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BOC

More on Reinvestment Phase

GILTS
GILTS: Gilts have drifted lower this morning despite Michel Barnier saying that
a key part of the Chequers plan is unworkable, weighed instead by a more
conciliatory tone from the US on trade with the EU. 10-yr gilt yield is 1.1bp
higher at 1.292% with yield curve seen shifting higher.
- The EU's chief negotiator has ruled out allowing the UK to collect customs
duties on its behalf, saying that it could not delegate "excises duty collection
to a non-member". Although both RAAB and Barnier said that progress had been
made, "obstacles" remain in being able to reach a deal by October.
- With a dearth of UK data or official speakers scheduled for today attention is
on advance US Q2 GDP which everyone seems to be getting very excited about.
- Short sterling futures are steady to 1 tick lower with the exception of Dec18
contract which is bucking the trend and has rallied by 1 tick.