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Date: Friday 30 May 2008

LONDON (ShareCast) - Gilts moved forward after British consumer confidence fell to its lowest level since November 1990 and there were warnings that it may plunge even further in future months.

According to the latest survey from GfK NOP, the consumer confidence index dropped by 5 points to -29 during May, 27 points lower than this time last year.

“The future months may see even further fall in confidence, as increasing inflation and dropping house prices make reigning in their spending even more likely to the UK consumer,” said Rachael Joy at GfK NOP.

Two year gilt yields are down 6 basis points to 5.06% while ten year gilt-yield is down 5 basis points to 4.98%.

European and US bonds are also posting good gains.

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