Eonia last fixed at -0.3650% unchanged........>

EONIA: Eonia last fixed at -0.3650% unchanged. Volume stands at EUR2.7bln down

from EUR2.3bln with excess liquidity at EUR1,844bln.

- The EUR OIS curve is broadly unchanged, albeit with a slight down tick in the

1m and 3m spot rates. The curve has shifted lower over the week alongside a

further drawdown in the EUR 5y5y forward inflation swap.

- This morning's negative German IP surprise (-1.9% M/M vs 0.3% survey; -4.7%

Y/Y vs -0.8% survey) only adds to the bleak narrative around regional/global

growth which will keep pressure on rates.

- Furthermore, we noted yesterday that MNI PINCH estimates a 36% probability of

a 10bps hike to the ECB depo rate at the December 2019 monetary policy meeting,

down from 67.0% a month ago.