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EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

- Gilt yields have broadly drifted.....>

GILT SUMMARY
GILT SUMMARY: - Gilt yields have broadly drifted lower during the session and
the curve is a touch flatter.
- The benchmark 2-year gilt yield trades at 0.828% down from a high of 0.838%
and the 10-year trades at 1.581% down from 1.596%.
- The 2s10s spread has narrowed to 74.8bps from 75.9bps, while the 2s30s has
traded down to 108.4bps from 109.3bps.
- On the back of this week's upside CPI surprise, inflation breakevens have
edged higher. The 5-year breakeven has ticked up to 3.096% from 3.079% and the
10-year is up to 3.123% from 3.104%.
- Following a flurry of activity yesterday in which we reported on over 200k
short sterling option flows, volume today has been back to more normal levels. 
- UK Public Sector Net Borrowing for August came in slightly above expectations:
Stg. 5.9bln vs 3.0bln survey.
- The EU leaders summit in Salzberg has already thrown up another setback for UK
Prime Minister Theresa May after the Member States unanimously rejected the
'Chequers Deal'.