All moves within the front 16 quarterly........>

STIR: All moves within the front 16 quarterly contracts of G3 STIR futures have

been limited to two ticks so far this morning. Indeed, most White, Red and Green

contracts are either unch or within half a tick of yesterday's close.

- In general there has been a risk-off feel to markets today with equities

generally lower. Fixed income has generally moved higher but the curve has bull

flattened so moves have been more limited at the short-end.

- The German ZEW disappointed and the Euribor strip is within 0.5 ticks of

yesterday's close through Whites, Reds and Greens, but Blues are 0.5-2 ticks

higher on the day.

- UK employment data was generally better than expected, particularly through

wage growth, but the majority of the short sterling strip is within 0.5 ticks

expected Blues which are 0.5-1.5 ticks higher on the day.

- The Eurodollar strip is generally 0.5 ticks lower across the curve. US CPI and

average earnings figures are the calendar highlight through the rest of the

session. There is likely to be continued headline risk throughout the day.