A risk off tone this morning has seen STIR.....>

STIR: A risk off tone this morning has seen STIR futures rally, with Eurodollar

leading the moves higher as the arrest of Huawei's CFO has led to renewed

concerns that the US-China trade deal is already set to come under pressure.

- Reds and greens have seen the biggest moves on the Eurodollar curve, moving

4.5-5bp higher on the day.

- Short sterling and Euribor whites have been more stable this morning but reds,

greens and blues have generally rallied 1.5-3bps, dragged by the wider risk off

sentiment.

- Implied rates on Swedish FRAs have fallen around 1bp more than Euribor implied

rates on reds and greens this morning.

- Norwegian FRAs have held up more than most other money markets this morning,

with implied rates around 0.5-1bp lower on the day. This is in spite of oil

prices falling on expectations that OPEC will not agree on significant output

cuts.