Gilts have traded progressively........>

GILT SUMMARY: Gilts have traded progressively firmer and are resting towards the

highs of the day. It has been another relatively uneventful session, with the

gathering body of news stories on high profile corporate redundancies being the

main discussion point. 

- The Sep-20 gilt future trades at 137.79, 3 ticks off the day's high.

- Cash yields are broadly 2-3bp lower and the curve trading close to flat

overall. Current yield levels: 2-year -0.1066%, 5-year -0.070%, 10-year 0.1545%,

30-year 0.6200%.

- The short sterling futures strip is marginally flatter with whites/reds up

1.0-2.0 ticks and greens/blues up 2.0-2.5 ticks.

- Following the release of this morning's RICS house price balance data for June

(-15% vs -25% survey), the UK data calendar has been exhausted for this week.

Next week will see monthly GDP and industrial production data for May, CPI for

June and labour market data for May/June.