5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  North Korea wants a peace treaty, big German corporate moves, and shale is eating OPEC's pie. Peace in our time South Korean media is reporting that Kim Jong Un wants to [sign a peace treaty]( with the United States and establish diplomatic relations while agreeing to nuclear disarmament, after he meets Donald Trump. The U.S. president agreed last week to meet the North Korean leader, with key details of the summit yet to be decided. The U.S. would only agree to a peace treaty after denuclearization, rather than signing one to start the process, according to analysts. CIA Director Mike Pompeo said the U.S. would make [no concessions]( to North Korea ahead of the talks. On the domestic front, Special Counsel Robert Mueller is said to be close to completing his investigation into whether Trump obstructed justice, [but may delay a decision]( on the matter until he has finished other key parts of the probe. Energy deal EON SE and RWE AG [surged in European trading]( this morning as the companies engaged in a complex deal to take control of Innogy SE and transform [Germany’s energy industry](. Under the deal, EON will emerge with the retail and network businesses of both companies, while RWE will own the combined renewable-generation business plus a large stake in EON. The deal will mostly be share-based with relatively small amounts of cash changing hands. Elsewhere in Germany, under pressure lender Deutsche Bank AG said it plans to raise as much as 1.8 billion euros ($2.2 billion) in an IPO of its [asset-management unit](, while also increasing the pace of job cuts in its retail unit to [6,000 by the end of 2022](, according to people briefed on the matter. Oil slip? While output cuts agreed by OPEC and its allies have been successful in halting the decline in oil prices, signs are increasing that the producer group is falling victim to that success, with U.S. production [taking a larger slice]( of the Asian oil market. ING Groep NV sees Brent crude, currently trading at $65.00 a barrel, falling to $57 in the second half of this year as shale producers take advantage of higher prices and improve [cost controls](. A barrel of West Texas Intermediate for April delivery was [trading at $61.61]( by 5:45 a.m. Eastern Time, as the commodity faded from last Friday’s post-jobs data surge. Markets rise Overnight, the MSCI Asia Pacific Index rose 1.7 percent, its biggest one-day gain in more than a year, while Japan’s Topic index closed 1.5 percent higher, with the region’s equities lifted by Friday’s U.S. payrolls number. In Europe, the Stoxx 600 Index was 0.3 percent higher as strong U.S. data was tempered by Trump’s continued [saber-rattling on trade](. S&P 500 futures pointed to a [higher open](, the 10-year Treasury yield was at 2.901 percent and gold slipped. (Another) Brexit headache The latest problem to rear its head for British Prime Minister Theresa May is a home-grown one. Devolved governments in Scotland and Wales are seeking guarantees that any powers returned to the U.K. after the country leaves the European Union will be [passed onto the regional administrations](. At risk for May is the possibility of reigniting a Scottish independence drive, leaving her trying to hold one union together as [she leaves another](. For markets this week, Brexit is likely to take a back seat as pound traders focus on fiscal policy with U.K. Chancellor Philip Hammond due to give his [Spring Statement]( in which a cut in government borrowing needs is expected.  Here's what you should read today - Demand at U.S. Treasury auctions is the[lowest since 2009](. - Federal Reserve seeks the rarely spotted ‘[economic soft landing](.’ - Japan scandal [gives boost to yen bulls]( looking at 100 mark. - White House gun plan [backs arming teachers](, avoids age limit change. - Putin is sure of victory, but [little else](. - Tesla [temporarily suspended]( Model 3 production in late February. - Can central bankers become [Superforecasters](?  And finally, here’s what Joe’s interested in this morning I was on vacation for most of last week, and apparently I missed all the news. I missed the market freaking out that Gary Cohn was leaving, and I missed that the market got over him in, like, 30 minutes. I missed the possibility of a historic meeting between President Trump and Kim Jong-un. And I missed the Goldilocks jobs report, which showed that maybe there's still an ample amount of labor market slack (surprise!). It's always tough diving back into a news cycle. It's kind of like trying to catch a plane mid-flight. So rather than saying anything relevant today, I'll just point you to this recent blog post from the always-fantastic Bill McBride simply titled [When the Story Changes, Be Alert](. Bill has been monitoring the economy's twists and turns for well over a decade, exhibiting a remarkable mastery of the details and a rare lack of bias. He was bearish before it was cool in the mid-2000s, and he's been steadily optimistic since the crisis. His message is simple: there are changes happening. Mortgage rates are ticking higher. Trade may be becoming less free. The tax code is changing. The Fed may hike faster than anticipated. He concludes: "I still think the economy will be fine in 2018, but the story is changing." McBride's post pairs nicely with the recent speech from Fed Governor Lael Brainard titled [Navigating Monetary Policy as Headwinds Shift to Tailwinds](. Brainard was once a loud dove, who now says the macro environment is the "mirror image of the environment we confront a couple of years ago." In other words, the story is changing, be alert.   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