It has been an eventful European morning.......>

STIR: It has been an eventful European morning session for STIR markets. The

tone was set following a disappointing German manufacturing PMI of 44.5, only a

marginal improvement over March's 44.1 which marked a 6 year low. Exports and

autos were again the main culprits, raising concerns not just about the European

economy but the wider global economy. The Eurozone PMI was also slightly

disappointing. Against this backdrop, UK retail sales were substantially better

than expected as hard data continues to hold up well in the UK in the face of

Brexit.

- The biggest moves have been seen in Eurodollar futures where Whites are unch

to 3 ticks higher and the rest of the strip is 4-5 ticks higher.

- The Euribor strip has White 0.5 ticks lower to 0.5 ticks higher, Reds 0.5-1.5

ticks higher, Greens 1.5-3 ticks higher and Blues 2.5-3.5 ticks higher.

- The short sterling strip is up 0.5-1 tick across the curve.