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- Gilts have lacked direction this.....>

GILT SUMMARY
GILT SUMMARY: - Gilts have lacked direction this morning and the curve is little
changed.
- The benchmark 2-year gilt trades at 0.7851% and has held within a 0.774-0.792%
range, while the 10-year has traded within a 1.483-1.505% range.
- The 2s10s spread trades at 70.5bps down from a high of 71.3bps, while the
2s30s trades at 105.6bpos, up from a low of 104.9bps.
- Short sterling futures are down 1.0-4.0 ticks.
- The UK employment report for August came in mixed. The 3M/3M employment change
was below survey (3k vs 10k), but average weekly earnings were stronger than
expected (2.9% 3M Y/Y vs 2.8%).

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