FTSE 100 still seemingly unfazed by UK bond market rout- will that continue?

As mentioned earlier this morning, the FTSE 100 was the best performing major European stock market index yesterday. The FTSE 100 gained 68.66 points by the close, at 8,319.69. The high on the session was set at not much above that close, at 8,322.59. The index has just reopened and it was an effectively slightly lower opening. The thing about the price action and the close yesterday, was that it was massively at odds with the moves seen across the UK bond (Gilt) markets and the surge in UK yields clearly had no detrimental impact on the FTSE. In a different scenario it might have, but in order to explain what that was the case, we look at money market interest rates from the overnight period up to the 12 months period and we see those did not change yesterday, despite the surge in longer term bond yields. To be honest with you, the only real course of action from the BOE right now is to cut interest rates as a hike right now could be terminal for the UK stock markets. So, that probably explains why the FTSE 100 is defying the moves in the longer term bond markets. The FTSE has just effectively reopened around 8,300 and it remains to be seen, if it will continue to defy those longer term bond market dynamics