| Good morning. It's Bank of England day, Europe's economy is booming and vaccines seem to be breaking the link between virus cases and deaths. Here's what's moving markets. Balancing ActThe Bank of England has a big task on its hands today, balancing the need to keep the economy recovering while limiting inflation and speculation about rising interest rates. The build up to the Monetary Policy Committee announcement due at noon London time has been dominated by a jump in consumer-price growth above the BOE's 2% target for the first time in almost two years. It's a cloud on the horizon of what's been a sunny outlook for the economy. Cases and DeathsEven as the delta variant of the coronavirus drives up U.K. case numbers, the country's low deaths suggest that vaccines are breaking the link between those two statistics. If a case spike no longer overwhelms hospitals, lockdown measures could be eased further regardless of infections — or so the thinking goes among British scientists and officials. The optimism isn't shared everywhere: Germany's Angela Merkel said that all EU countries should require visitors arriving from Britain to quarantine. 'Indeed Brightening'Europe's private-sector economy is booming, accompanied by mounting inflation pressures as coronavirus restrictions loosen across the region. Surveys of purchasing managers by IHS Markit showed euro-area activity growing at the fastest pace in 15 years, as companies struggle to keep up with demand and prices surge. The equivalent U.K. index was only slightly below May's record, with firms hiring at the fastest pace since at least 1998. European Central Bank President Christine Lagarde acknowledged the pickup this week, saying the outlook "is indeed brightening" while insisting inflation pressures are purely temporary. John McAfeeJohn McAfee, the creator of the eponymous antivirus software, has died in a prison outside Barcelona. He was 75. McAfee was discovered dead in his cell only hours after Spain's National Court approved his extradition to the U.S. over multiple tax fraud charges. In recent years, McAfee became a prominent booster of cryptocurrencies, ran unsuccessfully for U.S. president, had numerous run-ins with the law and traded in extreme conspiracy theories. Right after his death was reported, McAfee's Instagram account posted a plain image of the letter 'Q' in an apparent reference to the QAnon conspiracy theory. Coming Up…European stocks are set to open higher with equities in Asia flat as investors continued to digest a busy week of Fed commentary. There will be more today when Fed Presidents from Philadelphia and Atlanta participate in a virtual panel discussion. EU leaders meet in Brussels to discuss Covid, economic recovery and foreign relations. Engineering firm John Wood reports sales, while in the U.S. Nike, FedEx and Accenture all report earnings. Finally, the inventor of the World Wide Web, Tim Berners-Lee, is auctioning off his original source code for the Web as an NFT. 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 morningA look at how 2021 compares with an average year for the global stock market shows, firstly, how strong a performance investors are experiencing, but also that they may shortly be in for a period of seasonal softness. The MSCI AC World Index is up 11% so far this year -- a point at which the average gain of the last three decades has been about 2%. Stocks have then shown a tendency to drift over the coming four months before rallying again in late October, according to data compiled by Bloomberg. Of course all the usual caveats apply, not least the human inclination to assign patterns to random events, but the data do suggest the summer lull is a thing. This year it seems the market has just become more data dependent, so it will take a little time to gauge how the upcoming releases play out. That fits with a wait-and-see approach. And with a summer of sport upon us -- from the Euros to Wimbledon to the Lions and the Olympics -- traders have plenty to bet on in the interim.  Bloomberg Bloomberg 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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