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Following Global Cues

GILTS

Local headline flow remains limited, but a recovery in benchmark energy prices, Fedspeak & early NY data factor into a global bond sell off, pushing gilt futures to fresh session lows of 96.65 in recent trade, before stabilsiing.

  • The move leaves yields 2bp lower to 0.5bp higher as the curve moves to twist steepening after bull steepening early in the day.
  • SONIA futures also comfortably off session highs to last print +0.5 to +4.5.
  • BoE-dated OIS shows ~44bp of ’24 cuts, easing from dovish session extremes.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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