Gilts were largely onlookers in the....>

GILT SUMMARY: Gilts were largely onlookers in the global risk-off movement in

markets on Wednesday. The spread to Bunds has been stable at 67.7bp, alongside a

Gilt yield decline of 3.7bp at 10-Years. 

- The FTSE has declined by less than in other European markets, registering a

0.8% daily decline and sterling managed to recover some of its recent weakness. 

- The only data came from the Bank of England's Agents' Report, which reported

some difficulty in hiring although hiring plans were modest. 

- Most of the decline in the nominal yield has come in the 'real' space as the

10-year index linked Gilt yield has declined 3bp today.