| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning. U.S.-China tensions are flaring up, the debate around negative interest rates in the U.K. continues and an airline is nearing a bailout. Here's what's moving markets. From The Top President Donald Trump escalated his rhetoric against China, suggesting that the country's leader, Xi Jinping, is behind a "disinformation and propaganda attack on the United States and Europe." "It all comes from the top," Trump said in a series of tweets on Wednesday night. While Trump has often blamed China for failing to prevent the pandemic, he's been careful to maintain that his relationship with Xi remains strong. The White House also issued a broad critique of China's economic and military policies. And spare a thought for the World Health Organization, which is fighting the pandemic while stuck in the middle of the argument. No Surprise Speculation around negative rates in the U.K. reached fever pitch as Governor Andrew Bailey said the Bank of England isn't excluding the idea of taking borrowing costs below zero as it tackles the economic impact of the coronavirus. Keeping all options on the table should "come as no surprise," he added, while noting that such a policy had gotten "mixed reviews" elsewhere. The comments came after Britain sold bonds with an average yield below zero for the first time and as a report showed inflation slowed to the weakest level since 2016. The pound slipped about 0.4% against the dollar this morning. Urgent Bailout Looms Chancellor Angela Merkel said Germany's talks to bail out Deutsche Lufthansa AG are nearing completion, providing hope for a positive resolution just as the embattled airline's management warned that a multibillion-euro rescue was becoming urgent. "A decision can be expected shortly," Merkel said late Wednesday in Berlin, adding that "intensive talks" were ongoing with the company and the European Commission, which would need to approve a deal. Lufthansa confirmed in a statement it's in advanced talks with Germany's Economic Stabilization Fund for aid of as much as 9 billion euros ($9.9 billion). The sides have been locked in intense negotiations for weeks. Equities Slip Asian stocks edged lower and U.S. and European futures retreated, halting this week's rally for global equities. The U.S. Senate passed a bill that could bar some Chinese companies from listing on American exchanges, while minutes from the U.S. Federal Reserve's latest meeting showed officials agreed the "economic effects of the pandemic created an extraordinary amount of uncertainty and considerable risks to economic activity in the medium term." Note that volumes could be lighter as several European countries observe Ascension Day. Coming Up… The Turkish central bank is forecast to cut interest rates just as the country declares mission accomplished against the virus, and South Africa is also expected to cut. In data, purchasing managers indexes from the Eurozone, U.K. and U.S. are likely to be miserable. Finally, for corporate earnings, watch for Italian insurer Assicurazioni Generali SpA and U.S.-listed soccer club Manchester United Plc. Travel group Expedia Group Inc. edged higher in New York after saying it's seen cancellations stabilize and growth return in May. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morning Global value shares may be climbing but they still look cheaper than ever -- at least on a relative basis. The MSCI World Value Index is now trading at a record 12-month forward price-earnings discount to the broader global equity benchmark, according to data compiled by Bloomberg going back to 2001. The value gauge has risen 25% since its late-March low, but that's not enough to beat the 31% climb in the MSCI World Index. On a ten-year view, the performance lag is even more stark with the 38% rise in value shares paling in comparison to the 95% surge in the MSCI World. Comprised of a combination of financial, health-care, consumer staples and industrial stocks, value shares have become a bet on the return of inflation -- and the record valuation gap is further evidence that disinflation is first and foremost on investors minds.  Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close | 
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