| Good morning. U.K. unlocking delay, Netanyahu ousted, Iran accord doubt and G-7 counters China. Here's what's moving markets. Four-Week DelayU.K. officials now expect Boris Johnson to announce a delay of as long as four weeks to the easing of most social distancing rules in England when he sets out his decision this evening. The surge in the delta variant first identified in India has forced the prime minister and his team to rethink their blueprint for ending restrictions on June 21. There may be some relaxation of restrictions on weddings and major sporting events, one official said. Elsewhere, British Foreign Secretary Dominic Raab condemned European "ignorance" about the U.K. amid a dispute over post-Brexit trade rules. Netanyahu OutstedBenjamin Netanyahu's record run as Israeli prime minister ended as opposition parties united in a bid to quell years of political chaos. Religious Jewish nationalist Naftali Bennett, 49, a former Netanyahu ally who opposes Palestinian statehood and the Iran nuclear deal, will serve as prime minister until August 2023. He'll be replaced by centrist Yair Lapid, who was the main architect of this unlikely coalition. Iran DoubtIran cast doubt over the possibility of reviving the nuclear accord with world powers before Iranians elect a new president next week. Deputy Foreign Minister Abbas Araghchi, who leads Iran's delegation in Vienna, said he doesn't think a conclusion can be reached during the sixth round of negotiations started on Saturday. A deal would remove U.S. sanctions on Iran's oil exports and could help calm the Middle East. Crude hit a 32-month high as the rollout of coronavirus vaccines underpins an improved demand outlook. Countering ChinaU.S. President Joe Biden said the Group of Seven nations took a strong stand regarding China's economic issues as well as its human rights practices at the G-7 summit on the Cornish coast of southern England. The meeting featured debate behind closed doors over how firm the language related to China should be. U.S. officials said the G-7 had converged on the approach to China more than ever before. Coming Up…European stocks are set to start the week higher after Asian markets fluctuated, with many key regions closed for a holiday. Luxury clothing brand Ted Baker and airport operator Fraport report earnings. Meanwhile, Bitcoin is on the rise again after Elon Musk said Tesla would resume transactions with the cryptocurrency when mining is carried out with more clean energy. After departing the G-7 summit, Biden is to meet Turkish leader Recep Tayyip Erdogan, while Bank of England Governor Andrew Bailey speaks at a conference. What We've Been ReadingThis is what's caught our eye over the weekend. And finally, here's what Cormac Mullen is interested in this morningAfter shocking the market with a slump to a three-month low last week, it's probably no surprise to see Treasury yields a bit perkier in Asia trading on Monday. Ten-year yields edged up to around 1.46% after hitting the lowest since March on Friday. That coincided with a key Fibonacci technical support level, stemming from the rise in yields from last year's pandemic lows. But it's not just technical analysts calling for a rebound in yields. Wall Street strategists are also urging bond bears to stay short, especially with Wednesday's Fed meeting looming. Both JPMorgan and TD Securities came out with sell recommendations on benchmark Treasuries late last week and Morgan Stanley said the market is exposed to a hawkish surprise. That could come from the potential for the central bank's median "dot" for 2023 -- a gauge of its expectations for rates that year -- to move higher. So expect much dot plot analysis, before the week is out.  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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