Gilts have given up some gains after...>

GILT SUMMARY: Gilts have given up some gains after soaring early, but remain

solidly higher as Wednesday`s US Fed decision is digested.

- The Mar 19 Gilt future is up 42 ticks at 123.62, having opened at 123.60 and

traded as high as 123.85 earlier.

- 10-Yr is outperforming: 2-Yr yield is down 1.7bps at 0.713%, 5-Yr down 2.7bps

at 0.863%, 10-Yr down 3.7bps at 1.237%, and 30-Yr down 2.2bps at 1.794%.

- Big rally in global long-end bonds alongside equity weakness (FTSE 100 down

100+ points to lowest since 2016), as Fed's decision Wednesday seen as more

hawkish than expected.

- With just under 100 days to Brexit (99 days and 14 hours, actually), the

outlook seems as clouded as ever. Parliament enters Christmas recess today.

- Cabinet member Rudd said there is a 'plausible' case for a second referendum,

breaking with government ranks. Commons leader Leadsom rejected the suggestion.

- November UK retail sales at 0930GMT will be closely watched due to recent

retail sector corporate warnings of downbeat trading.