5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  Russia investigation gets a special counsel, the pound gets a boost from retail sales, and Brazil gets another political crisis. Mueller appointment The Justice Department named ex-FBI Director [Robert Mueller]( as [special counsel]( to oversee the investigation of both Russia's efforts to influence the 2016 U.S. election as well as any possible collusion by President Donald Trump's campaign associates. The president said in a brief statement that he is looking forward "to this matter concluding quickly." Meanwhile, several U.S. congressional panels are [pushing for testimony]( from fired FBI Director James Comey following earlier [reports of a memo]( alleging that the president asked him to drop an investigation of former National Security Adviser Michael Flynn. Markets drop Asian and European markets followed Wall Street lower overnight, with the MSCI Asia-Pacific Index [down 0.7 percent]( and Japan's Topix index falling 1.3 percent despite data showing  strong [economic growth](. In Europe, the Stoxx 600 Index was [1 percent]([lower](at 5:44 a.m. Eastern Time, adding to yesterday's decline which was the largest in nearly eight months. S&P 500 futures [also point to a lower open on Thursday](. Pound rally The British pound [broke through $1.30]( for the first time since September 2016 this morning after the release of unexpectedly strong retail sales data for April. The volume of goods sold in stores and online [increased 2.3 percent]( in the month, well ahead of expectations for a 1.1 percent gain. Also in the U.K. today, the Conservative Party is expected to launch their [election manifesto](. Brazil turmoil Political turbulence made an unwelcome return to Brazil after one of the country's largest newspapers reported that a secret recording exists of President Michel Temer [approving a payment]( to Eduardo Cunha, the mastermind behind last year's impeachment of former president Dilma Rousseff. Lawmakers called for Temer's resignation last night, putting at risk the president's reform program that had buoyed markets. The country's stocks and currency are expected to [drop sharply]( in Thursday's trading. Coming up... Initial jobless data for the U.S. is due to be released at 8:30 a.m., with this week's release due to attract extra attention at it coincides with the May employment survey period. In earnings today, it is old versus new in retail as Wal-Mart Stores Inc. and Alibaba Group Holding Ltd. are both due to report. Here's what you should read today - Europe's watching the Trump crisis with a mix of [frustration and fatalism](... - ...while the Saudis have a read carpet ready, and a [steep wish list](. - China's [demographic time bomb]( continues to tick. - Brokers giving away best trade ideas lead to [unexpected paydays](. - Political turmoil abroad may make [Asia assets]( shine even brighter. - [Bird radar]( to reduce wind turbine deaths. - Cities need [good hedges](.  And finally, here’s what Tracy’s interested in this morning Amid Wednesday's broad selloff in the S&P 500 and the Dow Jones, one of the few stocks that managed to edge into the green was ConAgra -- the owner of brands Orville Redenbacher's and Jiffy Pop. As my colleague [Lorcan Roche Kelly]( points out, markets appear to have grabbed their collective popcorn. But what, exactly, they should be focusing their attention on is unclear. On 'screen one' we have the drama in Washington which, of course, was largely responsible for yesterday's tumultuous session in U.S. stocks. On 'screen two' we have the slowdown in [positive economic surprises]( that was well underway before the recent rush of political headlines. One might be characterized as an excitable political thriller capable of producing short-term thrills and spills, the other's a dry documentary with a three-hour run time and subtitles. Which one markets should be placing the most emphasis on is anyone's guess at this point, but yesterday's swift price action suggests we may be on the verge of a new and popcorn-worthy narrative.   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