it doesn't come out to the extent that president biden would like to see it? adam: it is nice to see signs that the u.s. has green infrastructure policy. for a very long time, it didn't. in our modeling of tesla, we have taken the position, out of an abundance of caution, that u.s. infrastructure for green is a nice to have, but it is not totally necessary. our view is that tesla is big enough, influential enough, and working with local communities and the arsenal of democracy,

capitalism, can direct substantial resources to rollout infrastructure to get to our tesla volume by the end of the decade. we don't need any other stimulus. if it comes, great, but we think that other startups may benefit as much from tesla. so you have a relative standstill. kailey: speaking of stimulus, another conversation that happens in tandem with that is inflation. we have seen where a lot of that information -- inflation is coming from, used car prices. how long will that continue? adam: great question. all signs suggest inflation has left the station in the automotive and auto retail market. we hosted a big conference last week with of a dozen companies, and all of them were saying they have never seen an environment this bonkers in

terms of supply-demand imbalance. we think we are passing through the worst of the chip shortage now. it may take into rest of the year to start to see done -- supply recover. we see in middle of next trip before it starts to resemble anything normal. kailey: inflation has left the station, i will get that printed on a t-shirt. abigail: send me one --adam: send me one. kailey: adam jonas, thank you for your time. we will be discussing u.k. prime minister's johnson to delay opening of his country by four weeks with danny blanchflower. stay with us. this is bloomberg. ♪

mark: i'm mark crumpton with bloomberg first word news. president biden posco to enact is $4 trillion economic agenda

enters a new difficult phase today. the house of representatives is back in session and democrats are ramping up pressure on the senate to produce a bipartisan compromise. one key challenge is that the fast-track budget process that progressives want to use will only be available if all 50 in the democratic senate caucus agreed to take the step. benjamin netanyahu is already talking a comeback. the israeli leader was voted out of office on sunday. he issued a warning as he addressed parliament in his last moments as prime minister, saying, we will be back soon. the new coalition will govern with the slimmest majorities, commanding 61 of parliament's 120 seats. the european union is testing investors appetites to fund nearly $1 trillion of debt over five years, as it seeks to finance its recovery from the pandemic.

the block open books with 10 year bonds which will refinance grants and loans to member states. in an interview today, european president said stimulus would transform the future of europe. starting tuesday, face masks will be optional for vaccinated visitors at florida's disney world, although the company's website says workers there will not require proof of vaccination. visitors who are not fully vaccinated will still need to wear face masks indoors and on all the rides and attractions, and all visitors must wear face coverings on the buses, monorails, and gondolas. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

amanda: this is bloomberg markets. kailey: i'm kailey leinz. you keep prime minister boris johnson announces an extension of pandemic restrictions until july 19 because of a surge in the delta variant. we speak about it with danny blanchflower. the focus turning away from the global stage to closer to home. u.s. inflation expectations rising to new highs according to a new fed survey, ahead of the banks to a meeting -- two day meeting. lordstown motor announcing the abrupt departure of two executives.

amanda: let's take a check on the markets. it is another quiet session, and that may be a day of market waiting for catalyst. there may be volatility in the bond market. the 10-year yield has been above 1.5, and that is a 3% move on the day. it remains at a pretty low level and the markets over all continued to grinder their way closer to record levels but not a lot of action in any particular direction. the s&p, we are seeing tech and communications so -- showing strength. the weakest group is financials. if you are looking to energy for leadership, we are not seeing it, although west texas continues to march higher. we want to check in on the stock of the hour. we are keeping our eyes on lordstown. the departure of two executives have investors in their sites.

a pretty massive decline here on the news that two key executives are leaving. dave: we are talking about the ceo and the chief financial officer. we should note, the ceo is also the largest shareholder in lordstown, with a 26% stake. to have them out the door, effective immediately, shows you there is more volatility going on with this company. you can see the ups and downs ever since the company agreed to get together with a blank check company, how they went public in october. in march, we heard from a shortselling research firm, coming out with a critical report describing lordstown motors as a mirage. the company investigated the allegations, came out with results, rejected most of them,

but the issue of those inaccurate statements related to preorders did not go away. turmoil that lordstown is nothing new. a couple weeks ago they announced they were cutting back production. last week, they amended their annual report to and the caution that they may not be able to keep going as a business, they didn't have enough money to bring their electric trucks into production. put it altogether, this is a company that has had to deal with a lot. now they have to deal with this in management, given that you have seen the archers. kailey: it is a company dealing with an increasingly competitive market. how are some of the other ev startups bearing? -- faring? dave: you are seeing them struggle.

nikola's are particularly interesting example. you are looking at the past year. clearly, it's been good to a lot of these stocks, but nikola not so much. we should note, hindenburg attacked that company, as they did with lordstown, and then the leader departed, just as they have done at lordstown. so you could say a bit of history repeating itself here. amanda: it is a tough space. thank you for that. our stock of the hour with dave wilson. coming up, a pretty sizable move for dimensional. it is moving some mutual funds into an etf, becoming a top 10 player in the space. we will be speaking with the co-ceo, cio, gerard o'reilly. this is bloomberg. ♪

amanda: this is bloomberg markets. i'm amanda lang. we are keeping our eyes on dimensional fund advisors, now becoming one of the biggest players in the massive etf space with the conversion of the four of its mutual funds into etf's, valued at $29 billion under management. we have with us in the co-ceo and cio, gerard o'reilly, as well as our reporter who wrote the story. we want to start with may be the obvious, but why the move, why the conversion? gerard: thank you for having me

on, appreciate it. when you look at the four funds that were created, they have a long track record. some of them go back to the late 1990's. as the name suggests, they have been managed with an eye toward tax efficiency. you look at their ratios over the past decade and they have been similar to many etf's. investors in those funds are interested in after-tax returns. while we have been able to get sufficient numbers in the past 20 years, the additional benefits that an etf bring to the table in terms of in-kind create, redeems, will help us going forward. taxes are on a lot of investors minds these days, so we think it's a good thing for the shareholders of those funds. >> i want to dig into that more. why choose to convert these mutual funds into etf's versus just launching more etf's? gerard: when you look at these

funds, at the intersection of tax management, systematic investment, they lend themselves very well to an active transparent vehicle. one key point to bear in mind with this conversion is that we organized this as a tax-free reorganization. that means the shareholders go to bed on a friday night with mutual fund shares, wake up on monday morning with etf shares, and they don't realize a capital gain as a result of the conversion. from a shareholder perspective, they get these additional advantages of having the tax benefits of an etf wrapper in an investment approach that is tried and tested. there is no work to be done on their perspective. we think that makes a lot of sense for shareholders in the fund. >> one of the selling points of dimensional is that it is so exclusive. is there any concern that by

making these etf's available to the broader public, that dimensional's advisors, for example, might be marginalized in that process? gerard: one thing we asked ourselves before moving into the etf space, and one of the catalysts to launch was the feedback we were hearing from financial professionals we were working with, that ets or a requirement for them to serve their clients. with that feedback, we could do what we did in mutual funds on the etf wrapper side. we launched three funds last year, have the conversion of these four, with two more plan later in the year. we are committed to the financial professionals we work with. we think these are great tools for them to work with the and investor. -- end investor. we think this is a good

combination to have a good investment experience. kailey: talk about the process. how difficult was it to complete the conversion? gerard: it was a labor of love. a lot of work went in by a lot of parties. i think dimensional is leading the industry on this one in terms of doing a conversion of this size. all of it had to be organized internally, with the custodians, platforms, tax opinions, and to do this at scale was enormous feat, in my view. i am pleased that we were able to lead the industry on this conversion. amanda: one of the things people will be familiar with is the dimensional advisors certification. to buy mutual funds, you have to be a certified advisor. is there any risk of alienating some of them? gerard: we don't think so.

when we went to virtual last year, we transitioned conferences to virtual, and we are committed to the support of the financial advisor. when you think about those conferences and so on, they were all about education, education on capital markets, volatility, what it takes to capture the excess returns associated with small caps, value. we think that is important, remains important. we remain committed to interacting with those financial professionals in that way. this is a tool that they have asked us to deliver to help them serve their clients better. we are very excited about the conversion and the etf launch, and we hope to have more in the future. we think our etf should stand alongside our mutual fund with a relatively complete offering to service those professionals. >> with these conversions, dimensional is now the 11th biggest etf issuer in the u.s.

what else are you looking at in the etf space specifically? gerard: that's a good question. not just 11th largest, but when you think about systematic not indexed approach, 90% of the assets in our index, and this is something different coming to the etf space. that is even more exciting. we want to have a complete lineup, so we want to have all of the asset categories covered. we are doing research into fixed income, what kind of fixed income ets can complement the equity etf's we have in the marketplace. by the end of the year, we want a more complete lineup for the professionals we work with to use with their clients. kailey: while we are looking into the future, let's talk about active versus passive management. where do you think things will settle out? gerard: what i can tell you about dimensional is we try to take the best of both worlds.

we try to be wrapper agnostic. also, take the best of what we see. indexing has lots of good features, low cost, low turnover, broad diversification. there are some things on implementation where active management has good features, understanding markets, how you trade, turn the portfolio over. we try to combine the best of both worlds. i hope we do not go in the direction of more systematic fundamental, indexing 2.0, which we have been doing successfully now for four decades. katie: what caught my eye in addition to these funds, they are active but transparent as well, they disclose their holdings every day, versus on a semi basis like mutual funds. why did you choose to go fully transparent versus semitransparent?

gerard: there are couple of benefits to fully transparent. that comes in the spreads. when you have this what i like to call not indexed transparent approach, the hope is you get better market quality and spreads in the etf's as they trade. we have seen healthy bid offer spreads and quality where we have launched already on those fourrr. -- four we launched today. when you look at our mutual funds that make their holdings with the 30-day lag, this is not so different. we don't think this impedes our ability to add value in indexing on behalf of our clients. we are in that sweet spot of how our approach can be brought to an etf marketplace, which hopefully ends up being good for all investors.

katie: citigroup sent a note last week that they expect etf's to overtake the mutual fund industry within the next decade. what are your thoughts on that? gerard: i think there's a lot to be said for that. flows have been more into etf's and then mutual funds over the past couple years. mutual funds have a lot of benefits, etf's have a lot of benefits. i don't know which one will win. it depends on tax code, regulations going forward. what i can say is we are here to support the financial professional. whatever vehicle they find useful for their business, we want to make available. we are not going to make a bet on etf's overtures mutual funds -- versus mutual funds. we will have a strong footing in both. kailey: thank you so much to gerard o'reilly, as well as our cross asset reporter katie gry failed. nato buffing -- beefing up its

russia policy. we have the latest from the nato summit, head. this is bloomberg. ♪

kailey: this is bloomberg markets. i'm kailey leinz. it is time for the bloomberg business flash, look at the biggest stories in the news right now. according to dow jones, box and seven oaks acquisition say the deal would value the company at $900 million. blackrock has raised 1.60 $7 billion for infrastructure debt war chest, tripling its initial target. global infrastructure debt fund is their first co-mingled fund

in the high-yield infrastructure debt market. it will focus on essential real assets located mostly in developed markets. managers hoping to lure employees into offices may find their youngest and newest staff are their strongest allies. a new survey finds young, white-collar staff values quality of life versus old-fashioned nine to five commuting, but are even more worried about seeing their careers install. that is encouraging them to return to their desk. a majority of workers to support a hybrid model. that is your bloomberg business flash. amanda: we are expecting to hear from president biden from brussels, a need to news conference. i want to bring in our white house reporter. the tone that nato is taking, tougher stance on china, is being seen as a diplomatic victory for the u.s. how important is that tone?

>> for the biden administration, very important. it has been a big message they have been pushing throughout these summits this week, that they want the democracies of the world and the west to take a tougher line against autocracies, including china. any kind of unity or agreement from nato allies on how to approach china, perhaps in the south china sea, would be a victory for the biden administration. of course, the devil is in the details. we will have to see what is in this final communique that nato leaders will agree to at the end of the summit, and perhaps the president will address that coming up shortly. kailey: it is not just china but russia as well. how does this set the stage for his meeting with president putin later this week? >> the russian president has certainly been provoking the u.s. president ahead of this meeting. on wednesday, he had an nbc news

interview where he denied any role in the poisoning of alexi navalny, likened what he was doing, crackdown on political dissent with the capitol riots from january 6, which will be seen as a provocative statement, as well as cyberattacks. if president biden was hoping to get something done in this meeting, perhaps get the russian president to agree to tone down the bellicose rhetoric or actions, i don't see how any progress will be made, given the tone coming from the kremlin, and also the white house, the meeting. -- ahead of the meeting. it seems like an opportunity for confrontation. amanda: be asleep -- obviously,

a change tone from the prior administration. >> you have heard european leaders echoing that sentiment. some the european leaders have also suggested they want to wait and see what happens, still some tensions over in paris. overall, tensions about whether this change in tone will last. amanda: so good to have you with us, jordan fabian. we are standing by for those live press conferences from brussels. that is all for bloomberg markets. ♪

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mark: i am mark crumpton.

with bloomberg first word news. british prime minister boris johnson announced a four week delay lifting coronavirus constraints after concern s. remaining restrictions were to be removed june 21 but the prime minister says the new target is july 19. in a research letter published in the lancet, scientists say people affected with covid-19 delta variant, first detected in india, are more than twice as likely to end up in the hospital than those with the alpha variant, identified in the u.k. last year. the scottish research also shows the pfizer and astrazeneca vaccines protect against delta. the united states is approaching 600,000 deaths from covid-19, even as new fatalities, infections, and hospitalizations, continue to plummet nationwide. a vaccination drive