Poor retail figures hit UK gilts
by Brian Turner
Bad news about consumer data released Tuesday on top of unfavorable manufacturing figures revealed on Monday sent the price of UK gilts up and yields down on Tuesday.
Afternoon trading saw yields on the 10-year gilt standing at 4.531 percent and yields on the 2-year gilt were at 4.499 percent.
The British Retail Consortium had earlier announced that like-for-like sales were down 4.7 percent for the year in April.
This was the largest fall since the Consortium began reporting data in 1995, but part of the retreat could be attributed to the fact that Easter fell very early this year, affecting when holiday buying took place.
Elsewhere, in eurozone government bonds, yields on the 10-year Bund were up 2.3 basis points to 3.389 percent and yields on the two-year Schatz were up 1.7 basis points to 2.243 percent.
There are expected to be approximately €13 billion in new eurozone bonds issued this week, including a new 5-year issue by Germany on Wednesday and an auction in Italy on Thursday.
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