Gilt yields rose closer to mini-Budget levels today ami new fears the Bank of England will keep interest rates higher for longer.
The yield on a two-year gilt exceeded 4.6%, just over 10 basis points short of thr 4.734% peak in the immediate aftermath of Kwasi Kwarteng’s “fiscal event” last year.
Blue-chip shares started higher but soon fizzled in a week when the European Central Bank and the US Federal Reserve reveal their latest interest rate decisions.
In Switzerland, banking giant UBS announced that it had completed the acquisition of longtime rival Credit Suisse this morning. UBS agreed to acquire Credit Suisse in March in an emergency deal sparked by the biggest banking panic since the 2008 financial crisis.
