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The United Kingdom’s gilts surged during European trading hours Tuesday amid ongoing Brexit politics and extension of divorce deadline to January 31, 2020. However, in terms of economic data, focus will remain on the country’s manufacturing PMI for the month of October, scheduled to be released by end of this week for further direction in the debt market.
The yield on the benchmark 10-year gilts, plunged nearly 3-1/2 basis points to 0.690 percent, the 30-year yield slumped 2 basis points to 1.208 percent and the yield on the short-term 2-year suffered nearly 3 basis points to 0.520 percent by 10:10GMT.
Of course, focus in the UK will remain firmly on politics with MPs set to vote today on the Government’s alternative attempt to call a General Election in December, Daiwa Capital Markets reported.
Aside from politics, today will bring the Bank of England’s latest lending data for September, which, against the backdrop of heightened uncertainty, are likely to show that consumer credit and mortgage lending growth continued to moderate at the end of Q3. In the markets, the DMO is scheduled to sell 2028 index-linked Gilts, the report added.
Meanwhile, the FTSE 100 remained tad -0.39 percent down at 7,301.88 by 10:15GMT.
