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It has been a relatively quiet.........>

GILT SUMMARY
GILT SUMMARY: It has been a relatively quiet session for gilts, with attention
focused largely on political developments in Italy and Spain, as well as US
payrolls. There has been moderate steepening of the curve, driven by the very
long end.
- Yields have fallen across the board since midday but remain a touch above the
open.
- 2-yr Gilt yield is +3.3bp at 0.643%, 5-yr +4.5bp at 0.994%, 10-yr +5.5bp at
1.285%, 30-yr +5.4bp at 1.752% & 50-yr +6.0bp at 1.563%.
- Trade tensions continue to escalate on the back of a fresh wave of
protectionist US policies, but so far sentiment has been buoyed by a dilution in
European political risk and robust US payrolls.
- Mirroring Eurodollars, the short sterling strip is steeper, with Blues down 7
ticks and Whites down 1-4.  

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