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GILT SUMMARY: Gilts look set to close higher, near top end of intra-day range
underpinned by global growth concerns and divisions within Europe. 10-yr part of
the yield curve is leading the rest of the curve higher.
- 2-yr Gilt yield is -2.7bp at 0.717%, 5-yr -3.5bp at 1.014%, 10-yr -4.5bp at
1.258%, 30-yr -3.9bp at 1.732% and 50-yr -3.5bp at 1.571%.
- Gilts opened little changed but quickly rose on back of Bund rally as division
within Europe on immigration and reform became more open/vocal and concerns
China growth is slowing, which was back up by comments from BoE financial
stability report. A rare profits waring from Jon Lewis added to domestic risks.
- Comments from Ireland's Coveney that draft conclusions on Brexit were 'very
strong' temporary weighed on Gilts, however gilts recovered as NY session got
underway. Some big swings in Gilt future was then seen on newswire headlines on
Trump deciding against harsh measures on China and mixed durable goods data.
- There was some decent buying in white and red Sstg contracts in the afternoon,
with strip shifting higher by 2 to 4 ticks. 5-yr breakevens are 1.7bp wider but
30-yr is 1.2bp tighter as oil price rises. Swap spreads are a touch wider.