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GILTS: Bid On Wider Risk-Off Flow

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts rally from opening lows alongside the broader risk-off price action flagged previously, still no clear headline driver.

  • Futures trade as high as 98.80 before easing back to 98.70.
  • The bearish technical threat remains present in the contract after the recent pullback.
  • Friday’s high (98.94) protects the 20-day EMA (99.40), while initial support comes in at yesterday’s low (98.30).
  • Yields 1.0-2.5bp lower across the curve, flattening seen.
  • BoE-dated OIS little changed to 2bp more dovish vs. levels flagged ahead of the gilt open.
  • 23bp of cuts priced for Nov, 36bp of cuts priced through year-end and 117bp of cuts priced through June ’25.
  • SONIA futures recover from lows, last -1.5 to +3.0.
  • Final m’fing PMI and the DMO’s auction of GBP2.25bln of the short 20-year 4.75% Oct-43 gilt due today.
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Gilts rally from opening lows alongside the broader risk-off price action flagged previously, still no clear headline driver.

  • Futures trade as high as 98.80 before easing back to 98.70.
  • The bearish technical threat remains present in the contract after the recent pullback.
  • Friday’s high (98.94) protects the 20-day EMA (99.40), while initial support comes in at yesterday’s low (98.30).
  • Yields 1.0-2.5bp lower across the curve, flattening seen.
  • BoE-dated OIS little changed to 2bp more dovish vs. levels flagged ahead of the gilt open.
  • 23bp of cuts priced for Nov, 36bp of cuts priced through year-end and 117bp of cuts priced through June ’25.
  • SONIA futures recover from lows, last -1.5 to +3.0.
  • Final m’fing PMI and the DMO’s auction of GBP2.25bln of the short 20-year 4.75% Oct-43 gilt due today.