It has been a risk-off day in STIR markets.....>

STIR: It has been a risk-off day in STIR markets today with a swathe of European

data surprising to the downside (or at best in line with expectations).

- There have been three notable misses in Eurozone data. Italian industrial

orders and sales both saw big year-on-year falls, the Eurozone current account

fell to a level that has only been surpassed once since mid-2015 while the

current situation of the German ZEW survey fell to the lowest level since 2014.

The Euribor strip has shifted higher today with most of the curve 1-1.5 ticks

higher.

- In the UK, labour market data was largely in line with expectations and Brexit

and political headlines remain the driver of markets. White and Red short

sterling contracts at flat to 0.5 ticks higher while Green and Blue contracts

are generally 1.5 ticks higher on the day.

- The front six Eurodollar futures contracts (H9-M0) have moved 2-2.5 ticks

higher while the rest of the Eurodollar strip has moved 1-1.5 ticks higher.

There is little of note on the US calendar today other than a Mester speech due

at 13:50GMT.