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Some early optimism fading

CROSS ASSET

Some of the early optimism seen in markets is fading somewhat. European equity futures are coming off their highs, Bunds have moved from a low of 174.07 to 174.30 at writing, while Dec-22 Eurodollar futures are 2 ticks off their lows of 98.98. There's been no real news driving the move.

  • There is only second tier data due today. We have already had German consumer confidence (a bit soft) and UK public finance data. Later this morning we have Italian PPI and industrial production, UK CBI retail sales and the flash Eurozone consumer confidence indicator.
  • Peripheral spreads are generally wider this morning.

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