[MARKET UPDATE] Gilts open lower by 15 ticks as the initial readout from the UK local elections is not as bad as some feared for Labour, potentially providing limited/temporary respite to PM Starmer. Reminder, numerous key councils are yet to report.

The initial results from the UK local elections suggest a less negative outcome for Labour than anticipated, which may provide temporary relief to PM Starmer. However, as many key councils have yet to report, the overall political landscape remains uncertain, potentially influencing market sentiment and gilts further as the situation develops.