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GILTS: Back From Highs, Still Outperforming

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts have moved away from session highs alongside global peers, although still outperform, narrowing by 2bp vs. Bunds & 3bp vs. Tsys at the 10-Year point.

  • Media reports pointing to more modest adjustments to UK fiscal policy promote outperformance for gilts today.
  • We provided greater colour on the apparent watering down of some of the more controversial fiscal measures earlier.
  • TD Securities have recommended a tactical 10-Year gilt/Bund narrower into the Budget (October 30), looking to fade the recent sharp widening.
  • Futures 96.72 last vs. highs of 96.91.
  • Bulls need to breach the Oct 7 high & Sep 2 low (96.93/98.11) to start turning the tide in their favour, with the bearish technical picture remaining intact.
  • Yields 1bp lower to 0.5bp higher, curve twist steepens.
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Gilts have moved away from session highs alongside global peers, although still outperform, narrowing by 2bp vs. Bunds & 3bp vs. Tsys at the 10-Year point.

  • Media reports pointing to more modest adjustments to UK fiscal policy promote outperformance for gilts today.
  • We provided greater colour on the apparent watering down of some of the more controversial fiscal measures earlier.
  • TD Securities have recommended a tactical 10-Year gilt/Bund narrower into the Budget (October 30), looking to fade the recent sharp widening.
  • Futures 96.72 last vs. highs of 96.91.
  • Bulls need to breach the Oct 7 high & Sep 2 low (96.93/98.11) to start turning the tide in their favour, with the bearish technical picture remaining intact.
  • Yields 1bp lower to 0.5bp higher, curve twist steepens.