UK PM Theresa May has headed to........>

GILT SUMMARY: UK PM Theresa May has headed to Brussels in a bid to secure

additional concessions to avoid a damaging defeat in parliament on the

'meaningful vote', which will now take place in January - precariously close to

the 'official' EU departure date. The ECB has stood firm on not allowing a

renegotiation of the deal. The best that May can hope for would be additional

assurances on the Irish backstop.

- Gilts have rallied this morning after May defeated a no-confidence motion last

night, winning by 200-117. The long-end has outperformed, with the curve

flattening. The 2s10s spread has traded down 3bps, while the 30-year yield yield

has pushed down to 1.174% from a high of 1.842%.

- Inflation breakevens have fallen back, with the 5-year benchmark trading at

3.223% from 3.266%.

- Equities have sold off, while cable has rallied to 1.2649.

- Short sterling futures are 0.5-1.0 ticks lower in whites through greens.