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GILTS

Opening calls

SOUTH AFRICA

SAGBs Firm at the Open, Risk Premia Ease W/W

The meaningful parliamentary vote on...>

GILT SUMMARY
GILT SUMMARY: The meaningful parliamentary vote on the negotiated Brexit deal
will no longer take place this week (as previously expected). PM Theresa May
will update the House on Tuesday, having already dismissed the Labour Party's
suggestion of seeking a customs union with the EU. 
- This morning's weak GDP print for December/Q4 will further ratchet up pressure
on MPs ahead of the eventual vote on May's Withdrawal Agreement.
- Gilts were initially under pressure from the open, but started to regain
ground shortly after 0900GMT. Yields are now near the middle of the day's range.
Current yield levels: 2-year 0.714%, 10-year 1.172%, 30-year 1.683%. 
- The Mar-19 gilt future trades at 124.14, up 25 ticks from the morning low.
- Inflation breakevens have inched higher with the 5-year benchmark trading up
to 3.149% from a low of 3.135%.
- The short sterling futures strip is 0.5-3.0 ticks lower with greens/blues
underperforming.
- Next up on the data calendar will be the CPI print for January, which is
published on Wednesday.