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Free AccessGilts have drifted lower in light......>
GILT SUMMARY: Gilts have drifted lower in light illiquid trade, weighed by heavy
selling in German 5-year futures, but overall markets are seen side-lined ahead
of key comments from Fed Chair Yellen at Jackson Hole.
- 10-yr Gilts are leading the way lower with yield 1.3bp higher at 1.07% while
both 3-yr and 30-yr Gilts are 0.9bp higher, according to Tradeweb.
- Gilts opened little changed with little direction seen overnight in Asia to
direct markets which had one eye on the opening of Jackson Hole Symposium.
However slipped lower in light volume as 2 of 3 German IFO numbers ticked higher
and then large selling in Bobl and Bund futures saw Gilts hit low.
- Latest Citi/YouGov inflation expectations were released showing a tick higher
in both year-ahead (2.6% vs 2.5%) and 5-10-year ahead CPI (3.2% vs 3.1%),
however, this had very little impact on the Gilts curve.
- Sterling has rallied against both the US Dollar and the Euro so far this
morning, while the UK's FTSE 100 index has squeezed higher by around 0.35%.
- UK breakevens are not doing too much either with spreads around 0.5bp wider,
while there has been little movement in swap spreads.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.