Risk-Off Theme Fuelling Gilt Rally

Gilts have made steady gains through the day alongside the global risk-off theme.

• Cash yields are now 2-5bp lower on the day with the curve 2-3bp flatter. Last yields: 2-year 0.0466%, 5-year 0.3330%, 10-year 0.7689%, 30-year 1.2932%.
• The Jun 21 gilt future trades at 128.27, pulling back from an intraday high of 128.41
• Following claims from the US National Institute of Allergy and Infectious Disease that AstraZeneca used outdated information, which may not have allowed a comprehensive assessment of the Covid vaccine's efficacy, the company has stated that it will publish more data within 48 hours.
• A Scottish parliamentary committee concluded that First Minister Nicola Sturgeon had mislead parliament, contradicting the outcome of an independent inquiry which yesterday cleared the SNP leader of any wrongdoing. It is now likely that Sturgeon will defeat a no confidence vote later today, brought against her by the opposition Conservative party.
• Labour market data published earlier in the session showed a slightly better employment and unemployment figures.