Futures Back Above 100.00

Gilt futures through the next couple of resistance levels at the open, trading as high as 100.07.

• Equity weakness and the overnight bid in core global FI markets lends fresh support.
• Bulls now eye the Aug 14 high and bull trigger (100.30). A break there would further solidify their technical control.
• Yields 3-4bp lower, another round of modest steepening seen on the curve.
• 50-Year yields print through their mid-August lows, but the rest of the curve hasn’t.
• SONIA futures little changed to +5.5.
• BoE-dated OIS still showing ~45bp of cuts through year end.
• Expect the NFP release and subsequent Fedspeak to dominate today, with little of note on the UK calendar until Tuesday’s labour market report.