| Investors await Fed minutes, more bad news for Chinese tech companies, and vaccine hesitancy is becoming a greater problem. Tapering?Today's release of the minutes of the Federal Reserve's June meeting at 2:00 p.m. Eastern Time will be closely watched by investors after the FOMC's surprise hawkish pivot. The main focus will be on any hints regarding the tapering of asset purchases, with several regional Fed presidents commenting on the issue in the wake of last month's meeting. Attention will also be paid to any comments in the release on the expected path for inflation, which will interpreted in light of the recent spike in oil prices. Crackdown Chinese authorities are planning rule changes which would allow them to block companies from listing overseas, closing a two-decade loophole which has allowed giants such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. to attract foreign capital. The move comes as Beijing tightens its control over the country's largest tech companies. Investors are retreating from the sector, with a gauge of Chinese tech stocks listed in Hong Kong dropping to the lowest level since November. Didi Global Inc. continues to be hit by the moves in the wake of last week's New York IPO with shares lower in pre-market trading. Hesitancy President Joe Biden's target to get 70% of Americans vaccinated by July 4 was missed, not due to a lack of vaccines but due to a lack of people willing to take the shots. The hesitancy is most pronounced in rural, more conservative regions where health officials are growing increasingly concerned about the spread of the delta variant driving a surge in cases. That strain continues to boost infection numbers worldwide, with Indonesia and Bangladesh reporting record cases. In Japan there are fresh calls to hold the Olympics without any spectators as Tokyo faces another Covid surge. Markets mixedThere is a strong east-west performance divide in global markets today. Overnight the MSCI Asia Pacific Index slipped 0.4% while Japan's Topix index closed down 0.9%. In Europe the Stoxx 600 Index was 0.6% higher at 5:50 a.m. with miners leading the gains. S&P 500 futures pointed to a small rise at the open, the 10-year Treasury yield was at 1.346%, oil rose and gold was over $1,800 an ounce. Coming up... Latest U.S. mortgage application data is at 7:00 a.m. There will be interest in the May JOLTS job openings number when it is released at 10:00 a.m. Atlanta Fed President Raphael Bostic speaks after the Fed minutes are published. The EIA short-term energy outlook is scheduled to be released today. The Allen & Co. Sun Valley conference begins. What we've been readingHere's what caught our eye over the last 24 hours. And finally, here's what Joe's interested in this morningAs economies around the world continue to reopen and normalize, strains on supply chains should begin to ease soon — if not yet. In yesterday's ISM Services number, the percent of companies reporting increasing backlogs was at its highest level in decades. 
The homebuilding space continues to be brutal, meanwhile, Check out this Twitter thread from Rick Palacios Jr. of John Burns Real Estate Consulting. Just story after story about homebuilders being hamstrung by shortages and cost increases across numerous categories. Here's a few of the tweets in the thread
 And shipping continues to face problems. The logistics and supply chain company Project44 created this chart, looking at the effects of the Covid outbreak at China's Port of Yantian back at the end of May. The grey bars show the number of days that containers are sitting at the port, on average, before they're loaded onto ships. That's still at over 10 days, substantially higher than the wait times several weeks ago. 
According to project44, one upshot of this is that factories have been forced to pause production, as the backlog of shipments gets worked through (due to lack of space) ensuring that the disruption continues to ripple through the economy for some time to come. Again, presumably things will eventually ease. But right now intense stresses remain. Joe Weisenthal is an editor at Bloomberg 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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