5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  Stocks under pressure, Trump seeks early Nafta deal, and say hello to the new Libor. Bad start The worst start to the second quarter for U.S. stocks [since the Great Depression]( is weighing on global indexes. While Asian stocks were spared the worst from yesterday’s [tech](-led selloff -- the MSCI Asia Pacific Index slipped less than 0.1 percent -- the risk-off mode was stronger in Europe, in the first session after the Easter holiday. The Stoxx 600 Index was trading 0.9 percent lower at 5:50 a.m. Eastern Time in a broad-based selloff. S&P 500 futures pointed to a [gain at the open](, the 10-year Treasury yield was at 2.753 percent, and gold was lower. Nafta outline The White House is pushing for a [preliminary Nafta deal]( ahead of next week’s summit in Peru, according to three people familiar with the talks. Both the Mexican peso and the Canadian dollar trimmed losses on reports of the discussions. While a broad outline of a trading pact is expected -- with key details to be fleshed out in due course -- it would come as a reprieve for global markets, which have been whipsawed on fears that President Donald Trump is bent on sparking a [trade war](. M&A The end of the first quarter saw a flurry of M&A deals, and the start of the second is showing no slowdown in momentum. Walt Disney Co. is offering to [buy Sky News]( from 21st Century Fox Inc. as the latter continues to seek U.K. regulatory approval for its 11.7 billion-pound ($16.5 billion) bid for broadcaster Sky Plc. CBS Corp. is planning a [below-market value bid]( for Viacom Inc. according to a person with knowledge of the matter, with the initial offer arriving in the coming days. U.S.-based Harbour Energy Ltd., meanwhile, made a A$13.5 billion ($10.3 billion) offer for Australia’s third-largest energy producer, [Santos Ltd](. In other corporate news, music-streaming company Spotify is making its [trading debut]( today. New number Moves to replace the much-maligned Libor as a benchmark interest rate, referencing trillions of dollars of financial contracts around the world, will start to bear fruit this morning when the New York Federal Reserve begins publishing the [Secured Overnight Financing Rate](, or SOFR at 8 a.m. A Broad General Collateral Rate (BGCR) and Tri-Party General Collateral Rate (TGCR) will also be published, according to a statement on the [bank’s website](. The NY Fed’s Alternative Reference Rates Committee has recommended the SOFR as the alternative to the London interbank offered rate for use in U.S. dollar financial contracts. Coming up… European economic data this morning was dominated by manufacturing PMI figures that showed growth in the euro area at the slowest pace in [eight months]( due to capacity constraints, while U.K. manufacturing PMI came in higher than expected at [55.1 for March](. In the U.S., autosales data for March are expected to show total vehicle sales slowing moderately to an annualized 16.9 million. At 9:30 a.m., Minneapolis Fed President Neel Kashkari is due to speak at a regional economic forum, while Fed Governor Lael Brainard discusses financial stability at 4:30 p.m. Here's what you should read today - Elon Musk is back to [sleeping at the factory](. - Manhattan [home sales tumble]( by the most since 2009. - Saudi Crown Prince: Israelis have the right to [their own land](. - [Five key players]( at the heart of Deutsche Bank’s drama. - Trump lawyer moves to force [Stormy Daniels case]( to arbitration. - Teacher strikes are [spreading across the U.S.]( with no end in sight. - The galaxy missing its [dark matter](. Sponsored content by PIMCO Demystifying the Weak Dollar Puzzle Market participants have been puzzled by the decline in the U.S. dollar since the November 2016 election. Expectations over future central bank moves and short-term interest rates offer one explanation – and potentially a signal about the dollar’s future. [Here, we present a brief guide to currency moves and discuss the narrative versus the data.](   And finally, here’s what Joe’s interested in this morning Has Amazon been selling off on [fears that President Trump will do something to damage its business model](? On the surface, it appears so. The online retailer has been getting slammed lately and Trump has been tweeting about it -- appearing to move the market in the process. Okay, but relatedly, has Trump been tweeting about Netflix and Nvidia as well? I only ask, because if you look at the last 10 trading days, the shares of Amazon, Netflix and Nvidia all look virtually identical, moving the same every day and falling together by a similar amount during that time frame. So if Trump's tweets are hurting Amazon, is it just a coincidence that the shares of two other companies -- with very different business models, especially Nvidia, a chip stock -- are all doing the exact same thing? Looking at this chart, it seems at least plausible that the tweets are a sideshow in this market (an excuse to sell) and that the story that really matters is the deeper attitude shift against the big tech/momentum winners that defined the recent bull run. Just a thought.   Before it's here, it's on the Bloomberg Terminal Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.](   You received this message because you are subscribed to the Bloomberg Markets newsletter.   [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022