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A Little Softer After Early Rally Fades, Syndication Eyed

GILTS

Gilt futures are now lower on the day, with wider core global FI also off session highs.

  • The launch of the New 1.25% Nov-54 I/L gilt will be adding some weight.
  • Futures last -19 at 99.61 (range 99.60-100.08).
  • Monday’s low (99.37) provides intermediate support, with the bullish technical move stalling a little.
  • Cash gilt yields are 0.5-2.0bp higher.
  • Macro headline flow has been light since the early ECB speak.
  • Largely in line domestic economic activity data didn’t impact markets.
  • Yesterday’s labour market data was always going to be more important for markets and BoE policy.
  • ~70bp of BoE cuts are priced through year end.
  • SONIA futures are -1.5 to +1.5, off early highs alongside gilts.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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