It has been another fairly quiet morning in....>

STIR: It has been another fairly quiet morning in STIR markets today with the

biggest moves seen in the Euribor futures strip. The preliminary print of German

2018 GDP came in at 1.5%, in line with consensus but the lowest yearly growth

since 2013. Furthermore, there has been focus on the Italian banking sector.

Whites are largely unchanged, but the Red part of the curve has flattened.

Greens and Blues are 2-2.5 ticks higher on the day.

- Short sterling has seen a mild sell-off in the Blue area of the curve but

Whites, Reds and Greens are all within 0.5 ticks of yesterday's close. All focus

in the UK is on the "meaningful vote" on May's Brexit deal. The vote is not

expected to pass but the margin of the government's defeat will be key with sell

side analysis pointing to the margin of defeat for May of potentially as high as

220. Conversely a defeat by around 70 votes would probably be seen as a

positive. We expect the result of the vote to be announced around 2030GMT.

- The Eurodollar strip has seen Reds and Greens up to 1 tick lower while the H9

contract is 1 tick higher. PPI at 1330GMT will be released today but with the

poor weather will not be released under embargo.