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GILTS: Light Rally At Open

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts catch up to the uptick in core global FI peers at the open, although early European selling in Bunds limits the move.

  • Futures last +9 at 92.42.
  • Bearish technical theme intact in the contract, initial support and resistance at 91.64/92.88.
  • Yields ~3bp lower across the curve.
  • 10s outperform Bunds by a couple of bp, spread back below 220bp, oscillating either side of that level in recent sessions.
  • SONIA futures flat to +1.5, BoE-dated OIS still showing ~60bp of cuts through ’25, which looks shallow in our view (we have discussed this on several occasions in recent weeks).
  • Little of note on the domestic calendar today, with lending and money supply data not usually a market mover.
  • Greater focus will fall on the U.S. ISM m’fing survey.
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Gilts catch up to the uptick in core global FI peers at the open, although early European selling in Bunds limits the move.

  • Futures last +9 at 92.42.
  • Bearish technical theme intact in the contract, initial support and resistance at 91.64/92.88.
  • Yields ~3bp lower across the curve.
  • 10s outperform Bunds by a couple of bp, spread back below 220bp, oscillating either side of that level in recent sessions.
  • SONIA futures flat to +1.5, BoE-dated OIS still showing ~60bp of cuts through ’25, which looks shallow in our view (we have discussed this on several occasions in recent weeks).
  • Little of note on the domestic calendar today, with lending and money supply data not usually a market mover.
  • Greater focus will fall on the U.S. ISM m’fing survey.