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(U2) Trims Losses into Close


EGB Supply For W/C July 18, 2022


(U2) Bounces Off Low


W/C July 18, 2022

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GILT SUMMARY: The UK government has hinted that a third vote on PM Theresa May's
withdrawal agreement will likely take place next week.
- Under-Secretary of State for Exiting the EU, Kwasi Kwarteng, has indicated
that if parliament is required to find a way forward to breach the Brexit
impasse, MPs would likely be given free votes.
- The gilt rally has intensified through the afternoon with yields now 3-5bp
lower on the day. Current yield levels: 2-year 0.654%, 5-year 0.781%, 10-year
1.017%, 30-year 1.499%. The very long-end of the curve has flattened with 2s30s
narrowing to 83.6bp from a high of 86.5bp.
- The Jun-19 gilt future trades at 129.12 near the highs of the day.
- Short sterling futures are 1.0-4.0 ticks higher, extending yesterday's rally. 

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