Two pivotal parliamentary votes have...>

GILT SUMMARY: Two pivotal parliamentary votes have failed to make a material

dent in the gilt market, which is still trading within normal daily ranges. 

- Following yesterday's defeated no-confidence motion, Chancellor of the

Exchequer Philip Hammond has told business executives that MPs will prevent a

no-deal scenario. However, the path to Brexit is no clearer, not least given the

refusal by opposition leader Jeremy Corbyn to begin direct talks with PM May. 

- Yields at the longer-end of the gilt curve are trading in the middle of the

day's ranges, with the curve steepening slightly since the open. The 2s30s

spread has widened a touch to 99.3bps from a low of 97.9bps.

- The Mar-19 gilt future trades at 122.81, 11 ticks off the high.

- Inflation breakevens have traded lower with the 5-year benchmark dropping to

3.095% from 3.155%.

- Short sterling futures are trading 1-2 ticks higher.

- Next up on the data calendar will be retail sales for December (key to watch

given reports of a disappointing Christmas session for retailers), which will be

published tomorrow.