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EUR Strength Pervades After London Close


EUROPE SUMMARY: Sterling Put Liquidation


Dec23/Dec24 Spread Sold


Oil Inches Off Cycle Highs on OPEC+ Comments


Larger FX Option Pipeline

BOND SUMMARY: Gilts are on the backfoot this morning while UST and German curves
have seen smaller moves with the latter two curves also seeing some steepening
in the 2s10s area this morning.
- The main story of the morning regards the leak overnight of the proposal the
UK government will submit to the EU later today. The main features are extra
customs checks, Northern Ireland remaining within single market mechanisms until
2025 before the NI Assembly chooses whether to keep the "two border" system or
align more with the UK. The full legal text has yet to be finalised although
various "sources" reported in the media from the European side have suggested it
will not be acceptable to the EU. PM Johnson is due to speak at around 11:40BST.
- Equities have been under pressure this morning while the only real notable
data has seen the UK construction PMI disappoint. Later today we will hear from
the Fed's Barkin, Harker and Williams while the ADP employment report is the
highlight of the data calendar.
- TY1 futures are up 0-1+ today at 130-22+ with Bund futures down -0.24 at
173.96 and Gilt futures down -0.35 at 134.15.