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The UK 10-year gilt yields rose Thursday to the highest level since Brexit vote on June 23 as investors moved away from safe-haven buying amid gains in riskier assets including equities and crude oil.
Also, market expects that the Federal Reserve will not witness any difficulty from the victory of Republican candidate Donald Trump in hiking interest rate in December, supported by improving economic conditions (Fed December rate hike implied probability rose to 82 percent from previous 30 percent).
The yield on the benchmark 10-year gilts, which moves inversely to its price, rose 6 basis points to 1.320 percent, the super-long 30-year bond yield jumped 7 basis points to 2.004 percent and the yield on short-term 2-year bounced 2 basis points to 0.235 percent by 10:10 GMT.
The U.S. bond prices dropped on expectations that U.S. President-elect Donald Trump's policies, such as fiscal expansion and protectionism on international trade, will stoke inflation, sending 10-year Treasury yield to the highest in 2016 of 2.040 percent.
Moreover, investors again revised the outlook for the U.S. interest rates after Donald Trump's victory, with the probability of a December rate hike by the Federal Reserve going from as low as 30 percent to as high as 82 percent.
Trump has indicated he would increase fiscal spending and adopt more protectionist trade policies that could support growth and inflation, analysts said. Rising inflation tends to erode the value of bonds, pushing yields higher, Reuters reported.
Energy prices recovered from previous losses as the U.S. financial markets bounced back from an early Brexit-like slide that followed Donald Trump’s surprise victory in the US presidential election. The International benchmark Brent futures rose 1.08 percent to $46.87 and West Texas Intermediate (WTI) also climbed 0.49 percent to $45.49.
In addition, the Bank of England (BoE) left monetary policy unchanged at the November meeting that concluded on last Thursday, maintaining a more hawkish tone than what was anticipated by market participants. The board shifted from an easing bias to a neutral bias, saying that it "can respond in either direction".
Economic data has remained remarkably resilient to the Brexit uncertainties while the steep GBP depreciation means that CPI inflation will increase sharply next year. It seems that the BoE is quite satisfied that its actions have supported the economy and moved inflation back to higher levels consistent with the 2 percent target.
The BoE now expects higher short-term real GDP growth as economic data so far has been resilient. The bank also expects CPI inflation to be higher than the August projections as the GBP has depreciated further. The BoE expects CPI inflation to peak just below 3 percent in the coming years.
Meanwhile, the FTSE 100 traded 0.82 percent higher at 6,968 by 10:10 GMT.
