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GILTS: Benefitting From Wider Bid

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts track global peers higher, with media reports pointing to the potential for a more gradualist tariff approach from President-elect Trump and Franch political headlines providing support.

  • Futures as high as 89.72 before fading back to 89.55.
  • Bearish technicals intact, initial support & resistance located at 88.96/90.31.
  • Yields 1-3bp lower, curve bull steepens.
  • 10s spread to Bunds 2bp tighter, oscillating around 225bp.
  • BoE-dated OIS still pricing 44bp of cuts through year-end, SONIA futures flat to +3.0.
  • Today’s GBP1.0bln 30-year 1.25% Nov-54 I/L gilt auction will probably get more attention than usual, with the potential for it to be viewed as a litmus test for demand by wider markets given the recent weakness in UK assets.
  • Chancellor Reeves’ will appear in the Commons later today, with MPs set to question the UK’s fiscal outlook after the recent increase in market-based fiscal risk premia.
  • Don’t expect much of a change in tone, with her focus set to remain on the upholding of fiscal rules and a desire to generate economic growth.
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Gilts track global peers higher, with media reports pointing to the potential for a more gradualist tariff approach from President-elect Trump and Franch political headlines providing support.

  • Futures as high as 89.72 before fading back to 89.55.
  • Bearish technicals intact, initial support & resistance located at 88.96/90.31.
  • Yields 1-3bp lower, curve bull steepens.
  • 10s spread to Bunds 2bp tighter, oscillating around 225bp.
  • BoE-dated OIS still pricing 44bp of cuts through year-end, SONIA futures flat to +3.0.
  • Today’s GBP1.0bln 30-year 1.25% Nov-54 I/L gilt auction will probably get more attention than usual, with the potential for it to be viewed as a litmus test for demand by wider markets given the recent weakness in UK assets.
  • Chancellor Reeves’ will appear in the Commons later today, with MPs set to question the UK’s fiscal outlook after the recent increase in market-based fiscal risk premia.
  • Don’t expect much of a change in tone, with her focus set to remain on the upholding of fiscal rules and a desire to generate economic growth.