| Good morning. OPEC+ clashes, a ransomware attack, a supermarket takeover and masks may be dropped in the U.K.. Here's what's moving markets. OPEC+ CrisisThe United Arab Emirates blocked an OPEC+ deal that cartel leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself. Abu Dhabi is forcing its allies into a difficult position: accept its requests, or risk unraveling the OPEC+ alliance. Riyadh insisted on its plan, backed by other OPEC+ members, that the group should increase production over the next few months, but also extend its broader agreement until the end of 2022 for the sake of stability. With the cartel discussing its production policy not only for the rest of the year, but also into 2022, the solution to the standoff will shape the market and industry into next year. Morrison TakeoverWm Morrison Supermarkets agreed to a takeover for about 6.3 billion pounds ($8.7 billion) from a consortium led by Fortress Investment Group after turning down a lower bid from Clayton Dubilier & Rice in June. The U.K. supermarket operator's shares are poised to gain on Monday on the prospect of counteroffers. A takeover of Morrison would be the largest buyout of a U.K.-listed company in at least a decade, according to Bloomberg data. The Fortress bid could still face opposition from politicians concerned about a foreign takeover of the U.K. grocer. Ransomware AttackThe notorious, Russia-linked ransomware gang REvil has been accused of pulling off an audacious attack on the global software supply chain. The group is believed to be behind hacks on at least 20 managed-service providers, which offer IT services to small- and medium-sized businesses. More than 1,000 businesses have already been impacted, a figure that's expected to grow, according to the cybersecurity firm Huntress Labs Inc. The ransomware attack is the latest in a string of devastating hacks in recent months, making cybersecurity an increasingly pressing national security issue for U.S. President Joe Biden. Personal ChoiceTrends in the fight against Covid-19 are "very positive," even with cases high, putting England on course for a "more permissive phase" as the mandatory face mask rule is dropped this month, said U.K. Housing Secretary Robert Jenrick. The government hopes to remove remaining legal restrictions on July 19, and the rules in place to tackle the virus are set to become "matters of personal choice," Jenrick told Sky News. Prime Minister Boris Johnson is urging Britons to " exercise judgment" to protect themselves from Covid-19 as the government prepares for the final unlocking of the economy in two weeks. Coming Up…European stocks look set to begin the week higher, with Asian equities steady despite China widening its probes of internet companies and rising tensions within OPEC. U.K. Prime Minister Boris Johnson will set out the final stage of the roadmap out of lockdown in a speech today. It's a quiet day for scheduled events with U.S. markets closed for the Independence Day holiday. And today marks the end of an era as Jeff Bezos steps down as Amazon.com CEO, 27 years to the day after the firm's founding. Former Amazon Web Services head Andy Jassy will take over. 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 morningInvestors in global materials stocks aren't hanging around to see if the cooling rally in metals prices can reignite. A worldwide gauge of the sector has fallen to its lowest since November against the broader market and has underperformed by about 7 percentage points over the last month. The Bloomberg Industrial Metals Subindex has fallen by about 2% over the same period -- paring year-to-date gains to 18% -- as investors weighed demand concerns in China and the outlook for the global economy. The moves mean that materials shares have basically given up all the outperformance seen when the global reflation trade kicked off in earnest in November, after the election of President Joe Biden. They suggest that investors don't see the jump in metals prices as a sufficient catalyst for the sector to outperform peers. For some, that will be taken as evidence that the reflation trade was a transitory one and is likely on its last legs. For those that think the trade is just resting, the underperformance will be seen as an opportunity to take another look at the sector.  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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