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Gilts yields opened modestly higher....>

GILT SUMMARY: Gilts yields opened modestly higher on Tuesday, but has since
pared back some of these gains. The 2-yr, 10-yr and 30-yr gilts are currently
trading at 0.436%, 1.365% and 1.951% all slightly less than 1bp higher than at
Monday's close.
- PM May has said that the UK has plans to leave the UK without a deal with the
- There is a GBP 2.5bln-sized Gilt 2037 auction today with the elephant in the
room being the uncertain political backdrop. However, the metrics for the
auction are good. The 2037 yield is 1.946%, which is close to the highest yield
since February. Furthermore, longer dated Gilts have cheapened versus swaps.
- Cable is resurgent this morning and has just surpassed the highs from
- In terms of UK economic data, we have the industrial production, manufacturing
production and the trade balance data out today. Catalan issues will also help
determine any risk sentiment; the leader of the Catalonia will address the
regional parliament this evening. 

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