Gilts have opened modestly lower weighed by...>

GILTS: Gilts have opened modestly lower weighed by soft US Treasuries and JGBs

as markets focus on geo-political tensions, including the G20 summit that talked

about free trade, and the possibility of changes to BoJ monetary policy. Yields

are around 0.5bp higher across the curve with 10-yr at 1.238%, according to

Tradeweb.

- There has been a war of words between US President Trump and Iran President

Rouhani over the weekend, while the G20 failed to agree on how to resolve the

disputes over US tariff actions.

- Closer to home, new Brexit secretary Dominic Raab told The Sunday Telegraph

that he would make the vast payment formally conditional on the EU "fulfilling

its side of the bargain"

- No data from the UK today, so attention will remain on geo-politics before BoE

deputy governor Broadbent speaks at the Society of Professional Economists at

1800BST.

- Short sterling futures are 1 tick lower across the strip, but volumes are

light.