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Free AccessGilts have moved off opening session...>
GILT SUMMARY: Gilts have moved off opening session lows, but remain under light
pressure, with the front-end seen leading the underperformance as UK's Office
for National Statistics (ONS) officially revises Unit Labour Costs (ULC) to 2.4%
y/y in Q2 compared to 1.6% y/y reported on Friday.
- 2-yr Gilt yield is +1.3bp at 0.439%, 5-yr +0.6bp 0.776%, 10-yr +0.7bp 1.371%
and 30-yr +0.4bp at 1.956%, according to Tradeweb.
- Gilts opened lower with majority of pressure seen on the front-end of the
curve as the Times reported there was an error on ONS' unit labour costs and
growing confidence that PM May is likely to remain in power as the movement
behind calling for her resignation faded over the weekend. The long-end end was
seen supported by block buy in Dec Gilt future -- 1,125 at 123.81.
- The Dec Gilt future temporarily reversed losses on light buying, but faded
lower once more as markets looked ahead to PM May addressing parliament on
Brexit as the fifth round of talks get underway in Brussels.
- Very little movement seen in swap spreads today, however 5-yr and 10-yr
breakevens are around 1.4bp tighter, as linkers weighed by revised ULC.
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.