EQUITIES: EU Cash openig calls

Gilt calls, 92.35/92.40 range.

Equity futures are unwinding a small part of the Post ASML earning spike, BIG focus on the Cash Open, since it can always drive multi assets, Govies and FX.

Tech will be watched, but luxury Goods could be heading the other way since LVHM missed expectations last night.

• Calls: Estox 50: +0.89%, Dax: +0.42%, CAC: -0.14%, FTSE +0.12%, SMI +0.37%.

ECB-dated OIS are up to 1.5bps more dovish versus yesterday’s close, with 91bps of cuts priced through year-end. 25bp cuts at the January (tomorrow) and March decisions remain essentially fully priced, while there are 74bps of cuts priced through June.

• Euribor futures are +0.5 to +2.5 ticks through the blues. Most action has been seen in European equities and EUR FX so far this morning – see our earlier posts for more colour.
• Eurozone money and credit data is due at 0900GMT/1000CET. This release will be viewed alongside the ECB’s Q4 Bank Lending Survey, which signalled a tightening of credit standards and a lower demand balance amongst firms than seen in Q3. Overall, the survey suggested ECB policy is still somewhat restrictive.
• Spanish Q4 flash GDP is due at 0800GMT, with Spain expected to remain the primary Eurozone growth outperformer in 2025.
• MNI’s ECB preview is here.