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[Bloomberg Markets]( [SUBSCRIBE]( [Facebook Share]( [Twitter Share]( [LinkedIn Share]( #?cmpid=BBD042817_MKT&utm_medium=email&utm_source=newsletter&utm_term=170428&utm_campaign=markets Forward Guidance   It's GDP day, Trump warns of "major conflict" with North Korea, and Britain unites the EU. GDP day First-quarter growth data released today showed the U.K. economy slowing more than forecast, with [expansion of 0.3 percent]( over the period. The slowdown was driven by weakness in consumption, as inflation continued to eat into wages. The gross domestic product print in Spain showed renewed momentum, with the economy [growing 0.8 percent]( in the first quarter. France and Austria registered [expansions of 0.3 percent]( and 0.5 percent respectively. Also this morning in Europe, the flash inflation estimate for April showed [core inflation in the euro area]( expand at the fastest rate in almost four years. At 8:30 a.m. Eastern Time U.S. growth figures will be released, with an annualized first-quarter rate of [1 percent expected](. Trump warning In an interview with Reuters, President Donald Trump warned that a "[major conflict](" with North Korea is possible if [diplomatic solutions fail](. The president, who said in the interview that he is finding the job more difficult than he'd expected, is [struggling to achieve]( as much as he wanted ahead of his administration's 100-day anniversary tomorrow. A full breakdown of what he [has achieved so far]( shows he hasn’t yet signed into law any of his major policy priorities. EU united British Prime Minister Theresa May finds herself facing an [unusually united European Union]( in Brexit negotiations, with the leaders of the 27 other member states holding a summit in Brussels tomorrow to agree a joint position. One positive sign for the U.K. is the possibility that the EU may allow talks to[ cover a trade deal]( before both sides agree on a specific exit fee for Britain.  Bring the power of Bloomberg to any news story, anywhere We created a new tool we think you'll love. Now you can scan any news story on any website to instantly reveal relevant news and data from Bloomberg related to the companies and people you're reading about. [Try it on iOS or Google Chrome today](. Markets flat Overnight the MSCI Asia Pacific Index [slipped 0.3 percent](, with Japan's Topix index dropping by the same amount while still managing to post its strongest weekly performance since December. In Europe, the Stoxx 600 Index was [0.2 percent lower]( at 5:50 a.m. as the euro rose to $1.0937 after inflation data. S&P 500 futures were [broadly unchanged](. Earnings Barclays Plc continued the recent European-bank trend by posting results that [failed to live up to expectations](, with a surprise drop in fixed-income trading revenue seeing shares trade 5.5 percent lower by 5:57 a.m. In the U.S. today it's the turn of oil majors to report, with results from Exxon Mobil Corp., Chevron Corp., and Phillips 66 Co. all due. Here's what you should read today  - How Trump and Brexit could change [global bank rules](. - Draghi's right to keep his [foot on the gas](. - SNB has [room for rate cuts]( and more interventions, Jordan says. - ETFs are "[weapons of mass destruction](" according to FPA Capital managers. - Some investors are betting the [high-yield party is over](. - Goldman Sachs sees bullion [heading to $1,200]( within months. - How [money is created](.  And finally, here’s what Sid’s interested in this morning What do Treasury markets know that their credit and stock counterparts don’t? That’s the question investors are asking themselves as they survey a [confusing]( market landscape. While risk assets have danced to a bullish beat this year, U.S. government bonds have flashed a warning on the health of the economy. Real interest rates, money-market rates and the U.S. Treasury curve are pricing in expectations that are inconsistent with the exuberance in the stock market. The term premium -- or the compensation investors demand to own longer-date obligations versus shorter-dated ones, for example -- is back in negative territory, underscoring skepticism over the Trump-fueled reflation trade. For sure, Treasuries can be an imperfect proxy for the economic cycle, but a number of market participants reckon that -- at some point -- rate markets need to sell off, otherwise risk appetite will need to beat a retreat. Over at Bloomberg View, Tim Duy has a [counterpoint](: based on history, the Treasury-equity divergence doesn’t look particularly worrisome. "Typically it is later in the tightening cycle that we should worry about the divergence between stocks and bonds,” he says. The risk to watch: the Federal Reserve’s reaction to loose financial conditions, which has fully offset the impact of the past two rate hikes.   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