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GILTS: Weaken Alongside Core FI, Curve Bear Steepens

GILTS

Gilts sit weaker on the day despite gapping higher at the open as UK markets returned from the long weekend. The stronger-than-expected US consumer confidence reading has provided the latest source of pressure to global core FI markets.

  • Gilt futures have stabilised above Friday’s low of 96.60, currently -23 at 96.68. Futures nonetheless remain some ~60 ticks off intraday highs.
  • Domestic headline flow has been limited. The stronger-than-expected CBI distributive trades data this morning was not a market mover.
  • The Gilt curve now trades bear steeper, with yields flat to 3bps higher.
  • BoE implied rates have moved higher alongside yields, with BoE-dated OIS now showing 32bps of cuts through the remainder of this year (vs ~35bps this morning).
  • Tomorrow sees the DMO come to the market with 15-year linker supply, with the domestic calendar otherwise very light.
CEEMEABulletUKGlobalFixed Income Bullets
CEEMEABulletUKGlobalFixed Income Bullets

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