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PMI Miss, Covid R Value <1

GILT SUMMARY

Gilts rallied through the morning before partially reversing gains in the early afternoon.

  • Cash yields are 1-2bp lower on the day with the curve 1bp flatter. Last yields: 2-year -0.1200%, 5-year -0.0276%, 10-year 0.3152%, 30-year 0.8959%.
  • The Mar 21 gilt future trades at 134.11, near the middle of the day's range (L: 133.91 / H: 134.28).
  • Short sterling futures are flat in whites and broadly 0.5-1.5 ticks higher in reds/greens/blues.
  • The UK flash services PMI print for January came in significantly below expectations (38.8 vs 45.0 survey).
  • Partially offsetting the negative PMI data, official data show that the UK R value has fallen to 0.8-1.0 for the first time since the current lockdown was instigated.
  • The UK DMO earlier sold GBP5.0bn of 1-/3-/6-/month T-bills.
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