May.04 — Bloomberg Surveillance: Early Edition, live from London, Berlin and New York. Francine Lacqua, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. Murat Ulgen, Global Head of EM Research at HSBC, says investors have adopted a neutral stance on emerging markets. Wei Li, Global Chief Investment Strategist at BlackRock Investment Institute, explains why markets are mispricing inflation. Moderna Co-Founder and Chairman Noubar Afeyan says the company is testing lower-dose vaccines in an attempt to boost supply.