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Date: Tuesday 15 Jul 2008

LONDON (ShareCast) - European bonds followed US bonds higher after Federal Reserve chairman Ben Bernanke warned of risks to economic growth and increased inflation danger.

Bernanke spoke of ‘significant downside risks to the outlook for growth’ and said: “upside risks to the inflation outlook have intensified.”

The yield on a US 10-year treasury fell by three basis points to 3.83%.

UK bonds initially came under pressure on the back of data showing inflation heading toward 4%, increasing the prospect of higher interest rates, but later fell back in line with global economic concerns.

The yield on a UK 10-year gilt fell by three basis points to 4.86%.

German bonds advanced as the country’s business confidence indicator plunged to a record low.

The yield on Germany’s benchmark 10-year bund fell one basis point to 4.39%.

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