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Having started the session on a........>

GILT SUMMARY: Having started the session on a strong footing, gilt quickly gave
up the early gains and have remained offered through the afternoon. A positive
slate of economic data has partially offset the hit to risk sentiment from the
escalation in US-China relations.
- The Sep-20 gilt future trades at 137.90 towards the bottom end of the day's
range and 3 tick's off the low.
- Cash yields are broadly 2bp higher with the curve trading close to flat. Last
yield levels: 2-year -0.0871%, 5-year -0.0969%, 10-year 0.1461%, 30-year
- The DMO earlier sold GBP3.5bn of 1-/3-/6-month bills.
- UK retail sales for June and preliminary PMI data for July surprised sharply
to the upside. Looking ahead, the data calendar will lack Tier 1 data next week.
The Lloyds Business Barometer, CBI Retailing Reported Sales, and Nationwide
House price index for July will be published, as well as money supply and
mortgage data for June.

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