| Moderna says its vaccine produces antibodies that protect against the delta variant. Musk's Starlink will beam broadband to almost the entire planet in just a few weeks. Tencent is losing the support of Chinese investors. Here's what you need to know to start the day. Moderna said its vaccine produced protective antibodies against the delta variant spreading in the U.S. and many other parts of the world. Moderna shares climbed 5.2% to a record high on Tuesday. The virus variant may herald a bout of weakness for markets across the globe, with few analysts predicting a swift rebound as tighter curbs on movement clouds the growth outlook. Meanwhile more than 12 million Australians are now in lockdown to curb the delta outbreak there; the Japanese government is planning to extend strong virus measures into the Olympics; and Abu Dhabi is taking a very tough stance to get shots into arms — it's planning to restrict entry to public places and schools to people who have been vaccinated. Asian stocks are set for a steady start after U.S. shares edged up to a fresh record on economic optimism and signs that vaccines can counter the highly infectious delta strain. Futures rose in Japan, Australia and Hong Kong, while U.S. contracts were slightly higher. The S&P 500 Index eked out a gain and is on track for a fifth monthly advance, the longest run since August. The dollar has firmed on haven demand due to delta outbreaks, a climb that has hurt gold, which is on track for the biggest monthly drop in more than four years. Bitcoin extended its rebound. Elon Musk's satellite network Starlink is on track to beam broadband internet everywhere in the world except polar regions by August. Space Exploration Technologies has launched more than 1,500 satellites so far and has Starlink operations in about a dozen countries, Musk said during a presentation at the Mobile World Congress conference. SpaceX aims to offer broadband to as much as 5% of the world's population where conventional fiber and wireless networks can't reach. India is making rules that will encourage companies to switch entirely to renewable power, a key step toward decarbonizing the nation's fossil fuel-dominated economy. The new regulations will allow companies to purchase renewable electricity from state distributors at "green tariffs," Power Minister Raj Kumar Singh said at the virtual BloombergNEF summit on Tuesday. Hurdles for businesses seeking to buy clean power directly from generators will also be eased, he said. India expects fuel demand to get back to pre-virus levels by the end of 2021 as the world's third-biggest oil consumer emerges from the clutches of the Covid-19 pandemic. The national security law China imposed on Hong Kong one year ago showed Beijing was now running the show in the former British colony. From scrubbing school curriculums to censoring films to denying some suspects the right to jury trials, the broad use of the legislation has left many people guessing about China's new red lines. Here's how the measure — which was enacted with immediate effect, and without public debate — has radically transformed the political and legal landscape of a financial center long known for its consistent application of the law. What We've Been ReadingThis is what's caught our eye over the past 24 hours: And finally, here's what Cormac's interested in todayFresh records for U.S. stocks this week but there is a palpable sense of fear in some corners of the market. The Cboe Skew Index, which tracks the cost of tail-risk equity protection, hit the highest on record at the end of last week. It climbed to levels well above those seen at the height of coronavirus worries, the global financial crisis and the dotcom bubble. Credit Suisse's Fear Barometer — a gauge of investor sentiment derived from the options market — is also just off a three-year high.  Neither are evidence that a correction is coming but they do suggest at least some investors are acting like one might. With the first half of the year almost over and the S&P 500 Index up a whopping 14% — its second-best gain since 1998 — it would be prudent to prepare for some softness ahead. Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg News in Tokyo. | 
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