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GILTS: Lower Alongside Peers, Wider Vs. Bunds

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts lower alongside global peers, with spill over from French political/fiscal risks and an uptick in energy prices weighing in holiday-thinned trading.

  • Futures as low as 91.75 before recovering to 91.85, through initial support at the Dec 19 low (91.87).
  • Fibonacci support located just below at 91.73, bearish technical theme intact.
  • Yields 2.5-5.5bp higher, 5s under the most pressure.
  • 10s ~2.5bp below ’24 highs of 4.651%.
  • 10s ~2.5bp wider vs. gilts at ~226bp sticking within the multi-week range, ~5bp off cycle closing highs of 231.3bp.
  • SONIA futures drift lower with gilts softer, contracts flat to -3.0.
  • BoE-dated OIS showing 54bp of cuts through ’25 vs. ~55bp early today.
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Gilts lower alongside global peers, with spill over from French political/fiscal risks and an uptick in energy prices weighing in holiday-thinned trading.

  • Futures as low as 91.75 before recovering to 91.85, through initial support at the Dec 19 low (91.87).
  • Fibonacci support located just below at 91.73, bearish technical theme intact.
  • Yields 2.5-5.5bp higher, 5s under the most pressure.
  • 10s ~2.5bp below ’24 highs of 4.651%.
  • 10s ~2.5bp wider vs. gilts at ~226bp sticking within the multi-week range, ~5bp off cycle closing highs of 231.3bp.
  • SONIA futures drift lower with gilts softer, contracts flat to -3.0.
  • BoE-dated OIS showing 54bp of cuts through ’25 vs. ~55bp early today.