Boris Johnson has assembled his........>

GILT SUMMARY: Boris Johnson has assembled his cabinet and is speaking in

parliament as prime minister for the first time today. The cabinet is distinctly

pro Brexit: half of MPs voted to Leave the EU at the referendum and close to a

third either reluctantly voted remain, or have since converted to wanting to

leave. 

- In parliament, PM Johnson has been quick to reiterate his call that the UK

will leave the EU come what may by October 31.

- The Sep-19 gilt future trades at 132.23, up 4 ticks from Wednesday's close and

trading near worst levels; L-H: 132.22-132.44.

- Gilts are a touch firmer with yields 0-1bps lower on the day. Cash yields

(Last / 1d chg / L..H): 2Y (0.4675% / -0.4bp / 0.4605%...0.4678%); 5Y (0.4565% /

-0.5bp / 0.4492%...0.4571%); 10Y (0.6711% / -0.6bp / 0.6637%...0.6717%); 30Y

(1.3165% / +0.2bp / 1.3091%...1.3166%).

- Short sterling futures trade mixed with whites & reds & blues underperforming:

W (flat/-1.0 ticks); R (broadly - 0.0/0.5 ticks lower); G (broadly flat); B

(broadly + 0.0/0.5 ticks higher).