Gilts opening on the lower side,.......>

GILT SUMMARY: Gilts opening on the lower side, paring some of the rally seen on

Wednesday afternoon as markets look ahead to 2nd estimate of Q2 GDP data and

later the start of the Jackson Hole conference.

- Yield curve has shifted higher with yields higher by around 1bp across the

board. 10-yr gilt last 1bp higher at 1.061%.

- While the pound has bounced off overnight lows versus the Euro and the US

Dollar and the FTSE 100 index is ticking higher so far Thursday despite profits

warning from Dixons Carphone.

- Attention is now turning to UK's 2nd reading of Q2 GDP released at 0830GMT

with consensus seeing growth remaining at 0.3% q/q, but with markets keeping a

close eye on June's index of services and level of business investment. 

- CBI's August Distributive Trades data will cross the wires at 1000GMT and give

a view on level of retail sales for August.

- Attention will then turn to start of Jakson Hole conference, however focus

will be on speakers from ECB, BoJ and the Fed as BoE Governor Carney is not

attending the forum and BoE Broadbent is not scheduled to make a speech.