British government bond prices collapsed on Monday, pushing yields to their highest in over a decade, amid speculation that the Bank of England might need to take emergency action after sterling hit a record low against the U.S. dollar overnight.
Two-year gilt yields rose as much as 54 basis points on the day to 4.533%, their highest since September 2008, and at 0754 GMT were 44 basis points up on the day at 4.43%.
Five-year gilt yields jumped more than 44 basis points to 4.503%, their highest since October 2008, while benchmark 10-year yields hit their highest since April 2010 at 4.215%.British government bonds prices have been under pressure for months, hurt by higher inflation and rising U.S. and Bank of England rates, but their fall accelerated massively on Friday after new finance minister Kwasi Kwarteng promised tax cuts.
Typically gilt yields rise or fall just a few basis points on the day, but on Friday the five-year gilt yield rose more than 50 basis points, representing the biggest one-day price fall since at least 1991.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Multiple schools dismissing early Monday due to Officer Seara Burton's funeralMultiple school districts are having early dismissal or switching to e-learning on Monday due to Officer Seara Burton's funeral.
Read more »
NASA to Crash Satellite Into Asteroid on MondayAs it turns out, Armageddon may have been right. Officials with NASA are taking a page from the [...]
Read more »
NASA spacecraft to collide with asteroid Monday to test Earth's defensesIt may sound like the plot of a Hollywood movie, but NASA will intentionally crash into an asteroid on Monday to test its ability to save Earth from a hypothetical future disaster.
Read more »
King County Executive to announce behavioral health response plan on MondayKing County Executive Dow Constantine will announce a new behavioral health crisis response plan on Monday. FOX13
Read more »
Pierce County deputies to launch Hwy 7 emphasis patrol MondayPierce County law enforcement are launching an emphasis patrol of Highway 7 around Spanaway this week. FOX13
Read more »