SILVER TECHS: Bullish Theme Intact

Gilt Calls, 91.69/91.75 range.

EU Cash Opening calls, set for a punchy Open.

• Calls: Estox 50: +1.90%, Dax: +1.72%, CAC: +1.42%, FTSE +1.43%, SMI +2.05%.

Euribor futures are -1.5 to -2.5 ticks through the blues versus yesterday’s settlement levels, softening alongside Bunds amid a modest stabilisation of risk yesterday evening. With today’s regional data calendar light, focus remains squarely on further tariff-related headlines.

• ERZ5 is -1.5 ticks at 98.215, after briefly reaching a multi-month high of 98.335 in yesterday’s session.
• ECB-dated OIS continue to assign a ~90% implied probability of a 25bp rate cut at next Thursday’s decision, while 77bps of cuts are priced through year-end vs 78bps at yesterday’s close.
• Holzmann ECB’s (hawk) and Cipollone (dove) are scheduled to speak today. Holzmann has repeatedly noted in recent weeks that he no longer views policy rates as restrictive, and would consider voting for a hold in April.
• Meanwhile, Cipollone has previously warned of the disinflationary impact of Chinese trade diversion following US tariffs, alongside continued worries around the Eurozone growth outlook.