With only low-impact data released.....>

GILT SUMMARY: With only low-impact data released this morning and headlines thin

on the ground, trading has been dominated by the risk-off tone emanating from

the escalating US-China trade dispute.

- Looking ahead, next week will see the release of Markit PMI data for May and

the HGalifax House Price Index.

- The Sep-19 gilt future trades at 129.71, trading at the low for the day; L-H:

129.71-130.14.

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

chg / L..H): 2Y (0.5976% / -1.1bp / 0.5814%...0.5978%); 5Y (0.6367% / -1.9bp /

0.62%...0.6368%); 10Y (0.8862% / -1bp / 0.8673%...0.8862%); 30Y (1.4741% /

-1.4bp / 1.4562%...1.4741%). 2s10s (26.9bp / -1.2bp / 25.5bp..26.9bp); 2s30s

(85.8bp / -1.6bp / 84.6bp..85.8bp)

- The short sterling futures strip has flattened: W (broadly + 0/1.5 ticks

higher); R (+ 2/3 ticks); G (+ 2.5/3 ticks); B (+ 3/3 ticks).