| Welcome to your morning markets update, delivered every weekday before the European open. Good morning. HSBC Holdings Plc reported a large bad debt charge, oil continues to tumble and lockdown easing plans are in focus. Here's what's moving markets. HSBC Charge HSBC took its biggest charge for bad debt in almost nine years and warned of deepening loan losses as it pushes back parts of its restructuring program. Expected credit losses swelled to $3 billion in the first quarter, almost double estimates, while adjusted pretax profit also missed consensus as Chief Executive Noel Quinn's plan to boost profitability at Europe's biggest lender is curtailed by the virus outbreak. UBS Group AG, meanwhile, indicated the "high quality" of its credit portfolio among rich clients and in Switzerland may shield it from more widespread loan losses. Oil Tumbles Further Crude oil is tumbling again with West Texas Intermediate briefly falling below $11 a barrel after the biggest oil exchange-traded fund unexpectedly began selling all its holdings of the most active contract amid rapidly dwindling storage capacity. Futures fell almost 17% in New York after losing a quarter of their value on Monday. In stocks, European futures are marginally higher after a mixed session in Asia. Vaccine Timeframe A vaccine to halt the coronavirus pandemic could be available as early as this year for vulnerable groups such as health-care workers, even faster than initially thought, the Coalition for Epidemic Preparedness Innovations said. The group, which is funding nine different coronavirus vaccine projects, has previously suggested a shot could be ready within 12 to 18 months, an already ambitious target. The update comes as a study supports the notion that Covid-19 can spread through tiny airborne particles known as aerosols. Latest on Lockdowns UK. Prime Minister Boris Johnson urged the British public to keep obeying lockdown rules even as the number of daily deaths fell to its lowest in a month, while Spain and France are set to spell out plans to ease restrictions, despite concerns that such steps could backfire. Here's what back to school might look like post-lockdowns and here's a lesson on response speed from a small, landlocked nation. In the U.S., the White House issued a strategy to expand testing, accelerating President Donald Trump's push to reopen the economy. Coming Up… Earnings season roars back, with reports already out from HSBC Holdings Plc, UBS Group AG, drug giant Novartis AG and Swiss engineering firm ABB Ltd. Numbers are due later from oil major BP Plc. It remains relatively quiet for economic data, with U.K. retail sales and French consumer confidence on the way. 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 With a popular market narrative being that stocks are grinding higher as more countries take steps to ease movement restrictions, it's a good time to check in on the cohort of companies most impacted by a lockdown. Sure enough a custom basket of the 106 members of the Bloomberg World Index that are classified as hotel, restaurant and leisure companies led the global rally from its lows in late March -- in fact bottoming a few days before the broader benchmark did. But in the space of about a week, that relative outperformance stalled and the gauge has been treading water for most of this month -- a period during which the newsflow on lockdown lifts has only improved. Like quite a few indicators recently, that raises question marks on the sustainability of the global rebound, or at least the drivers behind it. And given the basket bottomed first, investors should be keeping a close eye on what it does next, as the global equity rally strives to maintain momentum.  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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