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GILTS: Cross-Market Cues Still Dominate, Bears Remain In Tech Control

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Cross-market cues dominate in afternoon trade, with the softer-than consensus U.S. labour market report and weakness in e-minis resulting in a modest net rally (a pullback from highs in Tsys was evident before fresh equity weakness kicked in).

  • Futures traded as high as 92.63 before easing back to ~92.35 last.
  • Bears remain in technical control, although the contract is still in oversold territory.
  • Bulls have pierced the next couple of resistance levels and will ultimately look to close the gap to the Mar 4 low (93.06).
  • Yields 2-4bp lower, 10s outperform.
  • Dovish move in GBP STIRs seen alongside the bid in the long end.
  • BoE-dated OIS shows 54bp of cuts through year-end, with the next 25bp cut once again fully discounted come the end of the June MPC.
  • SONIA futures little changed to +9.5.
  • Monthly economic activity data (Friday) and the latest S&P-KPMG-REC Report on Jobs (Monday) headline next week’s limited UK data schedule.
  • Next week will also see the DMO propose and confirm the auction calendar for the first three weeks of FY25/26.
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Cross-market cues dominate in afternoon trade, with the softer-than consensus U.S. labour market report and weakness in e-minis resulting in a modest net rally (a pullback from highs in Tsys was evident before fresh equity weakness kicked in).

  • Futures traded as high as 92.63 before easing back to ~92.35 last.
  • Bears remain in technical control, although the contract is still in oversold territory.
  • Bulls have pierced the next couple of resistance levels and will ultimately look to close the gap to the Mar 4 low (93.06).
  • Yields 2-4bp lower, 10s outperform.
  • Dovish move in GBP STIRs seen alongside the bid in the long end.
  • BoE-dated OIS shows 54bp of cuts through year-end, with the next 25bp cut once again fully discounted come the end of the June MPC.
  • SONIA futures little changed to +9.5.
  • Monthly economic activity data (Friday) and the latest S&P-KPMG-REC Report on Jobs (Monday) headline next week’s limited UK data schedule.
  • Next week will also see the DMO propose and confirm the auction calendar for the first three weeks of FY25/26.