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Gilts have faded earlier risk-on.......>

GILT SUMMARY
GILT SUMMARY: Gilts have faded earlier risk-on sentiment move this afternoon and
look set to close near session highs, but still in remain negative territory.
Yield curve is steeper as long/ultra long-end underperforms the short-end.
- Reverse of earlier risk-on sentiment as NY markets opened and soft US empire
manufacturing appeared to be the reason for recovery in Gilts.
- 2-yr Gilt yield is +1.4bp at 0.921%, 5-yr +2.0bp at 1.206%, 10-yr +2.9bp at
1.464%, 30-yr +2.8bp at 1.835% and 50-yr +2.8bp at 1.642% according to Tradeweb.
- UK data today has been limited to latest VISA spending data from March, which
did not make good reading, however data picks up tomorrow with latest UK Jobs
report and wage data crossing the wires. Then on Wednesday March inflation data
is released followed by official retail sales on Thursday. DMO also tap 10-yr
Gilt on Thursday for Stg2.5bln. 
- Swap spread remain modestly tighter across the board, while breakevens are now
steady to tighter led by the 5-yr.
- Short sterling strip is currently steady to 1/2 ticks lower with Red and Green
contracts underperforming albeit in very light trade.

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