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Outlook Remains Bearish


Chinese Media Looks To Placate Equity Worry


(U1) Holding Onto Gains


(U1) Needle Still Points North

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Gilts have sold off through the afternoon with equities trading lower,.

  • Cash yields are now 2-3bp higher on the day. Last yields: 2-year 0.0634%, 5-year 0.3066%, 10-year 0.7358%, 30-year 1.2729%.
  • The Sep 21 gilt future trades at 127.90, ticks off the day's low.
  • UK PM Boris Johnson is expected to announce a delay to the planned June 21 reopening.
  • The BoE earlier purchased GBP1.147bn of short-dated gilts with offer-to-cover of 3.43x.
  • Looking ahead, tomorrow the DMO will look to sell GBP2.75bn of the 0.125% Jan-28 gilt and GBP2bn of the 1.25% Jul-51 gilt.
  • Also tomorrow, claims data for May and earnings/employment data for April will be published in the morning.