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GILT SUMMARY: PM Theresa May is in Dublin today to seek a compromise on the
backstop arrangement. For the time being, the EU is presenting a united front on
the contentious backstop and has been resolute in its support for Ireland.
However, Dublin is keenly aware that if PM May does not backdown, a return to a
hard border could be inevitable - a scenario which both sides want to avoid.
- Gilts have lacked direction today with yields trading in a narrow 1-2bp range.
Current yield levels: 2-year 0.708%, 10-year 1.175%, 30-year 1.694%. The curve
is trading close to unch.
- The Mar-19 gilt future trades at 124.08 near the middle of the day's range.
- There is little change in inflation breakevens with the 5-year trading at
- The short sterling futures strip is broadly 1.0-2.0 ticks higher with slight
outperformance in reds.
- Next up on the data calendar will be December and Q4 GDP and the Index of
Services, which will be published on Monday at 0930GMT.