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The United Kingdom’s gilts surged during European trading hours Friday after the country’s gross domestic product (GDP) for the second quarter of this year, and manufacturing production for the month of June disappointed market sentiments.
The yield on the benchmark 10-year gilts, suffered nearly 4 basis points to 0.482 percent, the 30-year yield also slumped 4 basis points to 1.138 percent and the yield on the short-term 2-year traded 2-1/2 basis points lower at 0.439 percent by 11:10GMT.
The preliminary estimate of Q2 UK GDP showed that the level of economic activity fell 0.2 percent in the second quarter, to record its first contraction since the fourth quarter of 2012. This represents a significant deceleration in activity from the 0.5 percent q/q pace seen in the first quarter and takes the annual rate of UK GDP growth to 1.2 percent from 1.8 percent previously, Lloyds Bank reported.
The print was not only weaker than both our and market expectations – and the latest guidance from the Bank of England’s Inflation Report – for a flat outturn, but also below the -0.1 percent q/q implied by the PMIs, the report added.
Meanwhile, the FTSE 100 traded nearly flat at 7,276.05 by 11:20GMT.
