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The United Kingdom’s gilts slumped during European trading hours Monday after the country’s construction PMI for the month of October surpassed market expectations, with eyes still on the services PMI for the similar period, scheduled to be released on November 5 by 09:30GMT.
The yield on the benchmark 10-year gilts, gained nearly 1-1/2 basis points to 0.677 percent, the 30-year yield surged 2-1/2 basis points to 1.187 percent while the yield on the short-term 2-year hovered around 0.515 percent by 10:50GMT.
The headline IHS Markit/CIPS Construction PMI increased to 44.2 in October, from 43.3 in September. This was the first improvement in four months. That said, the index remains well into negative territory, so it continues to point to a deterioration in construction activity.
And with the Brexit deadline delayed again, prolonged uncertainty is likely to continue to hold back construction activity. Indeed, the future business conditions index held steady at 56.7.
October’s headline construction PMI increased for the first time in four months. But it continues to point to a deterioration in construction activity. Further, with Brexit-uncertainty prolonged, a substantial improvement in commercial property construction or housebuilding seems unlikely.
Meanwhile, the FTSE 100 surged over 1 percent to 7,377.79 by 10:55GMT.
