German fixed income futures are little........>

BUNDS: German fixed income futures are little changed on the day, sticking to a

tight range overnight. Schatz +0.005, Bobls unch., Bunds -0.05.

- Tuesday bought soft EZ data & remarks from ECB Pres Draghi, who said that

"recent economic developments have been weaker than exp. & uncertainties,

notably related to global factors, remain prominent," subsequently attempting to

play down worries re: recession. German 2018 GDP growth came at 1.5%, the lowest

in five years, while final French & Spanish Dec CPIs came at 1.9% & 1.2%

respectively.

- The space moved to best levels after UK PM May's Brexit deal was comfortably

defeated in the Commons, easing afterwards, although the move lower could hardly

be deemed a pullback, with contracts operating just shy of Tuesday's highs.

- Also worth noting that German press reports have suggested that Bundesbank

Pres Weidmann's contract will be extended by another 8 years.

- Final German CPI data will hit Weds, with one eye also on Italian industrial

orders data. ECB's Nowotny is also due to speak. On the supply front, Germany

will sell EUR 1.5bn of its 1.25% Aug-48 line later today.