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HK/China Gains Offset Weaker Lead From US Futures

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Gilts are trading lower, curve.........>

GILT SUMMARY: Gilts are trading lower, curve steepening, taking cue from
sell-off in German Bunds and also rom overnight weakness in US Treasuries. Gilts
are fairing better then German bunds however with 10-year Gilt yield 2.1bp
higher at 1.353%.
- Rating agency DBRS has released a "commentary" on the UK's current AAA rating
and says that it could come "under pressure" if there is "policy uncertainty and
changes to the economy that stem from the UK's new trade arrangements result in
significant output loss", and/or if their is a "deterioration in the banking
sector or country's fiscal position", and/or there being renewed signs of a
"break-up of the UK".
- UK Breakevens are in the region of 1bp wider while swaps spreads are little

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