There have been no substantive.........>

GILT SUMMARY: There have been no substantive developments on the Brexit front

today. UK PM Theresa May delivered an address to the Confederation of British

Industry in a bid to bolster support for her withdrawal deal.  

- There remains no clear indication of whether the backbench rebels have

mustered enough support to trigger a no confidence vote. With every day that

passes, momentum behind a no confidence motion will fade.

- Gilts have rallied throughout the day with the curve broadly flat. The 2-year

yield trades at 0.681% down from a high of 0.738%, while the 10-year is down to

1.375% from 1.434%.

- The Dec gilt future trades at 123.07 from a morning low of 122.53.

- Having edged lower in the morning session, the 5-year inflation breakeven is

now back in line with opening levels. The 10-year benchmark has continued to

inch lower and currently trades at 3.253% off a high of 3.267%.

- The short sterling futures strip is down 1.0-4.0 ticks and has flattened

slightly.