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STIR: After a fairly quiet and relatively risk-off European morning session,
STIR markets started to move lower around midday BST/7am ET as the US got into
the office. A higher than expected US CPI helped risk sentiment further before
news that the US would delay imposing some additional tariffs on China from
September 1 to December 15 saw significant moves lower in STIR markets.
- As would be expected on the back of positive US news, Eurodollar futures saw
the biggest moves in G3 STIR future space. There was bear steepening of the
curve in the White area with the Sep19 contract down 3.5 ticks, Dec19 down 5.5
ticks, Mar19 down 7.5 ticks while the rest of the strip was down 8.5-9.5 ticks.
- The short sterling curve has retraced some of its initial losses off the back
of the tariff headlines and now the majority of the strip is 2.5-4.5 ticks lower
on the day with the biggest moves seen in Blues.
- The Euribor strip has seen much smaller moves, however, with the majority of
the strip unch to 1 tick lower on the day.