Gilts have been bid today, with........>

GILT SUMMARY: Gilts have been bid today, with yields grinding progressively

lower through the session. The curve has bull flattened with the 2s30s spread

trading down 5bp.

- The Jun-20 gilt future trades at 136.97, 20 ticks off the high.

- Current cash yields: 2-year 0.045%, 5-year 0.155%, 10-year 0.289%, 30-year

0.601%.

- The PMI data for the UK (and the euro area) has been the focus of attention

today, with the services print (12.3 for April) in particular revealing the

severe and unprecedented shock to economic activity.

- The total number of official coronavirus cases in the UK now stands at 138,078

up from 133,495 the previous day with deaths at 18,738 up from 18,100.

- SNP leader Nicola Sturgeon pre-empted Downing Street by unveiling Scotland's

plan for eventually exiting the lockdown.

- Tomorrow will see the release of retail sales data for March (significantly

out of date given today's April services PMI print) and the GfK Consumer

Confidence indicator for April.