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Free AccessGilts trading higher having reversed...>
GILT SUMMARY: Gilts trading higher having reversed earlier weakness in wake of
lower than expected UK service PMI and larger than expected fall in Eurozone
core inflation. A disappointing 5-yr Gilt auction has capped the move higher
though and the yield curve is pivoting around the 10-yr sector.
- 2-yr gilt yield is -2.1bp at 0.80%, 5-yr -2.4bp at 1.131%, 10-yr -2.2bp at
1.435%, 30-yr -1.7bp at 1.854% and 50-yr -2bp at 1.656% according to Tradeweb.
- Gilts faded soft opening move following UK service PMI which rose to 52.8 in
April from a weather induced 52.4 in March, but was below consensus for a rise
to 53.5 with IHS/Markit saying subdued new business growth persisted in April.
- Eurozone core inflation dropping to 0.7% y/y in Apr from 1.0% y/y in Mar then
helped push Gilts to session highs just before 5-yr Gilt re-opening auction.
- The near 3bp rally in the 5-yr did not help the auction with it coming in with
a tail of 0.5bps vs 0.1bp previously and this halted the rise in Gilts overall.
- Short Sterling strip is between 2 and 3 ticks higher, while breakevens are
touch tighter and swap spreads slightly wider apart from the 2-yr which is
-1.4bp
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Why MNI
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