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The United Kingdom’s gilts remained narrowly mixed during European trading hours Tuesday’s ahead of the country’s manufacturing PMI for the month of July, scheduled to be released on August 1 by 14:00GMT and the Bank of England’s (BoE) monetary policy meeting, due on the same day by 16:30GMT for further direction in the debt market.
The yield on the benchmark 10-year gilts, slipped 1 basis point to 0.644 percent, the 30-year yield rose 1 basis point to 1.350 percent and the yield on the short-term 2-year traded flat at 0.462 percent by 11:00GMT.
The BoE is set to announce its latest monetary policy decision and publish its August Inflation Report. No changes are expected to the policy, with Bank Rate set to be left at 0.75 percent, Daiwa Capital Markets reported.
But with Governor Mark Carney having recently noted increased downside risks to global and UK GDP growth, the MPC would be expected to be more downbeat about the near-term outlook, the report added.
"And with Bank staff last month having revised down their Q2 GDP forecast from 0.2 percent q/q to zero percent q/q, we expect the Inflation Report to reveal downward revisions to the Bank’s GDP growth forecasts and possibly its inflation projection too," Daiwa further commented.
Meanwhile, the FTSE 100 rose tad 0.12 percent to 7,695.45 by 10:50GMT, while at 10:00GMT.
