Trial now

Risk-On Fulled By US Infra Spend


Opening calls


SAGBs Firm at the Open, Risk Premia Ease W/W

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Gilts turned bid on the weak US growth number, upending what had been a relatively directionless session for UK govies.

  • Cash yields are now 2-3bp lower on the day with the belly of the curve slightly underperfomring. Last yields: 2-year 0.0184%, 5-year 0.3019%, 10-year 0.7620%, 30-year 1.2997%.
  • The Jun 21 gilt future trades at 125.50, 23 ticks above yesterday's close.
  • The construction PMI for April came in below expectations (61.6 vs 62.1) while indicating still rapid expansion in activity.
  • The ruling Conservative party won a historic by-election in the Labour stronghold of Hartlepool, highlighting the severe difficulties that the opposition party is facing in presenting a credible election challenge in the Tories.