Today's ECB meeting was relatively.....>

GILT SUMMARY: Today's ECB meeting was relatively uneventful with limited

spillover to the gilt market.

- Mounting concern about Coronavirus, with several Chinese cities reportedly on

'lock down', has underpinned the risk off tone.

- The Mar-20 gilt future trades at 133.93, up 43 ticks from Wednesday's close

and 9 ticks off the day's high; L-H: 133.55-134.02.

- Gilts have rallied with yields 2-4bps lower on the day. Cash yields (Last / 1d

chg / L..H): 2Y (0.4181% / -2.1bp / 0.4125%...0.4359%); 5Y (0.4064% / -2.8bp /

0.3985%...0.4281%); 10Y (0.5977% / -3.6bp / 0.5908%...0.6211%); 30Y (1.0934% /

-4.2bp / 1.0868%...1.1173%).

- The curve has bull flattened: 2s10s (17.3bp / -1.6bp / 17.2bp..18.6bp); 2s30s

(66.9bp / -2.2bp / 66.8bp..68.6bp).

- The short sterling futures strip has flattened: W (+ 1.0/2.0 ticks); R (+

1.0/2.0 ticks); G (+ 2.5/3.5 ticks); B (+ 3.5/4.5 ticks).

- Preliminary PMI data for January will be published on Friday at 0930GMT.