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There have been some very big moves....>

STIR FUTURES
STIR FUTURES: There have been some very big moves in STIR futures so far today
with strips moving higher and curves flattening.
- The risk-off tone seen over the holiday period has been continued into 2019,
helped by the Caixin China manufacturing PMI coming in below expectations (and
below 50) and the first European bank of the year having administrators
appointed (Italy's Banca Carige).
- Euribor Whites are largely unchanged on the day but Reds are 1-3 ticks higher,
Greens 4-6 ticks higher and Blues 6.5-7 ticks higher. These moves have left
Euribor futures starting the year at very similar levels to the start of 2018.
- Short sterling has seen bigger moves helped by a manufacturing PMI which,
although better than expected, was only boosted by companies planning for
Brexit. Whites are 1-5 ticks higher with Reds, Greens and Blues 6-8 ticks
higher.
- Eurodollar futures have seen smaller moves. Whites are little changed with
Reds 1-1.5 ticks higher and Greens and Blues 2-3.5 ticks higher.

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