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Good morning. A possible next phase of China’s crackdown, signs of a Fed taper in fall and a French-British tussle over travel rules. Here’s what’s moving markets.

After France was left out when the U.K. loosened entry requirements for most of Europe this week, the French government has redoubled its efforts to get the U.K. to reverse Covid-19 restrictions on visitors from France, ahead of a British reassessment of those rules on Thursday. French Transport Minister Jean-Baptiste Djebbari said the U.K.’s policy requiring travelers from France to isolate for up to 10 days and take two tests is based on questionable science. Meanwhile, in an effort to curb Britain’s ‘pingdemic’ of contact tracing notifications, the country’s government has restricted the parameters of the National Health Service’s Covid-19 phone app.