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Gilts have opened sharply higher, but.........>

GILTS: Gilts have opened sharply higher, but probably not as high as some had
thought, as they catch up from extended bank holiday weekend. Curve is slightly
flatter as ultra long-end outperforms the short-end. 10-yr Gilt yield is 6bp
lower at 1.264%.
- Political concerns are not confined to just Italy with confidence vote in
Spain's government due Friday and continued worries over the UK government and
the mounting issues on Brexit.
- There is still no progress seen on the Irish border issue, while arguments
over security/defence rise up a notch and the Jun EU summit is fast approaching.
- Short Sterling strip is flatter with green and blue contracts 6 to 7 ticks
higher compared to a steady to 3 tick move in white contracts.
- No Data from the UK today, so attention likely to remain on European and
Domestic politics. 

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