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A Softer Start

GILTS

Gilts gap lower at the re-open, with Bunds trading on the defensive.

  • Gilt futures print -40, moving away from yesterday’s afternoon peak, while the major cash benchmarks run 3-4bp cheaper.
  • SONIA futures sit +0.25 to -5.0 through the blues, twist steepening.
  • BoE-dated OIS is little changed to a couple of bp firmer.
  • Local headline flow has seen a larger than expected fall in the monthly Nationwide house price index, with worry surrounding the space well-documented.
  • There has also been some coverage of the increase in the usage of buy now pay later schemes to cover essential UK household costs such as grocery shopping, which isn’t a welcome finding.
  • Final manufacturing PMI data and another address from BoE’s Pill headline the local docket into the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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