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GILTS: Off Earlier Highs, Slightly Tighter Vs. Bunds

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts follow peers higher at the open, before a pullback from session highs in core global FI markets alongside equities and oil recovering from session lows.

  • French political & fiscal unease dominates this morning, as the French far right pushes for further fiscal concessions.
  • Futures top out at 96.10 before fading back to 95.90 last, still +22 on the day. Yesterday’s high has been broken, while Fibonacci resistance (96.03) has been pierced.
  • Fresh extension higher would target the next Fibonacci level (96.33).
  • Yields little changed to 2bp lower across the curve.
  • 10s hit the lowest level seen since October 24 (4.238%) before moving back to 4.255%.
  • 50-DMA (4.252% at yesterday’s close) broken below for the first time since early October, leaving focus on the 4.20% level.
  • Slight outperformance vs. Bunds, 10s 1bp tighter at 214bp, spread below recent closing cycle highs at 216.6bp.
  • SONIA futures flat to +3.0, in line with pre-gilt open levels and off session highs.
  • BoE-dated OIS showing ~78.5bp of cuts through Dec ’25, also in line with pre-gilt open levels.
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Gilts follow peers higher at the open, before a pullback from session highs in core global FI markets alongside equities and oil recovering from session lows.

  • French political & fiscal unease dominates this morning, as the French far right pushes for further fiscal concessions.
  • Futures top out at 96.10 before fading back to 95.90 last, still +22 on the day. Yesterday’s high has been broken, while Fibonacci resistance (96.03) has been pierced.
  • Fresh extension higher would target the next Fibonacci level (96.33).
  • Yields little changed to 2bp lower across the curve.
  • 10s hit the lowest level seen since October 24 (4.238%) before moving back to 4.255%.
  • 50-DMA (4.252% at yesterday’s close) broken below for the first time since early October, leaving focus on the 4.20% level.
  • Slight outperformance vs. Bunds, 10s 1bp tighter at 214bp, spread below recent closing cycle highs at 216.6bp.
  • SONIA futures flat to +3.0, in line with pre-gilt open levels and off session highs.
  • BoE-dated OIS showing ~78.5bp of cuts through Dec ’25, also in line with pre-gilt open levels.