There has been a risk-off tone to markets......>

STIR: There has been a risk-off tone to markets this morning and STIR futures

are moving higher as a result. The Eurodollar and short sterling strips are

moving more than the Euribor strips with the Fed and BoE meeting in the week

ahead while the Euribor strip is seeing less volatile with the ECB meeting

already out of the way.

- Along with the Fed, the lack of optimism which surround US-China trade talks

which resume tomorrow has been helping the ED strip move higher. Whites and reds

are 1.5-2.5 ticks higher on the day while Greens and Blues are 1 tick higher on

the day.

- Concerns over an increasing probability of a hard Brexit continue to grow,

with Europeans continuing pointing out that the Irish backstop is a necessary

part of any deal and Johnson saying that the backstop is unacceptable. Short

sterling Whites are 0.5-2 ticks higher with the rest of the strip 3 ticks higher

on the day.

- The Euribor strip is unch to 1 tick higher on the day.