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Late Corporate Credit Update


Late Equity Roundup: IT Leads SPX Near 8W Highs

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GILT SUMMARY: Gilts have been stuck in a relatively tight trading range, with
only limited spillover from this afternoon's weaker than expected MNI Chicago
PMI print.
- The Sep-30 gilt future trades at 137.84 (L/H: 137.73/137.98 and has lacked
direction through the session.
- Cash yields are 1-2bp lower across much of the curve, while the very long end
now trades close to unch on the day. Current yield level: 2-year -0.11%, 5-year
-0.0796%, 10-year 0.1481%, 30-year 0.6068%.
- Reuters earlier reported that BoE Chief Economist Andy Haldane has indicated
that the MPC had yet to discuss whether the Bank would sell gilts before raising
the bank rate significantly. 
- Data published this morning showed the UK economy contracting at a faster pace
than initially expected during the first quarter (-2.2% Q/Q vs -2.0% survey).
- Tomorrow will see the release of the Nationwide House Price Index and the
final manufacturing PMI print for June.

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