SWITZERLAND DATA: Expect Third Consecutive CPI Print Within Target

Trump on Truth Social: "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!! President DJT"

ERH6 98.37/98.50 call spread paper paid 2.25 on 7.3K (vs 98.155).

Lower oil and demand in the long end of the government bond curves has tilted EUR STIRs in a dovish direction as the day has worn on.

• Euribor futures 0.5-4.5 higher. Although ERZ5 & Z6 are within Friday’s ranges, bulls will be pleased if the contracts register a second consecutive higher close, extending the move away from late July lows.
• ECB-dated OIS contracts are flat to 2bp more dovish on the day, showing a cumulative 23bp of easing through March i.e. remaining titled heavily towards one further rate cut in the cycle, despite the initial hawkish market take on late month’s ECB.
• A reminder that our most recent sources pieces suggested that markets had over extrapolated the hawkishness of President Lagarde’s post-meeting message.
• There was no reaction to headlines noting that the EU is to suspend trade countermeasures against the U.S. for 6 months.
• Final services PMI data headlines tomorrow’s European calendar.