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Off Friday’s Lows, Labour Tax Plans Eyed, BoE APF Sales Due

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilt futures +14 at 98.67, edging away from Friday’s low. Technicals are bullish, next resistance comes 99.25, first support 98.21. Cash yields ~2.5bp lower across the curve.

  • The latest Guardian sources story points to Labour considering a wide range of potential CGT increases. This comes after Shadow Chancellor Reeves tried to placate worry surrounding the party’s fiscal strategy in recent interviews.
  • Goldman Sachs continue to expect “lower UK yields and outperformance for Gilts vs U.S. Tsys, forecasting 10-year gilt yields at 3.75%.”
  • This BoE will sell GBP750mn of medium-term gilts from its APF this afternoon, after confirming that it will trim medium- and long-term gilt sales in Q3 (the latter likely provides light support for gilts early today). CBI trends data is also due.
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Gilt futures +14 at 98.67, edging away from Friday’s low. Technicals are bullish, next resistance comes 99.25, first support 98.21. Cash yields ~2.5bp lower across the curve.

  • The latest Guardian sources story points to Labour considering a wide range of potential CGT increases. This comes after Shadow Chancellor Reeves tried to placate worry surrounding the party’s fiscal strategy in recent interviews.
  • Goldman Sachs continue to expect “lower UK yields and outperformance for Gilts vs U.S. Tsys, forecasting 10-year gilt yields at 3.75%.”
  • This BoE will sell GBP750mn of medium-term gilts from its APF this afternoon, after confirming that it will trim medium- and long-term gilt sales in Q3 (the latter likely provides light support for gilts early today). CBI trends data is also due.