U.K. government bond yields dived on Tuesday, helping lift interest-rate sensitive portions of the London stock market, after a report showed Britain’s retail inflation fell to its slowest pace in more than a year.
Meanwhile, U.K. government statistics released Tuesday showed the number of companies going broke in England and Wales in 2023 is on course to be the highest since the financial crisis in 2009. “Groceries are still getting more expensive, but more slowly, which is taking the edge off the panic shoppers have been feeling at the tills,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
This narrative boosted demand for U.K. government bonds, with the 10-year gilt yield BX:TMBMKGB-10Y dropping 7.7 basis points to 4.484%, around the lowest in two weeks.
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JPMorgan says go short European bank stocks as headwinds buildJamie Chisholm is a markets reporter based in London.
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