- After sharp steepening last week, EONIA forwards are little changed this morning.
- Analysts at JP Morgan believe that last week's EONIA and Euribor sell-off is overdone and was mainly driven by liquidation of long positions. Analysts note that markets are pricing in excess liquidity of EUR 50bln vs. JPM estimates of EUR 350bln.

- Looking at other asset classes, stocks in Europe are trading in minor positive territory, led higher by utilities and basic materials. However, the SMI has underperformed its peers, underpinned by less than impressive earnings from Richemont (-6%)