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Uk Gilt Futures Push Up Further, Await Cbi Survey

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Guest Riser

Looks like the manufacturing news was worse than expected

Gilts higher after weak UK manufacturing survey; European bonds edge up

Gilts higher after weak UK manufacturing survey; European bonds edge up

LONDON (AFX) - Gilts moved higher after a survey revealed that the UK's

manufacturing sector performed even worse than market commentators had been

forecasting in August.

Manufacturing orders fell to their lowest level since October 2003,

according to the latest poll by the Confederation of British Industry, with 42

pct of firms reporting total order books below normal and only 13 pct reporting

them above normal.

The ensuing negative balance of -29 pct compares with -20 pct in July and

expectations of a modest recovery to -16 pct.

    "The figures were clearly worse than expected and confirm that the

manufacturing sector continues to deteriorate," said HBOS analyst Adam Chester.

    From the market's point of view, today's survey will support the view that

there could be another rate cut from the Bank of England later this year,

although the recent improvement in euro zone surveys give some reason for

optimism, he said.

The CBI also cut its forecast for 2005 UK GDP growth substantially to 1.9

pct from 2.5 pct previously, echoing a similar cut yesterday from the British

Chambers of Commerce which now expects growth of 2.0 pct..............


                                         At         Yield      Change  on

                                        1030 GMT      pct     previous close

    Sept euribor future (Liffe)         97.870               up   0.005


    Sept bund future (Eurex)            123.32               up   0.08

    3.25 pct July 2015 govt bond        100.71      3.17     up   0.05



    3.50 pct April 2015 govt bond        98.71      3.21     up   0.05  


    Sept gilt future                    113.59               up   0.15

    5.00 pct Sept 2014 govt bond        104.28      4.22     up   0.20 

    Sept sterling future                 95.43               unchanged


Edited by Riser

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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