The March gilt future was 19 ticks down on the day at 116.67 at 0840 GMT, in line with its German counterpart after booking rises earlier in the week that took it away from Friday's contract low.
Ten-year gilt yields were 2 basis points up at 2.05 percent, edging nearer to last week's eight-month peak of 2.139 percent, while their spread over Bunds was little changed at around 54 basis points.
European shares resumed their climb towards new highs on Wednesday after an encouraging start to the fourth quarter earnings season buoyed sentiment, taking prices up 0.5 percent on the day.
Strategists predicted a quiet day for the gilt market, with moves likely to be largely driven by external factors.
"Appearances ... flatter to deceive today, given a distinct paucity of economic statistics that could be readily constructed as 'market movers", barring very sharp surprises from UK trade and German industrial production," said Marc Ostwald, gilts strategist at Monument Securities.
November trade data due at 0930 GMT is forecast to show a modest narrowing in Britain's goods deficit to 9.05 billion pounds from 9.54 billion in October. German industrial output figures are due at 1100 GMT.
There was no clear market reaction to British industry surveys out overnight, which showed high-street inflation holding steady at 1.5 percent - well below the broader official consumer price inflation (CPI) measure - as well as a sharp rise in job vacancies.
Instead, attention is turning to an announcement due at 0700 GMT on Thursday from Britain's statistics office which will set out proposals to change the retail price index (RPI) measure of inflation used to calculate payments to holders of index-linked gilts.
The move is likely lower the RPI rate to one closer to CPI, denting demand for longer-dated index-linked gilts in particular, strategists at Lloyds predicted.
"This makes us believe that material downside risks exist for UK (index-linked gilts) going into the announcement and in its aftermath," they wrote in a note to clients.
The Bank of England and European Central Bank both announce monetary policy decisions on Thursday as well. Economists do not expect either to change their policy stance.