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Gilts opening modestly higher, taking cue.....>

GILTS
GILTS: Gilts opening modestly higher, taking cue from move higher in German Bund
and US Treasuries in last few minutes. 10-yr Gilt yield is 1.5bp lower at 1.525%
with the yield curve slightly flatter as 2-yr sector lags.
- Latest data from XpertHR shows pay awards remained steady at 4-yr high at
2.5%. The signs suggest these new higher rates of pay are solidifying.
- Latest UK mortgage lending data is released at 0930BST followed by CBI
reported sales at 1100BST. Both are not likely to move markets too much and so
attention will be on key ECB meeting/press conference and US data this
afternoon.

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