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Stabilising, Bearish Backdrop Remains

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

A tight start for gilts, stabilising as Bund yields move away from 2.60%.

  • Futures move away from yesterday’s low as bulls look to force an extension after reclaiming 96.00.
  • The bearish technical backdrop remains intact, with yesterday’s base (95.78) providing initial support. Meaningful resistance is some distance away.
  • Cash gilt yields are little changed to 1.5bp lower across the curve.
  • 10s are ~3bp off yesterday’s early ’24 high, last 4.325%.
  • SONIA futures move back towards unchanged levels across the strip, with the modest early downtick fading.
  • Domestic news flow includes continued signs of a loosening labour market, with Reed recruitment data revealing a general drop in vacancies. The report also points to reduced flexibility in locations/scheduling, which could provide some challenges as policymakers try to get more people back into the workforce.
  • Today’s UK calendar is very thin, which will leave focus on broader headline flow and cross-market impulses.
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A tight start for gilts, stabilising as Bund yields move away from 2.60%.

  • Futures move away from yesterday’s low as bulls look to force an extension after reclaiming 96.00.
  • The bearish technical backdrop remains intact, with yesterday’s base (95.78) providing initial support. Meaningful resistance is some distance away.
  • Cash gilt yields are little changed to 1.5bp lower across the curve.
  • 10s are ~3bp off yesterday’s early ’24 high, last 4.325%.
  • SONIA futures move back towards unchanged levels across the strip, with the modest early downtick fading.
  • Domestic news flow includes continued signs of a loosening labour market, with Reed recruitment data revealing a general drop in vacancies. The report also points to reduced flexibility in locations/scheduling, which could provide some challenges as policymakers try to get more people back into the workforce.
  • Today’s UK calendar is very thin, which will leave focus on broader headline flow and cross-market impulses.