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NEAR THE LOWS OF THE DAY

GILT SUMMARY

Having started the session on a strong footing, gilts have sold off sharply through the day and have underperformed the wider sell off in EGBs.

  • The Dec-20 gilt future trades at 136.01, 5 ticks off the day's low.
  • Cash yields are 5-6bp lower with the curve trading close to flat overall. Last yields: 2-year -0.0937%, 5-year -0.0688%, 10-year 0.2271%, 30-year 0.7930%.
  • The short sterling futures strip has steepened with whites flat/1.5 ticks higher, reds up 2.03.5 ticks, greens up 3.5-5.0 ticks and blues 5.0-6.0 ticks higher.
  • The UK government's contentious legislative proposals that would undermine the Withdrawal Agreement and Brexit negotiations continue to inflame relations with Brussels.
  • Looking ahead to Friday, monthly GDP, industrial production, construction output, index of services and international trade data for July will be published.
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