July 05, 2024 12:24 GMT
Early Rally Intact, Initial Resistance In Futures Holds
GILTS
The early gilt rally holds, but initial resistance at this week’s high in futures (97.78) remains intact. That contract last trades +40 at 97.74.
- Gilt yields are 3-4bp lower.
- SONIA futures 0.5-5.5 firmer on the day.
- Initial post-election comments from both the buy- and sell-side are generally constructive on UK assets, with markets seemingly willing to give Labour the benefit of the doubt after their campaign attempted to play down any worry surrounding the party’s fiscal policy preferences.
- U.S. NFPs presents the major risk event ahead of the weekend (13:30 London)
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