Market participants are still talking about....>

STIR: Market participants are still talking about Brexit, but moves in STIR

futures this morning have been smaller than the past few days.

- Short Sterling Whites and Reds are down 1-2 ticks this morning as the market

sees a smaller chance of a no deal Brexit. However, Greens and Blues are largely

unchanged on the day.

- Ahead of the ECB policy announcement and press conference, the Euribor futures

strip has shifted lower today with most contracts around 0.5-1 tick lower.

- The Eurodollar futures strip is marginally higher today, with most contracts

0.5-1 tick higher.

- The Norges Bank meeting was marginally more hawkish than expected this

morning. MNI estimate that the probability of a hike in January is now 10% and

in March 90% (based on the Norges Bank rate projections) while rate hikes are

forecast to be slightly slower towards the end of the forecast horizon. Implied

rates on the H9, M9 and U9 FRAs rose between 1.5-2bp.