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Giving Up Early Gains

GILT SUMMARY

It has been a relatively uneventful session marked by weaker trading in equities.

  • Gilts started the week on a strong footing but soon gave up the early gains to trade back to flat on the day. Last yields: 2-year -0.0422%, 5-year -0.0345%, 10-year 0.2702%, 30-year 0.8439%. The curve similarly trades flat on the day.
  • The Dec-20 gilt future trades at 135.54, towards the bottom end of the day's relatively tight range (L: 135.36 / H: 135.80).
  • Short sterling futures are broadly 0.5-1.5 ticks higher in whites/reds/greens/blues.
  • Tomorrow the DMO will sell GBP3.25bn of the 0.125% Jan-24 gilt and GBP1.0bn of the 1.625% Oct-71 gilt.
  • UK specific data releases this week will be largely second tier and unlikely to be market moving. Next up is CBI Retailing Reported Sales data for October, which will be published tomorrow.
  • This week's ECB meeting is unlikely to yield any material policy changes, but any hint of further easing at the subsequent December meeting could spillover to the gilt market.
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