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- Despite a headline grabbing budget...>

GILT SUMMARY
GILT SUMMARY: - Despite a headline grabbing budget which will see a substantial
increase in NHS funding as well as income tax reductions, gilts have lacked
clear direction this morning. 
- The 2-year gilt trades at 0.725%, near the top of the 0.711/0.7298% range for
the day, while the 10-year trades at 1.412% up from a morning low of 1.396%.
- There has been little movement in the curve with the 2s10s spread trading at
67.6bps.
- The Dec gilt future has similarly been range bound, currently trading at
122.65 and oscillating within a 122.57/122.82 range.
- The short sterling futures strip is down 1.0-3.0 ticks. 
- Inflation breakevens have spiked higher. The 5-year benchmark has traded up to
3.082% from a morning low of 3.060% while the 10-year is up to 3.153% from
3.133%.
- The CBI Retailing Reported Sales data for October came in lower than expected
at 5 vs 20 survey. Next up on the data calendar will be GfK Consumer Confidence,
the Lloyds Business Barometer and the BRC Shop Price Index data tomorrow.

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