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Expiries for Feb13 NY cut 1000ET (Source DTCC)


‌‌(H3)‌‌ Approaching Trendline Support


BLOCK, 10Y Sale

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Gilts have opened steady to slightly...>

GILT SUMMARY: Gilts have opened steady to slightly higher with the yield on the
short-end lower by around 0.5bps, but the long-end seen anchored by overnight
selling in the long-end of the US Treasury curve. 10-yr Gilt yield is 0.3bp
lower at 1.574%.
- Some more hawkish comments from Fed officials on Friday led to markets pricing
in closer to 3 rate hikes this year but the markets have bounced off those lows,
but pressure remains on the long-end due to prospect of higher net UST supply.
- The weekend was once again dominated by Brexit speculation and Tory
infighting. Downing Street has ruled out being in the EU customs union, clarify
want May said in China. While Home Secretary has warned Brexitiers in the Tory
party to back down amid reports they could force Theresa May out.
- Looking ahead attention will be on UK service PMI data at 0930GMT with
consensus seeing a slip to 54.1 in Jan from 54.2 in Dec, with risk is seen to
the down side following soft manufacturing and construction PMIs. Also today UK
Brexit minister David Davis and his counterpart Michel Barnier meet in London to
kick off Brexit transition talks.

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