| Good morning. Index changes, booster shots and bullish signals for oil demand. Here's what's moving markets. Index changes were announced last night both for the Stoxx and FTSE series. Eurozone blue-chip benchmark Euro Stoxx 50 will take on Spanish bank BBVA and recently-merged car maker Stellantis, ousting travel tech firm Amadeus IT and utility Engie. BBVA is rejoining just a year after its own ouster, following a sharp rally during the past year. Meanwhile in the U.K., Just Eat Takeaway.com is dropping out of the FTSE 100 as expected, alongside mining engineering firm Weir. Aerospace company Meggitt and Wm Morrison Supermarkets will take their places. The U.K. is set to offer a third dose of Covid vaccines to people 12 and older with severely weakened immune systems following a recommendation from a committee that advises the government. Either the Moderna or Pfizer-BioNTech vaccine should be given as the third dose for adults 18 and over, while the Pfizer shot is preferred for those 12 to 17, according to health authorities. Early data from Israel, which began rolling out booster shots in mid-July, shows that a third shot provides added protection against the coronavirus during a delta outbreak. U.S. President Joe Biden sought to reassure Ukrainian counterpart Volodymyr Zelenskiy that the U.S. would counter Russian hostility toward his country as the leaders met for the first time at the White House. Zelenskiy is seeking more clarity on how Western allies will ensure the former Soviet state's security, especially as its current gas deal with Russia expires in 2024 and Nord Stream 2 threatens its vital revenue as a transit country. Ukraine's leader has had a complicated relationship with the U.S. since a 2019 whistle-blower complaint that then-President Donald Trump held up military aid to pressure Zelenskiy to investigate Biden's son. Crude oil futures declined after OPEC+ stuck with a plan to boost crude production, with the cartel wagering that the global market can absorb the additional supply as demand improves and stockpiles get drawn down. Around the same time, the U.S. reported a greater weekly decline in oil stockpiles than anticipated, even as refineries were shut ahead of Hurricane Ida. That's a bullish signal that demand is continuing to recover, and that OPEC+'s extra barrels will find takers. European stocks are set to open lower after a mixed start to the Asian trading day, with tech stocks dropping after China renewed its regulatory assault. Investors will be watching as President Xi Jinping speaks at a services trade summit in Beijing today. In Europe, homebuilder Barratt Developments and investor Melrose are among firms reporting, while in the U.S., Broadcom and DocuSign are some of the bigger earnings expected today. Meanwhile, New York City has declared a state of emergency due to record rains. This is what's caught our eye over the past 24 hours. The question of whether inflation will prove to be transitory has been a dominant theme in market discussions in 2021. Central bankers have mostly pitched their tents firmly in the camp that says price pressures will fade. The upshot is that they don't see a need to raise interest rates and cheap money justifies stocks at record highs. Raw materials rallies cooling supports this narrative. The slope of the Bloomberg Commodity Index's 50-day moving average is decidedly less steep than in the first half. Copper and crude prices staying elevated won't be enough to fuel even higher consumer prices, they'd have to keep rising at a steady pace. That's not happening.  But not all price pressures are coming from commodities or disrupted supply chains. In the wake of lockdowns, unemployment rates are still high and so are job openings. This suggests workers either don't have the right skills for the open positions, or that the offers aren't meeting their expectations on salary and conditions. If they are holding out for higher pay and this pumps wages up, that'll make it harder to argue that inflation will prove a temporary phenomenon. All of which makes this week's U.S. jobs numbers a must-watch. Eddie van der Walt is a Markets Live reporter and editor for Bloomberg News in London. @EdVanDerWalt. 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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