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Yesterday's High In Futures Intact, Wider Themes Eyed

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilt futures continue to respect yesterday’s high/initial resistance (99.25), bests of 99.23 seen thus far, last 99.07.

  • Yields ~2bp lower across the curve.
  • Benchmark 2s, 5s & 10s saw modest prints below yesterday’s yield lows, but bulls failed to generate meaningful traction on the breaks.
  • Equities and oil markets are off lows, after weakness in both drove the early gilt rally.
  • SONIA futures flat to +3.5.
  • BoE-dated OIS little changed to 3bp more dovish on the day, showing ~4.5bp of cuts for this month’s MPC, ~26.5bp of easing through the Nov meeting and ~41bp of cuts through Dec.
  • Final UK services PMI data was a little firmer than the flash estimate, with the accompanying text little changed.
  • Macro/cross-market moves are set to drive things through the remainder of the session, with little of note on the UK schedule & U.S. JOLTS data due.
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Gilt futures continue to respect yesterday’s high/initial resistance (99.25), bests of 99.23 seen thus far, last 99.07.

  • Yields ~2bp lower across the curve.
  • Benchmark 2s, 5s & 10s saw modest prints below yesterday’s yield lows, but bulls failed to generate meaningful traction on the breaks.
  • Equities and oil markets are off lows, after weakness in both drove the early gilt rally.
  • SONIA futures flat to +3.5.
  • BoE-dated OIS little changed to 3bp more dovish on the day, showing ~4.5bp of cuts for this month’s MPC, ~26.5bp of easing through the Nov meeting and ~41bp of cuts through Dec.
  • Final UK services PMI data was a little firmer than the flash estimate, with the accompanying text little changed.
  • Macro/cross-market moves are set to drive things through the remainder of the session, with little of note on the UK schedule & U.S. JOLTS data due.