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Gilts lead the way ahead of Chancellor's statement with yields down 30+bp

  • Huge moves for gilts again this morning following an announcement that new Chancellor Jeremy Hunt will speak at 11:00BST / 6:00ET outlining more plans to backtrack on the government's "Growth Plan". Media reports note that everything apart from the reversal of the NIC hike is under discussion - including the energy support plan (our thoughts on how the latter could be tweaked are here). Yields are down in between 32-36bp across the entire gilt curve in response. After the Chancellor's morning statement, he will give more details in the Commons at 15:30BST / 10:30ET.
  • Chinese data due tomorrow including Q3 GDP has been postponed with no explanation for the postponement announced.
  • Bunds and to a lesser extent USTs are following gilts higher this morning.
  • TY1 futures are up 0-14+ today at 111-01+ with 10y UST yields down -7.5bp at 3.946% and 2y yields down -5.6bp at 4.441%.
  • Bund futures are up 1.43 today at 137.51 with 10y Bund yields down -12.2bp at 2.221% and Schatz yields down -8.0bp at 1.865%.
  • Gilt futures are up 3.14 today at 968.86 with 10y yields down -31.8bp at 4.007% and 2y yields down -33.4bp at 3.536%.

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