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Early Range Intact, Tracking Bunds

GILTS

Gilts track Bunds, lagging OATs & peripherals as European equities rally.

  • Futures stick to the range established in early trade, last +9 at 100.03.
  • Initial technical levels (100.80 & 99.54) remain untouched.
  • Any extensions through session highs in Bund & TY futures would likely spill over into gilts.
  • Gilt yields little changed to 1.5bp lower across the curve, modest outperformance in the front end.
  • Little tangible impact from this morning’s higher-than-expected PSNB data, although risks re: an increase in gilt issuance are noted.
  • U.S. risk events set to dominate today, with little of note on the local calendar until tomorrow’s flash PMIs.
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Gilts track Bunds, lagging OATs & peripherals as European equities rally.

  • Futures stick to the range established in early trade, last +9 at 100.03.
  • Initial technical levels (100.80 & 99.54) remain untouched.
  • Any extensions through session highs in Bund & TY futures would likely spill over into gilts.
  • Gilt yields little changed to 1.5bp lower across the curve, modest outperformance in the front end.
  • Little tangible impact from this morning’s higher-than-expected PSNB data, although risks re: an increase in gilt issuance are noted.
  • U.S. risk events set to dominate today, with little of note on the local calendar until tomorrow’s flash PMIs.