August 21, 2024 13:14 GMT
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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