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Prospects of EU Trade Deal Improving

GILT SUMMARY

Following a strong start in the morning session gilts sold off sharply after 1430GMT as last week's Brexit pessimism continues to unwind.

  • Although there remain divisions between the UK and EU, both sides have struck a notably more upbeat tone since Sunday.
  • Gilt yields are now 2-4bp higher on the curve with the curve bear steepening. The 2s30s spread is 1bp wider. Last yields: 2-year -0.0719%, 5-year -0.0417%, 10-year 0.2375%, 30-year 0.7909%.
  • The Mar 21 gilt future trades at 134.99, near the bottom of the day's range (L: 134.93 / H: 135.38).
  • Looking ahead, tomorrow sees the release of November CPI and RPI data, followed by the flash PMI prints for December.
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