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Date: Wednesday 20 Aug 2008

LONDON (ShareCast) - Bonds advanced across the markets as concern over the global economy continued to loom large.

In the UK, gilts were boosted by a CBI survey revealing that Britain's manufacturers are more downbeat on output prospects than at any time in the past seven years.

The yield on a 10-year bond was down three basis points at 4.56%.

A report that mortgage finance provider Freddie Mac will meet with the US government stoked speculation of a takeover, sending investors to the relative safety of government debt.

The yield on a 10-year US treasury shed three basis points to sit at 3.8%.

In Europe, bonds gained support from German banking association BDB's notification that it will change its forecasts for economic growth.

The yield on Germany’s 10-year bund fell five points to 4.12%.

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