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Light Bear Flattening As Gilts Look To Wider Cheapening In Core Global FI

GILTS

Gilts are happy to follow the broader cheapening impulse in core global FI markets at the re-open leaving the futures contract -25 or so, a little off of its early base, while wider cash Gilts are 1-2bp cheaper in a light bear flattening motion.

  • Local data flow has seen a resumption in the recent trend of M/M decreases in the Nationwide house price index (albeit at a slower pace than was expected), while the latest IoD business confidence survey revealed a stabilisation at just below neutral levels. Neither of these releases will have much impact on Gilts.
  • Terminal BoE pricing sits around the 5.45% mark, comfortably off recent highs.
  • The final manufacturing PMI reading for May and lower tier local data bulks out the domestic docket for the remainder of the day.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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