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Free AccessGilts are trading modestly higher,.....>
GILT SUMMARY: Gilts are trading modestly higher, yield curve flatter as long-end
outperforms the short-end, having reversed earlier weakness in wake of risk-off
flows as Italy BTPS come under heavy selling pressure and European equities drop
over 1%.
- 2-yr Gilt yield is -0.8bp at 0.794%, 5-yr -0.4bp at 1.110%, 10-yr-1.3bp at
1.379%, 30-yr -1.6bp at 1.80% & 50-yr -1.7bp at 1.637% according to Tradeweb.
- Gilts initially opened mixed with the short-end edging lower weighed by
slightly hawkish tone of FOMC statement and BoE rate decision later, while the
10-yr and above sector edged higher and in-turn flattening the yield curve.
- Gilts drifted lower weighed by upcoming supply from Spain and France, however,
started to recover lost ground despite large rise in UK construction PMI data
and soft French OAT auctions. Gilt future then hit fresh session high of 122.28
on risk-off flows as BTPS sold off sharply and equities extended losses.
- There has been huge volume in Sep8 Sstg contract with ~200k seen going through
screens with the majority traded at 99.135. Red contracts have also seen decent
volumes as markets position ahead of key BoE monetary policy decision
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.