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The United Kingdom’s gilts slipped slightly during European trading hours Tuesday ahead of the country’s gross domestic product (GDP) for the second quarter of this year, scheduled to be released on August 9 by 08:30GMT and the manufacturing production data for the month of June, due on the same day for further direction in the debt market.
The yield on the benchmark 10-year gilts, edged tad 1/2 basis point higher to 0.519 percent, the 30-year yield remained flat at 1.191 percent and the yield on the short-term 2-year surged 1-1/2 basis points to 0.444 percent by 10:40GMT.
While yesterday’s services PMI signalled a modest improvement in conditions at the start of Q3, today’s BRC retail sales monitor remained extremely downbeat in July despite the record temperatures recorded last month, Daiwa Capital Markets reported.
In particular, it suggested that total retail sales were up just 0.3 percent y/y, the lowest growth recorded for a July since the series began in 1995. And this followed the worst June on record, when the survey’s measure showed sales declining 1.3 percent y/y.
Like-for-like sales were even softer, with the 0.1 percent y/y rise in July following a 1.6 percent y/y decline in June. Moreover, smoothing out monthly volatility, like-for-like sales on a three-month basis took a notable step down, with the 1-1/2 percent 3m/y decline the steepest since the start 2009, the report added.
Meanwhile, the FTSE 100 traded steady at 7,227.47 by 10:45GMT.
