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GILT SUMMARY: Gilts looking to close mixed with the yield curve pivoting around
the 7-yr area with the short-end underperforming compared to the long-end,
following UK employment and US inflation data.
- 2-yr Gilt yield is +0.8bp at 0.479%, 5-yr +0.8bp at 0.736%, 10-yr -0.8bp at
1.215% and 30-yr -1.2bp at 1.786% according to Tradeweb.
- Gilts squeezed higher at the open likely support by return of UK political
risk as Tory rebels look to defeat government on EU Withdrawal Bill amendment.
Markets turnaround however, led by sell-off in German Bunds and then dropped
lower possibly on risk of higher Gilt issuance following large drop in
employment. While short end was likely weighed by rise in average weekly
earnings to 2.5%.
- Into the afternoon, Gilts traded sideways until surprise fall in US Core
inflation which lead to the 7-yr and above part of the yield curve recovering
losses, however the short-end remained weighed.
- There was a sharp sell-off in IL Gilts affected by 2036 IL Gilt auction and US
CPI Data, with 10Y breakevens tighter by 3.4bps. Swap spreads are little changed
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