CAPITAL GOODS: Safran (SAFFP NR/A-/NR): 4Q Results

US Earnings kicks off today, big names are reporting all pre Markets, notable ones:

• Pre Markets: Blackrock, BoNY, Citi, GS, JPM, Wells.

Few big surprises from ECB VP de Guindos' speech at the 15th edition of Spain Investors Day:

• "The balance of macroeconomic risks has shifted from concerns about high inflation to concerns about low growth"
• "Given the high level of uncertainty, we will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. The high level of uncertainty calls for prudence"
• "If the incoming data confirm our baseline, the policy trajectory is clear, and we expect to continue to further reduce the restrictiveness of monetary policy."

He joins several Governing Council colleagues since the turn of the year in calling for further ECB easing. OIS markets continue to essentially fully price a 25bp cut in January and March.

TY Weekly Option, expiry Friday.

• TY 108c, bought for '08 in 9k.