Gilts are sharply lower after..........>

GILT SUMMARY: Gilts are sharply lower after Tuesday's huge rally following the

deferral of the Brexit withdrawal deal.

- The Mar 19 Gilt future is down 57 ticks at 123.65, having traded in a range of

123.63-123.87 today. The 2-Yr yield is up 3.1bps at 0.734%, 5-Yr is up 3.6bps at

0.861%, 10-Yr is up 3.7bps at 1.236%, and 30-Yr is up 3.4bps at 1.738%.

- A full slate of meetings on the road awaits PM May later today with EU

leaders, amid reiteration by EU officials that there is no room for

renegotiation of the Withdrawal deal, though clarification may be possible.

- Talk is of an addendum that would mean both the EU and UK Parliaments would

vote regularly upon the Irish backstop to maintain its 'legitimacy' (according

to Commons Leader Leadsom).

- May meets Netherlands` Rutte and Germany`s Merkel, along with EU's Tusk and

Juncker in Brussels.

- Day's data highlight is October UK labour report at 0930GMT. Unemployment rate

expected to remain at 4.1% and headline earnings and core earnings are scheduled

to remain at 3.0% and 3.2% on a 3M Y/Y basis respectively.