U.K. bond yields spiked higher while Germany's edged higher as the Bank of England responded to above 5% inflation with an interest rate hike while the...
U.K. bond yields spiked higher while Germany’s edged up as the Bank of England responded to above 5% inflation with a benchmark interest rate hike while the European Central Bank kept rates in negative territory.
The yield on the 10-year U.K. gilt TMBMKGB-10Y, 1.372% rose to 1.34% from 1.26% after the Bank of England made its second consecutive rate increase, taking the bank rate to 0.5%. While the rate hike was not a surprise, markets hadn’t anticipated four members of the nine-member monetary policy committee would support a half-point increase.
The yield on the 10-year German bund TMBMKDE-10Y, 0.120% meanwhile nudged up to 0.07% from 0.04% after the European Central Bank kept interest rates steady and didn’t change the language surrounding quantitative easing.All of the major European stock-market benchmarks were negative in afternoon trade, with the Stoxx Europe 600 SXXP, -1.22% slipping 0.6%.
Catering group Compass CPG, +6.17% jumped 8% after reporting a 39% surge in organic revenue growth in its fiscal first quarter. SKF SKF.B, -8.44% slumped as the Swedish ball-bearings maker reported a core profit below expectations. ING INGA, -4.94% also dropped as the Dutch lender recorded a weaker profit than analysts estimated.
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