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GILTS: Underpinned

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

No meaningful pullback for gilts, with spillover from the latest round of dovish ECB repricing and rally in OATs underpinning thus far.

  • Futures trade as high as 99.20, with next resistance seen at the 20-day EMA (99.40).
  • Yields 3-7bp lower across the curve, with the 20-/30-Year zone outperforming in the wake of strong demand at this morning’s short 20-Year auction.
  • 2s10s back into inverted territory after closing above 0 for a week.
  • 5s30s set close below 70bp for the first time since September 18.
  • Gilts/Bunds set to close above 190bp for the first time since September ’23 (greater detail in our earlier bullet).
  • BoE-dated OIS little changed on the day through mid ’25 meetings, showing ~23.5bp of cuts for November, ~37bp of easing through year-ned and ~119bp of cuts through June ’25.
  • SONIA futures flat to +7.5.
  • French fiscal headlines are due imminently (PM Barnier to speak from 14:00 London), with spill over from U.S. JOLTs job opening data (15:00 London) also eyed.
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No meaningful pullback for gilts, with spillover from the latest round of dovish ECB repricing and rally in OATs underpinning thus far.

  • Futures trade as high as 99.20, with next resistance seen at the 20-day EMA (99.40).
  • Yields 3-7bp lower across the curve, with the 20-/30-Year zone outperforming in the wake of strong demand at this morning’s short 20-Year auction.
  • 2s10s back into inverted territory after closing above 0 for a week.
  • 5s30s set close below 70bp for the first time since September 18.
  • Gilts/Bunds set to close above 190bp for the first time since September ’23 (greater detail in our earlier bullet).
  • BoE-dated OIS little changed on the day through mid ’25 meetings, showing ~23.5bp of cuts for November, ~37bp of easing through year-ned and ~119bp of cuts through June ’25.
  • SONIA futures flat to +7.5.
  • French fiscal headlines are due imminently (PM Barnier to speak from 14:00 London), with spill over from U.S. JOLTs job opening data (15:00 London) also eyed.