Good morning from the Financial Times.

Today is Tuesday, July 20th, and this is your FT news briefing.

Global stocks shuttered yesterday as the coronavirus delta variant continued its spread

around the globe, and the online brokerage Robinhood is getting ready for its IPO.

Plus, the US administration recently issued a warning about doing business in Hong Kong,

but the companies on the ground there aren't too happy about it.

One of the US national security adviser say that they weren't in the business of trying

to make sure Goldman Sachs had better access to the China markets.

We'll take a look at how US companies in Hong Kong are dealing with political tensions.

I'm Mark Filipino, and here's the news you need to start your day.

Global stock markets tumbled yesterday.

Investors were unnerved by the rapidly spreading delta coronavirus variant.

The S&P 500 ended Monday more than 1.5% lower, and European forces had their worst

session of the year, with leading indices down more than 2%.

Commodity prices fell, as did the yield on the 10-year treasury.

The FT's mom-to-bad car has more on investors' thinking.

Vaccinations were seen as this holy grail, and that once folks started taking their vaccines,

we'd get a better handle of the pandemic.

I think what's concerning people is that if you look at the UK,

the vaccine rates are pretty high, but the delta variant's just rippling through the country.

I think that's what's really concerning people is the variant going to be able to get around

vaccines, and is that in turn then mean we're going to see these lockdowns reintroduced?

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