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GILT SUMMARY: The Shadow Business Secretary Rebecca Long-Bailey has argued that
PM Theresa May will have no choice but to offer Labour a customs union in order
to secure parliamentary backing for the Brexit deal. Given that May has said she
wants discussions wrapped up next week, this would appear the only feasible way
to reach a cross-party deal in the near term.
- Obviously such a move would enrage Tory eurosceptics and further erode core
support for the Conservatives.
- Gilts have rallied during the morning, albeit within a relatively tight range.
Yields are 1-2bp lower with long-end outperformance underpinning curve
flattening. Current yield levels: 2-year 0.743%, 5-year 0.889%, 10-year 1.163%,
30-year 1.674%. The 2s10s spread trades at 41.3bp down from 42.1bp.
- The Jun gilt future trades at 127.50, 2 ticks off the low.
- Short sterling futures are broadly 0.5-1.0 ticks higher on the day.