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Free AccessA combination of risk-on sentiment.....>
GILT SUMMARY: A combination of risk-on sentiment flows, continued mantra of
gradual rate hikes from the FOMC and better than expected UK service PMI has led
Gilts to sell-off sharply especially in the 2-yr to 10-yr area bear flattening
the curve.
- 2-yr Gilt yield is +3.4bp at 0.502%, 5-yr +3.0bp at 0.765%, 10-yr +3.2bp at
1.245%, 30-yr +2.1bp at 1.789% and 50-yr +1.7bp at 1.591%.
- Gilts were lower from the get-go, weighed by risk-on flows overnight as Asian
stocks rallied and oil continued to tick higher. While FOMC meeting minutes
showed Fed was still on a path of gradual rate hikes.
- March Gilt future then spiked to session low of 124.50, probably on the back
of a sell block in G H8 at 124.55 for 1.5k, before recovering by 15 ticks.
- There was further selling in wake of higher than expected rise in UK service
PMI to 54.2 in Dec from 53.8 in Nov. Overall, the PMI data pointed to a marginal
uptick in the economy with avg composite PMI for Q4 above Q3.
- Breakevens are between 1.3-2.6bp wider led by the 5-yr, while swap spreads are
mixed with 2-yr 1.9bp tighter and 15-yr and above modestly wider.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.