Chancellor of the Exchequer Philip.....>

GILT SUMMARY: Chancellor of the Exchequer Philip Hammond is presenting the

budget to parliament at the time of writing.

-  The sell off in gilts earlier in the day has lost momentum, with

underperformance at the longer end causing the curve to steepen.

- The 2-year benchmark trades at 0.722% from a morning low of 0.696%, while the

10-year trades at 1.409% from 1.360%.

- The 2s10s spread has widened to 67.7bps from 65.5bps while the 2s30s has

traded up to 112.3bps from 110.3bps.

- The Dec gilt future, currently at 122.73, has traded sideways since

mid-morning.

- There has been a slight uptick in longer term inflation expectations with the

10-year breakeven inching up to 3.135% from 3.119%.

- The short sterling futures strip is broadly 2.0-5.0 ticks lower.

- Next up up on the data calendar will be the CBI Retailing Reported Sales

series for October, which will be published tomorrow at 1100GMT.