***The flash estimate of Eurozone.....>

EUROPEAN DATA: ***The flash estimate of Eurozone Febr HICP is due on Wednesday.

Consensus sees core stable at 1.0%Y/Y and headline shaving one tenth to 1.2%Y/Y.

- Commerzbank are more aggressive and see "marked decline in energy prices

should push the headline rate of inflation down to 1.1%" and believe the "core

rate of inflation will not exceed 1.0% for any sustained period in 2018" because

of globalisation and increasing digitalisation meaning wages grow more slowly at

every level of unemployment. 

- Danske writes "In our view, the dip to 1.2% should be temporary and we expect

headline inflation to bounce back to the 1.4-1.5% level in March/April as the

base effects wear off" but also "do not believe underlying wage pressure to be

enough to lift core inflation much higher than the 1.0-1.2% level in 2018

despite the strong growth momentum"

- Nomura see the core rising to 1.1%Y/Y "A likely step-up in the prices of

volatile items (e.g. packaged holidays) and a more generic shrinkage of slack

should push up services sector inflation a little compared with last month."

- Barclays see core HICP at 0.96%Y/Y and so see downside risks to 1.0%Y/Y