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STIR markets have moved higher this morning....>

STIR
STIR: STIR markets have moved higher this morning as a broad risk-off sentiment
from concerns about US-China trade talks and North Korea launching 2 missiles
have driven markets in a void of no key data across the European morning.
- The biggest moves have been in the Eurodollar strip, with Whites 0.5-2.5 ticks
higher and the rest of the curve 2.5-3.5 ticks higher. In addition to politics,
there will be focus on today's data with PPI, trade and claims all due for
release. Note that last month's PPI data had a rather large market reaction. MNI
also released an exclusive interview with KC Fed economist Smith who said that
the IOER rate could be cut further.
- The short sterling strip is 0.5-1.5 ticks higher across the curve. Headlines
this morning have suggested that talks between the government and Labour are not
be progressing particularly quickly but there is no substantial new news.
- The Euribor strip is unch to 0.5 ticks higher with concerns about the Italian
banking sector with BlackRock pulling out of the Carige bailout talks,
potentially leaving the Italian state on the hook, and other concerns about the
Italian budget continuing to linger.

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