Little Changed To A touch Softer, BoE's Mann Due Later

A very narrow start for gilt futures, oscillating around late Wednesday levels, sticking within a 19-tick range, last -27 at 98.31, just off lows. Well-defined technical parameters remain in play for that contract (97.57/99.17 present the initial lines in the sand).

• Cash gilt yields are flat to +1.5bp, with a light bear flattening bias on the curve.
• STIR markets are pretty much in line with pre-gilt open levels. SONIA futures sit 0.25 to 4.5 lower through the blues, while BoE-dated OIS shows ~84bp of cuts through ’24.
• Overnight domestic headline flow has seen some focus on a slightly less negative RICS house price reading and the latest KPMG-REC labour market report, which pointed to another round of loosening.
• Comments from BoE hawk Mann (15:00 London) headline the local docket today.