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GILT SUMMARY: Gilts look set to close mixed following 2-way flow in the
afternoon session, however flows have been light, despite release of key US
data. Yield curve is modestly flatter with the short-end being under pressure
for majority of Friday. 2s/30s yield spread is 1.9bp tighter.
- 2-yr Gilt yield is +1.4bp at 0.738%, 5-yr +1.1bp at 1.020%, 10-yr +0.1bp at
1.255%, 30-yr -0.6bp at 1.702% & 50-yr -0.2bp at 1.56% according to Tradeweb.
- There was more volatility in the afternoon as US jobs data came in mixed with
a strong non-farm payroll number offset by weaker than expected monthly AHE and
rise in unemployment rate to 4.0% from 3.8%. Future volume though was lower than
average leading to choppy markets.
- Markets eyes are now turning to crucial cabinet meeting on Brexit at Chequers
with the hope that an agreement could be found on a customs arrangement with the
- Short Sterling strip is mixed with whites steady to 1 tick lower, greens/reds
1 to 2 ticks lower and blues steady to 1 tick higher. 5-yr breakevens are 0.5bp
wider while 10-yr and 15-yr swap spreads are 1bp wider.