| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning and happy Friday. Biden goes easy on Germany's Nord Stream 2 effort, U.S. lawmakers grilled some high-profile characters from January's GameStop frenzy and Uber awaits a landmark decision in Britain's top court. Here's what's moving markets. BoostedG-7 nations are giving a major boost to Covax, the global effort to fund vaccinations in lower-income countries, indicating momentum may be building toward a coordinated effort on the part of advanced economies to address the pandemic. Britain announced it will donate a majority of future surplus vaccines to poorer countries, after France committed to sending 5% of its supplies through Covax. The U.S. is expected to announce its contribution to Covax in a call today, according to unnamed officials, while an analysis by Bloomberg shows the country's vaccine supply is poised to double in the coming weeks and months. SparedThe U.S. is likely to hold off sanctioning any German entities for now over the Nord Stream 2 gas pipeline from Russia, according to four people familiar with the matter, as the Biden administration seeks to halt the project without antagonizing a close European ally. Nord Stream 2 emerged as a major source of friction in trans-Atlantic relations during President Donald Trump's administration as the project, which would bring Russian gas into the heart of Europe, neared completion. Trump officials, in arguments essentially supported by President Joe Biden's administration, said the project undermines European security by tying the continent more closely to Moscow. GrilledThe main characters of January's unprecedented retail trading frenzy faced U.S. lawmakers in a hearing on Thursday. Vlad Tenev, CEO of WallStreetBets' favorite trading platform Robinhood, found himself at the center of political ire, attacked both for his commission-free trading model that turbocharged market participation by inexperienced traders, and for the platform's decision to restrict trades in a list of 'meme stocks' including GameStop. The restrictions, at the height of a short squeeze induced by Redditors piling into the heavily-shorted stock, drew ire from users and politicians at the time. Rather than a sinister effort to aid harried hedge funds, Tenev said the move was necessary as Robinhood didn't have the funds to meet a $3 billion demand for deposits from its clearinghouse. WatershedToday, Britain's Supreme Court will rule on whether Uber drivers should be classed as "workers," entitling them to minimum wage and holiday pay. The decision will set a precedent for how gig workers are treated in the U.K. and could upend Uber's business model in its biggest European market. Uber has lost at every stage of this case so far -- if it loses again this week, an employment tribunal will get to decide how much compensation to award the 25 drivers who brought the case, and other, similar claims may advance. "It's going to have a massive knock-on effect both to the gig economy and any business that engages independent contractors," an employment lawyer who is not involved in the case told Bloomberg. Coming Up…German insurer Allianz vowed to restore profit growth after the first drop in nine years. French food & beverage giant Danone is coming up, expected to report its first annual like-for-like sales decline in more than three decades. A lackluster performance would increase pressure from activist shareholders to overhaul the firm's management and strategy. Other highlights of the morning include French car maker Renault and luxury brand Hermes, Italian oil major Eni and British lender NatWest. Later today, U.S. climate envoy John Kerry is expected to formally re-join the Paris climate accord, less than four years after former President Donald Trump withdrew from it. What We've Been ReadingThis is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morningThe great global rotation out of growth into value stocks looks to have stalled this year, and investors have switched to chasing the riskiest stocks from both cohorts. The MSCI World Value Index has performed bang in line with its growth counterpart -- up about 4% -- after a late 2020 burst saw it outperform by over 6 percentage points from the period just after the U.S. election. An analysis of return data from SocGen shows while investors have continued to chase the most volatile value stocks in 2021, they have also been backing the riskiest growth names. According to strategists, the most expensive and volatile global stocks have risen over 12% so far this year, with the cheapest volatile names up about 11%. The most expensive and defensive stocks are the ones that have underperformed, with their earnings expectations also taking a hit relative to peers. Late last year, hopes for further stimulus after the election and the start of vaccination sparked a global rotation into value sectors and out of more defensive industries like technology. While all the elements for a value beat remain in place -- improving growth and inflation expectations -- this data suggests investors have adopted a so-called barbell strategy and are refusing to give up on all but the most staid growth names. The analysis will be further evidence for those who think much good news on the reflation front is already priced into markets, and continue to worry about signs of froth in risk assets.  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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