It has been a fairly quiet day for STIR........>

STIR: It has been a fairly quiet day for STIR futures thus far in spite of the

recent moves seen in EGBs, gilts and USTs.

- Euribor Whites and Reds have seen little movement, with all contracts within

0.5 ticks of yesterday's close. However, the curve further our has flattened on

the back of the poor PMI prints this morning with Greens 0.5-1.5 ticks higher

and Blues 1.5-2 ticks higher on the day.

- The Eurodollar strip has moved gradually higher with most of the strip

generally 1 tick higher. Again these moves are largely on the back of the

European PMIs this morning.

- The moves in short sterling futures are more puzzling most of the strip is one

tick lower on the day. The main talking points in the UK are all political at

present, as Boris Johnson begins to name his team and cabinet members.