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MNI PINCH Update: The probability of a.....>

EUROZONE
EUROZONE: MNI PINCH Update: The probability of a 10bps hike to the depo rate has
inched lower to 28.9% from 39.4% last week. There are few positive takeaways
from recent data releases. Inflation took a significant leg lower in December
(Eurozone 1.6% Y/Y down from 1.9% in November; Germany 1.7% down from 2.2%),
PMIs are mixed but generally weak/contractionary, and industrial activity is
under considerable pressure (particularly in Germany). While political risks
stemming from the Italian budget have receded, Brexit risks are intensifying
with both sides staring down the barrel of a possible no-deal scenario.
Please see: http://marketnews-m.objects.xtenit.com/MNI_PINCH_Update.pdf

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