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Date: Wednesday 16 Apr 2008

LONDON (ShareCast) - European bonds were lower after an unexpected rise in inflation suggested that near-term interest rate cuts were unlikely.

Euro zone inflation hit a record high of 3.6% in March, up from a revised estimate of 3.5%, EU statistics office Eurostat said. The ten year German bund yield is up 3 basis points to 4%.

UK two year gilt yield rose 5 basis points to 3.98% and the ten-year bond is also 5 basis points higher at 4.49%.

Banks in the UK received a lift from reports that the Bank of England could intervene in the mortgage market.

Meanwhile, ten year US treasury yield rose 1 basis point to 3.59% after housing starts fell more than expected.