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GILTS: Weaken Alongside Core FI, Curve Bear Steepens

GILTS
CEEMEABulletUKGlobalFixed Income Bullets

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.
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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.