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Following a weak start, gilts have rallied through the day and the curve has bull flattened, mirroring the broader theme among European sovereigns.
- Gilt yields are now 1-4bp lower on the day with the 2s30s spread 2bp narrower. Last yields: 2-year -0.0939%, 5-year -0.0438%, 10-year 0.2467%, 30-year 0.8002%.
- The Mar 21 gilt future trades at 134.91, 4 ticks off the day's high.
- The Bank of England left the bank rate and stock of asset purchases unchanged at today's meeting, while leaving open the possibility of additional easing if required in a no-deal Brexit scenario.
- Earlier in the day Chancellor of the Exchequer Rishi Sunak announced an extension to the UK's Covid business loan programme.
- Looking ahead, tomorrow sees the release of the GfK Consumer Confidence indicator for December, followed by Retail Sales for November and CBI Trends for December.