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Extending Yesterday's Losses

GILT SUMMARY

Gilts have traded weaker today and have extended yesterday's sell-off.

  • Cash yields are 1-2bp higher on the day with the curve 1bp steeper. Last yields: 2-year -0.0053%, 5-year 0.0402%, 10-year 0.3967%, 30-year 0.9804%.
  • The Dec-20 gilt future trades at 134.08, towards the bottom end of the day's range (L: 133.93 / H: 134.48).
  • Tomorrow the DMO will offer GBP800mn of the 0.125% Nov-36 linker.
  • The DMO indicated that the 0.125% Aug-28 linker auction will delayed from Nov 25 to Dec 2 so that the sale will not clash with the Chancellor of the Exchequer's 2020 Spending Review.
  • Labour market data published earlier this morning showed a worse than expected employment change estimate for Setember (-164k 3m/3m vs -150k survey), while the unemployment rate increased in line with consensus to 4.8% from 4.5% the previous month.
  • Looking ahead, preliminary third quarter GDP data will be published on Thursday alongside September estimates for industrial production, construction output, the index of services and international trade.
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