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Some more decent moves higher in.......>

STIR FUTURES: Some more decent moves higher in STIR markets at the European
open. This continues the risk off sentiment seen at the end of the year and
through most of yesterday's session and has been further fuelled by the
downgrade in Apple's revenue guidance on the back of a slowing Chinese economy
and the flash crash in FX which has seen yen crosses under particular pressure.
- The Eurodollar strip has moved higher and flatter. Whites are up 1-3.5 ticks
and Reds, Greens and Blues 4.5-6 ticks higher.
- Short sterling futures have also opened higher across the strip. Whites are
1-2 ticks higher with Reds, Greens and Blues 2.5-4 ticks higher.
- Euribor futures are 0.5 ticks higher for Whites, Reds are 1-1.5 ticks higher
and Greens and Blues 1.5-2.5 ticks higher.
- The data calendar is pretty light in Europe this morning with the main focus
on US data today with ADP, claims and the ISM manufacturing all due for release
ahead of tomorrow's US employment report.

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