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Date: Tuesday 01 Jul 2008

LONDON (ShareCast) - Gilts bounced back from recent losses as the prospect of a rate cut receded after data showed the manufacturing sector contracted to its lowest level since December 2001 in June.

The purchasing managers index fell to 45.8 in June from 49.5 in May.

The yield on 10-year gilt fell 2 basis points to 5.11%.

However, it was a different story in the US, where treasuries were broadly flat after manufacturing increased in June. The Institute for Supply Management’s factory index climbed to 50.2 from 49.6 in May.

The yield on a 10-year US treasury was unchanged at 3.97%.

The US data also held back mainland European bonds. The yield on the benchmark 10-year German bund fell by a tiny fraction to 4.62%.

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