Gilts have opened modestly higher......>

GILT SUMMARY: Gilts have opened modestly higher with yield curve shifting lower

by around 1.5bp, supported by risk-off flows once again as US President Trump

announces large steel/aluminium tariffs last night. Move higher though seen

capped by comments from BoJ Koroda that the Bank could start to exit its easy

monetary policy in 2019 fiscal year. 10-yr Gilt yield is 1.5bp lower at 1.452%.

- In terms of data today, there is only UK construction PMI for February

released at 0930GMT with consensus seeing a slight rebound to 50.5 from 50.2,

but risk seen to the downside. 

- There are 2 keynote speeches today to keep markets interested though. BoE

governor Mark Carney is due to speak at 1000GMT, which will now be in London due

to the inclement weather conditions. While PM May is expected to give another

speech on Brexit at 1330GMT at Mansion House.

- Newswires report that May is to lay out five "tests" for a future UK-EU deal

and pledge to "bring our country together" The "deepest possible" free trade

deal is "achievable" because it is in both EU and UK interests, she will argue.