5 things to start your day

[Bloomberg]( They’re all still talking. Here are some of the things people in markets are interested in today. Trump meets Lie He President Donald Trump is scheduled to meet [China’s top trade negotiator]( this afternoon during the current round of U.S.-China negotiations in an attempt to forge a preliminary agreement on trade ahead of the March 1 deadline for the imposition of new tariffs. That the meeting is going ahead at all is viewed as a good sign for progress, bolstered by China’s proposal to purchase [$30 billion more]( in U.S. agricultural products. Still, the [economic damage]( from the standoff is mounting, putting further pressure on both sides to come to a deal. Damage done Talks on Brexit in Brussels have unsurprisingly made little progress, with Michel Barnier, the European Union’s chief negotiator, saying that he does not rule out[a possible delay]( to the March 29 exit date. While that might help forge a political agreement, signs are mounting that significant damage has already been inflicted to the U.K. economy as companies struggle to prepare for [a messy Brexit](. Currency analysts are looking through the possible lift to the pound from any deal, saying that the damage to growth already means any sterling rally [may be short lived](. Sponsored by KBS Direct [Did you know that direct investment in commercial real estate afforded higher annual current income than public bonds or public real estate companies in 2018? KBS Growth & Income REIT is sold directly to accredited investors without upfront commissions or fees paid by investors. Own income-producing Class A office in prime real estate markets as part of your income and investment strategy. Invest Direct. KBS Direct.](  Central bankers Ok, they are not in talks with each other over a deal, but there are still plenty of them set to make their views known today. European Central Bank President Mario Draghi is set to give a speech in Italy this morning Eastern Time, with speculation mounting over the central bank’s [next policy move](. There is a New York Fed event today on quantitative tools for monitoring macroeconomic and financial conditions, and if that is your bag, you’re in for a treat, with Federal Reserve Bank of Atlanta President Raphael Bostic, Fed Vice Chairman Richard Clarida, and New York Fed President John Williams all due to speak. There is another event in New York on the Fed balance sheet where Fed Vice Chairman Randal Quarles, Federal Reserve Bank of St. Louis President James Bullard and  San Francisco Fed President Mary Daly are among the speakers. Markets mixed Overnight, the MSCI Asia Pacific Index edged 0.1 percent higher while Japan’s Topix index closed 0.3 percent lower as weaker global economic data rekindled fears over growth. In Europe, the Stoxx 600 Index was 0.4 percent higher at 5:50 a.m. with technology and materials stocks the strongest performers. S&P 500 futures pointed to a [gain at the open](, the 10-year Treasury yield was at 2.686 percent and gold was flat. Coming up… While much of the day’s headlines will be dominated by what people are saying, there is some hard data to look out for. At 8:30 a.m., retail sales for Canada will be [closely watched]( to see if they can help give Bank of Canada Governor Stephen Poloz more clarity about the economic outlook. The U.S. Department of Agriculture export sales figures for the six weeks ending Feb. 14 at 8:30 a.m. should get an unusual amount of attention as they will show the volume of China’s soybean purchases. Crude investors will keep an eye on the Baker Hughes rig count at 1:00 p.m. as oil is set to post [another weekly gain](. What we've been reading This is what's caught our eye over the last 24 hours. - SocGen weighs [thousands of job cuts]( at investment bank, sources say. - Junk-bond rally obscures [a gathering storm](. - Can Trump’s wall [stand up in court](? - Kraft Heinz sinks [near record low]( on $15.4 billion writedown. - Mysterious [8,500 percent stock gain]( attracts big funds (and big questions). - China develops [non-deadly microwave weapon]( that zaps under the skin. - A [really big bee](. Want the lowdown on European markets? Get the [European edition of Five Things]( in your inbox before the open, every day. And finally, here’s what Luke's interested in this morning James Carville, the former senior adviser to U.S. President Bill Clinton, once quipped that he’d like to be reincarnated as the bond market, so that he’d be able to intimidate everyone. Nowadays, the Treasury market is so quiescent that it's hardly worth worrying about for risk-taking investors. Low and stable yields may have even provided a lot of the oomph for the 2019 rally in stocks and other risky assets. But with [the term premium and implied bond volatility near uncharted territory](, the risk that there’s little room for these metrics to move lower – and lots of room to the upside – may become an ever-present concern for equity bulls. Naufal Sanaullah, chief macro strategist at EIA All Weather Alpha Partners, noted that nearly all of the data released on Thursday managed to exceed expectations (save for German manufacturing), and that the bar for economic surprises was so low that any hint of a macro rebound could spur a sell-off in core bonds – including Treasuries. Then, during European trading hours, there was a strong positive correlation between U.S. stocks and bonds, with both selling off. "Score one for the "European macro --> DM long end" camp IMO," he tweeted. Oh, the irony: after concern about global economic deterioration had weighed on risk appetite in December, a global economic recovery could also dim the appeal of risk assets by bringing interest-rate risk back on the menu. 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. 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](. [FOLLOW US [Facebook Share]]( [Twitter Share]( [SEND TO A FRIEND [Share with a friend]]( You received this message because you are subscribed to Bloomberg's Five Things newsletter. 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