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The focus today is on the Labour.......>

GILT SUMMARY
GILT SUMMARY: The focus today is on the Labour party's National Executive
Committee meeting in which a manifesto will be agreed for European elections.
The leadership is facing pressure to agree to a second referendum on any Brexit
deal agreed with the Conservatives.
- While a firm commitment to another vote, or no commitment at all, would offer
some clarity, it is possible that Labour's stated position ends up being a fudge
in a bid to appease rival factions in the party. 
- Foreign Secretary Jeremy Hunt has warned that a Brexit deal with Labour could
prove more unpopular with supporters than PM May's ill-fated deal. 
- Gilts have sold off this morning with yields 2-3bp higher on the day. Current
yield levels: 2-year 0.765%, 5-year 0.905%, 10-year 1.192%, 30-year 1.701%. The
very long-end of the curve has flattened slightly, with 2s30s trading at 92.9bp
down from 93.7bp.
- The Jun-19 gilt future trades at 127.19, 2 ticks off the low.
- Short sterling futures are 0.5-4.5 ticks lower with reds/greens
underperforming.   

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