GILTS: Rallying On Trump's Latest Tariff Comments, PMIs Eyed
Jan-24 08:10
Gilts follow peers higher after U.S. President Trump noted that he would rather not use further tariffs against China during Asia hours.
- Futures +24 at 92.13.
- Bearish technical setup remains in place in the contract, initial support and resistance located at 91.10/92.52
- Yields ~2.5bp lower across the curve.
- GBP STIRs roughly in line with levels provided in our pre-gilt open bullet.
- Gilts 2bp tighter to Bunds, spread last ~206.5bp.
- Flash PMIs headline the UK calendar ahead of the weekend. As we have already noted, the data may generate a larger than usual market reaction given downside risks to UK economic growth.
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