5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  OPEC plays it safe, Trump meets NATO allies in Brussels, and U.K. GDP is revised lower on trade. Safe bet Saudi Arabian Oil Minister Khalid Al-Falih said that a nine-month extension to oil production cuts is a "very safe and almost certain option," at the opening session of the meeting between [OPEC and its allies]( in Vienna this morning. Oil prices are getting whipsawed by headlines coming out of the meeting, however. A barrel of West Texas Intermediate for July delivery, which had hit $52 earlier in the session, dropped to [trade at $51.01]( by 5:25 a.m. Eastern Time, after Al-Falih deemed proposals for deeper cuts unnecessary. Trump in Europe President Donald Trump continues his first overseas tour as he meets with the U.S.'s [NATO allies]( at the organization's headquarters in Brussels today. While this week's deadly bombing in Manchester has added urgency to the president's call for the group to become more engaged in fighting global terrorism, a spat between U.K. and U.S. intelligence services over the leaking of details of the investigation into the attack risks overshadowing the meeting. British police are reportedly [no longer sharing information]( with their U.S. counterparts. U.K. GDP The second reading of first-quarter growth in the U.K. showed the economy grew slower than originally estimated, with a [0.2 percent expansion]( in the period. The report from the Office of National Statistics showed that net trade was the biggest drag on the economy, with exports falling 1.6 percent. The Bank of England had expected growth for the period to be revised higher, so this morning's disappointing report may tempt policy makers to continue to maintain support for the economy. Markets are quiet Overnight, the MSCI Asia Pacific Index [climbed 0.7 percent](, while Japan's Topix Index added 0.2 percent. China's Shanghai Composite Index [rose 1.4 percent](, spurring speculation of state support for the market. In Europe, the Stoxx 600 Index was [unchanged at 5:50 a.m.]( as traders digest yesterday's [Federal Reserve minutes]( and the OPEC meeting. S&P 500 futures [added 0.3 percent](. Coming up... At 8:30 a.m. initial jobless claims data is released in the U.S., with expectations for 238,000 new claims. It's also worth keeping an eye on developments in Brazil today as pressure on [President Michel Temer]( intensifies. Violent protests have rocked the country's capital, with the ministry of agriculture [set on fire](. Here's what you should read today - Fixing FX: The currency trader's new guide to [ethical behavior](. - Moody's downgrades Hong Kong because of its ties to China. [Was it justified](? - What the size of May's post-election majority [means for the pound](. - Investors flock to a [Pakistan ETF]( before its emerging market entry. - China writes a [117-page wish list]( for 'win-win' U.S. trade ties. - This could be the [euro's best year]( in a decade. - Norway's central bank has its own way of [launching new banknotes](. Sponsor content by Bank of America Merrill Lynch Are you prepared for the new reality? Learn more on the impact of Artificial Reality, Virtual Reality and Mixed Realty. [Experience the BofAML VR](.   And finally, here’s what Joe’s interested in this morning By now you've heard that a few big tech stocks are clobbering the broader market this year. Amazon, Facebook and Apple are all up by about 30 percent or more. This is the source of a lot of consternation and debate. If you're an active manager who's not heavily into those stocks, then there's a good chance you're lagging the broader market. There's also a lot of talk about whether it's "healthy" for a few stocks to carry so much of the load for the entire bull market. However, as [Oliver Renick showed a couple of weeks ago](, it's not that weird to see the concentration of gains we're seeing now. But what about the rest of the market? How's it really doing? [Ben Carlson over at Bloomberg Prophets]( has sliced the data by examining the cumulative advances and declines for the market overall. Basically, it looks at whether more stocks are going up at any given time than going down, or vice versa. It turns out, as you can see on the chart below, that most stocks have been trending higher during this bull market. That definitely wasn't the case back in the tech bubble of the 1990s, when many stocks started deteriorating as early as 1998. Anyway, [his piece is a great read](, and while it doesn't tell you whether equities will go up or down, it should help disabuse you of the notion that there's something particularly unusual going on right now.   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