| Good morning. India virus crisis, U.S. to Europe travel hope, Turkey wound and German Greens in front. Here's what's moving markets. India ChaosCovid-19 chaos in India is accelerating, with the country reporting a million cases in three days. Streets are mostly empty in the political capital of Delhi, yet Prime Minister Narendra Modi is shunning a nationwide lockdown. Bloomberg's Virus Tracker shows that only around 11 out of 100 people in India have received a vaccine dose. Forecasts of a huge economic rebound are in question, and the crisis for the world's third-largest oil consumer has energy traders worried. Atlantic Travel HopeAmerican tourists who have been fully vaccinated against Covid-19 will be able to visit the European Union over the summer, Ursula von der Leyen, president of the European Commission, told The New York Times. Until now, nonessential travel to the EU has been officially banned with the exception of visitors from a short list of countries with very low caseloads of the virus, including Australia, New Zealand and South Korea. Opened a WoundTurkey has summoned the U.S. ambassador after President Joe Biden commemorated the 106th anniversary of the mass killing of Armenians by calling it a "genocide" -- a word no U.S. leader since Ronald Reagan has used to describe the 1915 event. The comments opened "a deep wound that undermines our mutual trust and friendship," Turkey said. The lira is slipping this morning. Greens In FrontGermany's opposition Green Party overtook Chancellor Angela Merkel's Christian Democrat-led bloc in an opinion poll ahead of September's national election, after the group nominated political scientist Annalena Baerbock as its top candidate. The Greens gained six percentage points to 28% this week in a poll by opinion research company Kantar for the Bild am Sonntag newspaper. Coming Up…European stocks were set to open down a shade following a muted day in Asian markets ahead of a big week of earnings. Pearson, Philips, Michelin and SSAB are among the results in this region today. Tesla, having been shown up by meme stocks so far this year, reports after the New York close. Elsewhere, Mario Draghi presents details of his plan to re-engineer Italy's economy. Here are the big economic events coming up this week, including a Federal Reserve rate decision. Finally, Bitcoin is spiking after a recent slide. 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 morningEurope's basic material shares are going up in price and getting cheaper. The Stoxx 600 Basic Resources Index has climbed 20% so far this year, but thanks to a more than 50% surge in forward earnings estimates, its price-earnings ratio has dropped back below 10 times. That puts the sector at its cheapest since at least 2005 relative to the broader market, according to data compiled by Bloomberg. Underlying the earnings strength is the rally in commodities that has pushed industrial metals prices from copper to aluminum to iron ore to the highest level in years. The world's two largest economies are growing at a rapid pace, the U.S. is pouring trillions into infrastructure projects and there have been production disruptions in some metals. Talk of a potential commodities supercycle abounds and forward earnings for the sector are still below peaks seen over a decade ago. Of course there are plenty of risks too, not least that of coronavirus variants that pose a threat to plans to reopen the global economy. But at least buyers of Europe's materials shares can call themselves true value investors -- they're not paying nosebleed valuations for jumping on the supercycle train.  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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