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GILT SUMMARY: Gilts have continued to weaken throughout Wednesday, with some
late Brexit deal news temporarily leading to further downside.
- BBG reported around 1530 that Brexit Secretary Raab indicated in a letter to
the Brexit Select Committee last week that a deal would be reached by Nov 21.
- Gilts fell initially 16 ticks to day`s lows and GBP rallied but both moves
have faded as language in actual letter is somewhat more ambiguous.
- Dec 18 future is down 61 ticks at 122.21, having traded between 122.12-122.65.
- The 2-Yr yield is up 4.4bps at 0.766%, 5-Yr is up 6.1bps at 1.043%, 10-Yr is
up 6bps at 1.459%, and 30-Yr is up 6.3bps at 1.883%.
- Saw some Short Sterling downside trade flow this afternoon, incl +5k Mar19
1-yr mid-curve 98.625/98.50/98.375 put fly (a couple of 2-yr mid-curves around
those expiries and strikes as well).
- Greens/Blues futures are off 7-8 ticks, late 2021 contracts weakest.
- Stronger equities (FTSE up 1.3%) largely driving bond weakness.
- The week's highlight - BOE MPC decision/inflation report - is up Thursday.