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Bonds fall as outlook brightens

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Bonds were on the back foot in the UK, Europe and US as cheery economic data staved off the likelihood of rate cuts.

Figures from the UK Office of National Statistics showed a 0.8% rise in retail sales in July despite the biggest price hike for more than a decade, lessening the likelihood of a rate cut.

The yield on a 10-year gilt was up two basis points at 4.58%.

An unexpected rise in the eurozone manufacturing index pushed German bonds lower. RBS’s composite index climbed to 48 from 47.8.

The yield on Germany’s 10-year bund rose three basis points to 4.16%.

US treasuries were under pressure as unemployment benefit applications fell more than forecast. In the week to August 16, 432,000 signed on, a drop of 13,000 from the previous week.

The yield on a 10-year note gained three basis points to 3.83%.

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