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HOLDING ON TO GAINS

GILT SUMMARY

Gilts have held on to the gains made earlier in the session with yields hovering around the day's lows.

  • The global equity sell-off, triggered by concerns about the economic outlook in light of surging coronavirus infections in Europe, has dominated the market narrative today. Gilts have been caught up in the safe haven bid.
  • The Dec-20 gilt future has traded up to 136.96, 2 ticks off the day's high.
  • Cash yields are 2-4bp lower on the day with the curve bull flattening. Last yields: 2-year -0.1362%, 5-year -0.1494%, 10-year 0.1453%, 30-year 0.7094%.
  • Short sterling futures are 0.5-1.5 ticks lower in whites/reds and broadly 0.5-2.0 ticks higher in greens/blues.
  • Tomorrow will be another light session for data, with the market focus being on the preliminary PMI prints for September which will be published on Wednesday.
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