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MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

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Grinding Higher

GILT SUMMARY

The early morning gilt rally extended through the afternoon, while the equity rally petered out around midday.

  • Gilt cash yields are now 1-2bp lower on the day with the curve slightly bull flattening. Last yields: 2-year 0.0851%, 5-year 0.3635%, 10-year 0.7796%, 30-year 1.3073%.
  • The Jun 21 gilt future trades at 128.13, near the middle of the day's range (L:127.91 / H: 128.33).
  • The DMO earlier sold GBP3.5bn of the 0.125% Jan-24 Gilt and GBP1.5bn of the 1.625% Oct-54 Gilt. A further GBP875.000mn of the former and GBP133.000mn of the latter were taken up through the PAOF.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 1.90x.
  • Parliamentary opposition parties have rounded on the government today after reports that the UK will lift the cap on the number of Trident warheads that are allowed to be stockpiled.
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