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(M2) Trend Condition Remains Bearish


Firmer Overnight


Bears Remain In Control


Bull Steepening On Thursday

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GILTS: Gilts have opened on the front foot, taking cue from overnight rally in
US Treasuries and higher opening in German Bunds are markets trading with a
risk-off tone. UK 10-yr Gilt is outperforming the rest of the curve with yield
dropping 5.4bps to 1.467%.
- Risk-off tone is being attributed to comments overnight from Trump on both the
Chinese trade situation & North Korea. Trump has said that he has not reached a
deal with China on ZTE and that the summit with North Korean leader Kim Jung-Un
might be delayed.
- Soft French and German flash PMIs also underpinning bid in Gilts.
- Key event in the UK today will be release of April inflation data. Analysts
expect both headline and core CPI to remain at 2.5% y/y and 2.3% y/y
- Short Sterling strip is steady to higher, curve flatter as Blue contracts rise
by 5 to 6 ticks vs steady to +1 tick in whites.

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