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The UK 10-year gilt yield inched up to 5.16% on Monday as investors looked ahead to UK Chancellor John Healey’s first major speech before next month’s budget announcement. At the same time, oil prices approached seven-week highs after the US struck three Iranian oil tankers over the weekend, destroying one, and Tehran responded by threatening to impose a new restricted zone outside the Strait of Hormuz. Rising oil prices have been a key driver of the global bond selloff, leaving UK gilts particularly exposed.
On the data front, UK firms increased full-time hiring in August for the first time in four years, according to a closely watched REC survey. The figures will attract close scrutiny from Bank of England policymakers as they gauge the resilience of the labour market. Meanwhile, UK house prices declined year-on-year for the first time since November 2023, Lloyds data showed.
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