There was a fairly tame overnight.......>

EGB SUMMARY: There was a fairly tame overnight session for global debt markets,

reports suggested that Trump is set to sign a presidential proclamation to set

the steel and aluminium tariffs in motion. The Bund contract opened 9 ticks

lower at 156.72 but has recovered those losses to stand at 156.85. 

- German factory orders were weaker-then-expected in Jan at 8.5%Y/Y. Bank of

France industrial sentiment stayed at 105 in March.

- It is last trading day for the Mar-18 eurex contracts today but the main event

will be the ECB.

- A decent-sized minority of banks are expecting the ECB to remove the

commitment to increase the size of the APP but few expect anything more hawkish

than that today and almost invariably, most expect the Draghi press conference

to sound dovish. 

- This morning at 1000GMT, Ireland sells E1bln of 5Y and 10Y bonds. Such

offerings usually go quite smoothly and Ireland is well ahead in its funding. 

- So far, the net change in the German curve is almost zero bp, Spanish and

Italian yields are 1-2bp higher across the curve.