Gilts have rallied as political........>

GILT SUMMARY: Gilts have rallied as political uncertainty reigned supreme

Monday, with the direction ahead for Brexit as muddied as ever.

- The Mar 19 Gilt future is up 71 ticks at 124.07, having traded as high as

124.07 today.

- The long end of the Gilt curve has had an outstanding day: The 2-Yr yield is

down 5.4bps at 0.683%, 5-Yr is down 6.3bps at 0.813%, 10-Yr is down 7.3bps at

1.192%, and 30-Yr is down 13.8bps at 1.689%.

- 30-yr Gilts have enjoyed a 37bps rally since the beginning of December.

- PM May in Parliament confirmed the deferral of Tuesday's Withdrawal Bill vote,

saying she will visit Brussels to seek reassurance from EU that the Irish

backstop is temporary, while also saying no-deal preparations to be stepped up. 

- No timeline indicated for future withdrawal vote, Commons Speaker saying that

the House should decide whether to defer at all (though he also said the

government could unilaterally defer).

- Apart from Brexit newsflow which will surely dominate, Tuesday sees UK data

for October, incl labour market, trade, and industrial production.