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FTSE 100 struggling for traction in early trading as UK yields surge
The fall across the European, US and UK bond markets continued unabated again yesterday and that saw the UK 10 year yield rise above 5.40%. That is another more than 20 year high for this yield and it clearly dented the FTSE 100 yesterday. The index traded as low as 10,594.34 and were it not for the significant gain in the oil price, this index would surely have fallen further than that. The FTSE 100 later closed 61.14 points lower, at 10,608.92.
The index has effectively opened a little higher this morning, but not markedly so. The UK bond (GILT) makes futures are now open as well and remain elevated in very early trading, but below the highest levels in terms of yields seen yesterday. The 10 year yield is rught niw at 5.37% and that is clearly a drag on the FTSE 100 in early trading. The index is right now at 10,610
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