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​​​TRADING WEAKER

GILT SUMMARY

Gilts have traded weaker through the session and the curve has bear steepened.

  • The Sep-20 gilt future trades at 138.20, 15 ticks off the day's low.
  • Cash gilt yields are 1-3bp higher. Last yields: 2-year -0.034%, 5-year -0.0782%, 10-year 0.1213%, 30-year 0.6550%.
  • The ONS has suggested that the recent spike in local coronavirus infections could now be levelling off. Nonetheless, the government has added Belgium, Andorra and the Bahamas to the list that requires visitors to enter quarantine on returning to the UK. Chancellor of the Exchequer Rishi Sunak has further warned that additional countries could be added to the 'red list' if necessary.
  • Earlier in the session the DMO sold GBP3.0bn of 1-/3-/6-month bills.
  • Next week will see the release of labour market data for June/July as well as industrial production, construction output, index of services and international trade data for June. The Q2 GDP estimate will also be published.
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