Markets Overview:

UK 100 called to open up 14 at 7430, remaining within the 5-day range between 7410 and 7460. Are we about to see a short-term retest of the 7460 level? Bulls need a clear break above the 7460 region to extend the 3-month rising channel towards 7560. Bears require a breach of 7410 and then 7370 for a fall back towards the channel floor at 7240. Watch levels: Bullish 7460, Bearish 7410

 The EU has agreed to commence talks over a trade deal with the U.S. EU governments directed the European Commission to focus on reducing tariffs for industrial goods, excluding agriculture. However, the U.S. envoy to the EU recently said that agriculture must be included for negotiations to take place.

 Traders should watch for today’s meeting of G20 Finance Ministers and Central Bank Governors.

 A late session bounce pushed New Zealand’s equity markets back into positive territory after mixed trading in NZ and Asia Pacific. The NZX 50 closed up 1.73 points to 9768.33, but remained down 0.9% for the week. This ends the index’s 9-week winning streak.

 Taiwan stocks lost early gains, with the market slightly lower for the latter part of the session. A late recovery left the Taiex down only 3.47 points at 10805.30, for a 0.9% gain over the week. This is the 5th-straight positive week for the index, the longest positive run in 15 months.

In corporate news this morning:

Entertainment One has struck a deal to buy soundtrack creator, Audio Networks, for £178m, to be partly financed by a share placing. Audio Networks is one of the world’s largest independent creators of original music for use in films and other media.

 BP’s withdrawal from 2 shale-gas blocks in China’s Sichuan basin illustrates the complexity of extracting shale gas in that country, says energy consultancy Wood Mackenzie. China’s shale-gas formations tend to be deeper, more fragmented and less-pressurized than in the US. They predict that China’s 2020 shale-gas production will only be half of the government’s targets.

 Rentokil Initial must address competition concerns surrounding the potential acquisition of Mitie Group’s pest-control unit, say U.K. competition regulators. The Competition and Markets Authority said the takeover may reduce choice and result in higher prices for customers. Rentokil has been given until April 23 to address the concerns, or face a full merger investigation. Rentokil agreed the £40m deal in 2018, which would combine two of the U.K.’s major suppliers of pest-control services. (DJ)

Uber released its long-awaited IPO prospectus. The company will list on the New York Stock Exchange under the symbol “UBER.”

Gold was little changed on Friday, having declined the most in two weeks in the previous session after strong U.S. economic data, but the metal’s losses were limited by falls in the dollar and Asian equities.

In focus today:

• Eurozone Industrial Production
• US Import Prices
• US Trade Balance