More dovish than expected ECB opening..........>

STIR: More dovish than expected ECB opening statement which included the

sentence:

"We will also consider whether the preservation of the favourable implications

of negative interest rates for the economy requires the mitigation of their

possible side effects, if any, on bank intermediation."

- This is seen as a clear nod towards tiering with the rest of the statement

largely unch.

- Euribor futures strip higher on the back of the more dovish than expected ECB

opening statement with talk of tiering. Whites up 0.5-2 ticks, Reds up 2.5-4

ticks, Greens 4-5 ticks higher and Blues 3-5 ticks higher.