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Outperforming on geopolitical headlines

GILTS
  • Gilts are outperforming Bunds a little at the 10-year point of the curve but see bigger outperformance at the short-end, given that more is priced in.
  • The latest market moves have been driven by reports (via Reuters) that a Ukrainian presidential advisor has said that Ukraine will not conceded territory (in a sort of Crimea scenario). This makes it harder to see an imminent end to the conflict.
  • There's little on the UK calendar until tomorrow's activity data for January (including the monthly GDP print). The UK has broadened its sanctions list today to include Abramovich, but this is unlikely to have any meaningful impact on UK markets.
  • 2y gilt yields down -4.1bp today at 1.365%, 5y yields down -4.2bp today at 1.278%, 10y yields down -5.1bp today at 1.474%, 30y yields down -4.2bp today at 1.641%
  • 2s10s down -0.9bp today at 11.0bp
  • 10s30s up 0.9bp today at 16.7bp
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