We do not normally place a huge.........>

GERMAN DATA: We do not normally place a huge weight on the German ZEW survey. It

can be a volatile number that often overshoots in response to movements in the

DAX. However, with focus on the coronavirus and concerns about the wider impact

on the Eurozone and particularly Germany's manufacturing sector, there will

likely be extra attention on today's print.

- Our data team note that the January survey noted the coronavirus as a downside

risk, and if we see a sharp drop lower we could see a larger market reaction

than usual across both Bunds and the euro. Indeed, following recent reports that

the ECB could ease policy further if necessary, we could also see larger moves

in Euribor futures on a large downside surprise.