Theresa May faced another bruising.....>

GILT SUMMARY: Theresa May faced another bruising session in parliament today for

prime minister's questions. Having outlined her 'new' proposals, there is little

to suggest that she can drum up any more support for the fourth vote on her

bill. Offering up hope of a second referendum is a step too far for many

eurosceptics.

- Cabinet discipline is breaking down and there has been mounting speculation

during the day that the PM could be told she has lost the confidence of her

cabinet MPs. If that were to occur, it is difficult to see how May could carry

on. 

- The Jun-19 gilt future trades at 129.16, ticks off the day's high; L-H:

128.68-129.26. Gilts have rallied with yields 4-6bps lower on the day. Cash

yields (Last / 1d chg / L...H): 2Y (0.69% / -4.3bp / 0.6809%...0.6951%); 5Y

(0.7804% / -5.7bp / 0.7731%...0.7894%); 10Y (1.0182% / -6.4bp /

1.0103%...1.0308%); 30Y (1.5749% / -5.1bp / 1.5679%...1.586%).

- The short sterling futures strip has flattened: W (+ 1/4.5 ticks); R (+ 4.5/6

ticks); G (+ 6.5/7.5 ticks); B (+ 7.5/8 ticks)