July 16, 2024 07:21 GMT
Firmer As Equities & Oil Move Lower
GILTS
Gilts follow core global peers higher at the open, trading above 98.50.
- Initial resistance at the June 11 high (98.53) holds on the first test.
- Cash gilt yields are 2.5-4.0bp lower, bull steepening.
- The broader bid in core global FI markets comes alongside weakness in European equities and crude oil prices.
- SONIA futures mostly tick a little alongside gilts, last flat to +4.0.
- On the inflation front, Kantar supermarket price metrics showed the lowest Y/Y rise seen in nearly three years.
- GBP2.25bn of the 20-year 4.75% Oct-43 gilt will be auctioned today.
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