| Good morning. Inflation worries on both sides of the Atlantic, Merkel's likely final White House visit as Chancellor and progress at OPEC+. Here's what's moving markets. InflationHours after data showing U.K. inflation leaped more than expected in June, Bank of England Deputy Governor Dave Ramsden estimated the reading may peak around 4%, double the targeted level in the U.K., indicating monetary policy might need tightening. The remarks will fuel speculation that the pace of the economic recovery will prompt the BOE to start debating when to unwind its stimulus program when the rate-setting committee meets in August. For another U.K. macro data highlight, due today, Ramsden forecast a likely surge in wage growth. GrillingOn day one of Federal Reserve Chair Jerome Powell's Congressional hearings, he said that it was still too soon to scale back the central bank's aggressive support for the U.S. economy, while acknowledging that inflation has risen faster than expected. Ten-year Treasuries yields fell as Powell testified and U.S. stocks closed near all-time highs. Powell's remarks are his last semi-annual testimony before President Joe Biden decides whether to give him another four years at the Fed helm or pick someone else. He faces the Senate banking panel today. Pow Wow As Angela Merkel heads to the White House for her last official U.S. visit as German Chancellor, one issue that's bound to come up is travel. European governments are growing increasingly frustrated with the Biden administration for refusing to lift rules that prevent most of their citizens from traveling to the U.S., even as the country has scrapped the bulk of its domestic pandemic restrictions. Also high up on the agenda will be a way forward as construction concludes on Gazprom's Nord Stream 2 pipeline to Germany, which the U.S. has vehemently opposed. UntanglingThe standoff among OPEC+ members is edging towards a resolution as the United Arab Emirates nears a compromise that could give it a more generous output limit next year and allow the whole group to pump more oil in the coming months. Its talks with Saudi Arabia are still ongoing and any deal would need the support of other OPEC+ nations, according to delegates familiar with the discussions. Crude prices fell on the news. Coming Up…Watch shares of Daimler and Siemens Energy after the former posted better-than-expected second-quarter earnings while the latter warned that its third-quarter results would disappoint. European stocks are headed lower after modest gains in the U.S. and a mixed day in Asia following China's steady GDP data. It's a busy day of events worldwide, with chip giant TSMC reporting earnings in Taiwan, along with Uniqlo owner Fast Retailing in Japan. In Europe, Aker BP, Finnair and TomTom are some of the earnings highlights, along with sales updates from Rio Tinto, Experian and Just Eat. In the U.S., Morgan Stanley, UnitedHealth and aluminum producer Alcoa are today's standout earnings. And finally, golfers will tee off at the British Open, which begins today in Sandwich. 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 morningRichard Branson's one small step for space billionaires triggered one giant selloff for his shareholders. Virgin Galactic fell close to 30% in the three days through Tuesday, amid plans to sell as much as $500 million in shares as it prepares its commercial debut. Though the volatile stock was part of a retail-trader fueled rally this year, its recent weakness is more reflective of the lack of investor interest that has characterised the broader sector. Despite Branson's exploits and imminent plans from fellow space billionaire Jeff Bezos to go to space, exchange-traded-funds tracking the industry have faced net outflows for the past two months in a row, according to data compiled by Bloomberg. Even Cathie Wood's highly anticipated ARK Space Exploration & Innovation ETF has been met with tepid interest after an initial burst of activity, as my colleagues Claire Ballentine and Kamaron Leach noted recently. That fund is only up about 2% since its late-March launch through Tuesday, compared to a 10% rise in the S&P 500, so the lack of investor enthusiasm is understandable. Its rival the Procure Space ETF has done a little better -- up 7% over that period -- but still only has about $130 million in assets. It seems space investment has a few more frontiers still to go before reaching the final one.  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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