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Free AccessGilts are trading steady to modestly...>
GILT SUMMARY: Gilts are trading steady to modestly higher, reversing earlier
opening losses, as UK manufacturing PMI falls to a 25-month low and following
comments from Michel Barnier that he strongly opposed" to PM May's Chequers
proposals. The 10-yr part of the curve is seen leading the move higher.
- 2-yr yield is -0.3bp at 0.731%, 5-yr -1bp at 1.032%, 10-yr -1.1bp at 1.422%,
30-yr -0.4bp at 1.771% & 50-yr 0.2bp higher at 1.635% according to Tradeweb.
- Gilts initially opened lower with yields rising by around 0.8bp across the
curve despite latest negative comments on Brexit from Michel Barnier and
weakness in Sterling. Gilts recovered lost ground within an hour however, as
markets started to build in a little more political risk and following weak
Italy and surprise downside amendment to French & German mfg PMI's.
- Dec Gilt future then spiked to fresh high in reaction to UK mfg PMI coming in
at 52.8, vs 53.8 in July and consensus for a 53.9 reading. There was decent
buying in the front end of short sterling following the PMI number as well but
this later gave way to some heavy selling later. Reds & Greens are +3/4 ticks
- US closed this afternoon so attention will remain on comments from officials
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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.