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TRADING WEAKER

GILT SUMMARY

Having started the session on a firm footing, gilts have sold off through the day with yields now above the close.

  • The Dec-20 gilt future trades at 136.45, towards the bottom end of the day's range and 2 ticks off the low.
  • Cash yields are 1-3bp higher with the curve bear flattening. The 2s30s spread is 2bp narrower on the day. Last yields: 2-year -0.1042%, 5-year -0.1005%, 10-year 0.1911%, 30-year 07507%.
  • Short sterling futures are broadly flat in whites and up 0.5-1.5 ticks in reds through blues.
  • Former Prime Minister David Cameron joined Sir John Major and Tony Blair in warning about the government's proposed internal markets bill, which would break international law and undermine Brexit negotiations.
  • Focus this week will be on the FOMC and BoE meetings.
  • Tomorrow sees the release of employment/unemployment data for July and jobless claims for August.
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