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Risk On Hits Gilts

GILT SUMMARY

Gilts have been offered through the day with the curve bear steepening alongside a broader risk-on theme in global markets.

  • Cash yields are 3-7bp higher on the day with the curve 4bp steeper. Last yields: 2-year -0.0193%, 5-year 0.1887%, 10-year 0.6863%, 30-year 1.2605%.
  • The Mar 21 gilt future trades at 130.13, towards the bottom end of the day's range (L: 129.89 / H: 130.72).
  • The short sterling futures strip has steepened with whites/reds down 0.5-2.5 ticks and greens/blues down 4.0-7.5 ticks.
  • Having briefly touched 1.40 earlier into the European session, cable made a firm breach of this level shortly after midday.
  • Preliminary PMI data for February came in better than expected (Services 49.7 vs 42.0 survey, Manufacturing 54.9 vs 53.1). In addition, retail sales data for January disappointed (Ex Auto -5.9% Y/Y vs -0.8% survey), while the CBI Trends Total Orders data for February came in stronger (-24 vs -35 survey).
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