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GILT SUMMARY: Gilts are trading modestly higher with the long-end outperforming
and in-turn flattening the yield curve taking cue from overnight move higher in
US Treasuries following comments from China's SAFE that Bloomberg story on China
slowing or even stopping purchases of USTs could of been from a 'wrong source'
or even fake news. 10-yr Gilt yield is -2.8bp at 1.258%.
- Also out last night was a survey from recruiter Morgan McKinley that showed
vacancies in London's financial district in December drop by 52% m/m the highest
in 3-years. The sharp decline is seen due to the holiday season but also the
impact of Brexit, McKinley said.
- While on Brexit, it was reported that UK Chancellor Hammond did not rule out
paying for UK banks' to be able to have access to EU financial services, saying
that "we will talk about all these things".
- Looking ahead, the DMO taps its 20-yr 1.75% Jul 2037 Gilt for Stg2.25bln this
morning which could set market tone until NY opens. The BoE release credit
conditions and bank liabilities surveys at 0930GMT, however, markets are still
more interested in Brexit.