5 things to start your day

[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  U.S.-Russia tensions rise, Trump tries to delay Justice Department investigation, and markets are calm. Mission accomplished The weekend’s [missile strikes on Syria]( by the U.S., France and the U.K. have hampered that country’s ability to use chemical weapons, according to the Pentagon. While the short-term military goal may have been met, the geopolitical fallout is likely to be less cut and dry. The attack on Russia-backed Bashar al-Assad is likely to further open the [already widening rift]( between D.C. and Moscow, with U.S. United Nations Ambassador Nikki Haley warning the Treasury Department will announce [more sanctions]( against targets in Russia later today. The ruble, already under pressure, is [falling further]( this morning. Domestic problems While President Donald Trump may have a foreign diplomatic win to be pleased about, it seems matters at home in the U.S. were taking much of his time [over the weekend](. He [traded barbs]( with former FBI Director James Comey, who said he was “[morally unfit” to be president]( in a prime-time interview on Sunday. Separately, Trump is seeking to delay the [Justice Department’s review]( of evidence secured in raids on the home, office, hotel room, safety-deposit box and phones of his personal lawyer, Michael Cohen. Markets calm Global markets seem to be treating the weekend attack in Syria as an isolated event, rather than the enlargement of the regional conflict. Overnight, the MSCI Asia Pacific Index fell 0.1 percent, while Japan’s Topix index closed 0.4 percent higher as the yen dropped amid falling haven demand. In Europe, the Stoxx 600 Index was broadly unchanged at 5:40 a.m. Eastern Time, with investors seemingly happy to take a wait-and-see approach to the Syria fallout. S&P 500 futures pointed to a [gain at the open](, the 10-year Treasury yield was at 2.858 percent and gold was slightly lower. Oil’s next move Hedge-fund bets that Brent crude futures will continue to climb [reached a new high]( in the week ending April 10, according to data on ICE Futures. Wagers on future rises in West Texas Intermediate slipped, as the U.S. benchmark is seen as less exposed to geopolitical tensions. Bloomberg strategist Julian Lee says that the real upside risk to oil prices is not missile strikes in Syria, but rather the possibility of [oil sanctions against Russia and Iran](. In the market this morning, a barrel of WTI for May delivery [dropped 86 cents to $66.53](, after closing on Friday at the highest level for the first forward contract since December 2014. Coming up… At 8:30 a.m., U.S. retail sales data for March are released, with expectations for a 0.4 percent rise in the headline rate, the first increase in four months. The number is seen as a test as to whether U.S. workers are putting their extra tax-cut cash into savings and debt repayments, or using it to [go shopping](. In earnings today, Bank of America Corp. reports before the open, with Netflix Inc. due after the close. Here's what you should read today - Odd Lots explores what ICOs and a [1946 law involving a Florida orange grower]( have in common. - A fund that beats 98 percent of its peers is [shorting the dollar](. - China and Japan hold first [economic talks]( in eight years. - Wall Street economists see global growth cresting, [not collapsing](… - ...As [realism replaces euphoria]( for eurozone as economists cut outlook. - Merkel’s struggle to [gain Trump’s ear]( leaves Berlin sidelined. - Elon Musk worries that AI will create an “[immortal dictator](.”  And finally, here’s what Joe’s interested in this morning It's been a little over two months since volatility kicked into higher gear in early February, and the dominant theme since then has been a state of [confusion.]( It feels like we're in a gigantic story Cuisinart, where anything anyone says gets immediately chopped up beyond all recognition. Remember, the anxiety a few months ago was that growth supposedly was going to kick inflation into a higher gear, and that would spur faster rate hikes, taking down risk assets. Now I read in Goldman's weekly Kickstart note that "recent weakening in some indicators have prompted clients to question how long the current expansion will last". And that's just a small slice of the reversals and confusion. Apparently, we're seeing a reckoning for big tech stocks, and yet the NYSE FANG+ index is comfortably crushing the S&P 500 so far this year (up 11 percent vs down 0.6 percent). Trump's trade actions are seen as a threat to the market, and yet so are any perceived threats to his presidency. Divided government is supposed to be good for the market, and yet there's some talk about investors being worried that Democrats might win big in November. There's a notable volatility disconnect between equities and other asset classes like bonds and currencies (which are more placid), and yet there have been some rather big moves in specific currencies (like the Turkish lira and the Russian ruble, which have been hammered). And then of course there's geopolitics, which is heating up again, and yet it's not clear that it's playing out in any specific way. There are a lot of threads to pull on, but it's not obvious where any of them lead.   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