Bloomberg News

U.K. 10-Year Gilts Fall as Stocks Advance; Unemployment Rises

October 12, 2011

Oct. 12 (Bloomberg) -- U.K. government bonds declined as equities reversed a decline, leaving the 10-year yield two basis points higher at 2.61 percent as of 9:55 a.m. in London.

Declines in gilts were tempered after a report showed U.K. unemployment rose to 8.1 percent in the three months to August, the highest level in 15 years. The pound weakened 0.3 percent to 87.81 pence per euro and climbed 0.6 percent to $1.5669.

The jobless rate increased to 8.1 percent from 7.9 percent in the three months through July, the Office for National Statistics said in London today. The number of unemployed increased to 2.57 million, the most since 1994. In September, jobless claims rose for a seventh month. The Stoxx Europe 600 Index gained 0.1 percent after falling 1 percent today.

--Editors: Matthew Brown, Mark McCord

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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