7 things you need to know before the opening bell

The IEA thinks oil prices could've bottomed. Reuters reports that the International Energy Agency says there are signs energy prices might have put in their lows, as output is falling faster than expected and the supply from Iran is having a smaller impact than expected. In its latest forecast, the IEA projects that non-OPEC output will fall by 750,000 barrels a day in 2016; it previously forecast a drop of 600,000 barrels a day. The US alone will see a drop in production of 530,000 barrels a day, the IEA says. Crude oil is up 2.2% at 38.66 a barrel.

The UK's trade deficit with the EU hit a record. Data from the Office of National Statistics showed that the UK's trade deficit widened to £10.3 billion ($14.7 billion) in January, in line with estimates. Notable is that the UK's trade deficit with the European Union expanded to £8.1 billion for the month and £23 billion over the past three months, both records according to Bloomberg. This will surely be a talking point of those campaigning for a British exit from the European Union at the June 23 referendum. The British pound is stronger by 0.2% at 1.4303.

European bank stocks are surging. On Thursday the European Central Bank lowered its main refinancing rate to zero and cut its deposit rate to -0.40% while increasing its quantitative-easing program to €80 billion a month. The announcement has sparked a massive rally in European financials. Italian banks are among the top performers on the day, as UniCredit and Intesa Sanpaolo are both higher by more than 5%.

Deutsche Bank warns that Q1 will be rough for banks. Volatile financial markets will pose a challenge for the entire banking sector in the first quarter, Deutsche Bank warns. This seems to jive with comments from other investment banks like JPMorgan and Citigroup, which have previously warned about tough conditions. "Deutsche Bank is no exception to this," CEO John Cryan said in the company's annual report, which was published Friday. "Nonetheless, in this period of market turbulence, Deutsche Bank remains very solid."

Singapore is the most expensive city to live in. On Thursday the Economist Intelligence Unit released its report titled "Worldwide Cost of Living." It showed that Singapore was the most expensive city in the world to live in when taking into account factors including food costs, fuel costs, and salaries. Rounding out the top three were Zurich, Switzerland, and

Hong Kong. US cities making the top 10 were New York (No. 7) and Los Angeles (No. 10).
A new iPhone might be coming soon. Apple has sent out invitations for its next event, which is scheduled to take place on March 21. It's being speculated the company will announce the launch of an upgraded 4-inch iPhone and a new Apple Watch.

Stock markets around the globe are higher. Hong Kong's Hang Seng (+1.1%) paced the overnight gains, and Germany's DAX (+2.8%) is the top performer in Europe. S&P 500 futures are higher by 18.75 points at 2,007.25.

Read more:

• Economic calendar for the European and American trade sessions 17.05.2018
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• CAD is the only currency in G-10 with positive quarter against USD
• UK – Halifax house prices below expectations -3.1% vs -0.2%
• Economic calendar for the European and American trade sessions 07.05.2018