UK Market Monitor Q3 2025
A broadly parallel upward shift of approximately 20 basis points is evident across the nominal gilts curve, with yields reaching multi-year highs.
UK Market Monitor Q2 2025
The short-term nominal curve shows a decrease in yields for tenors under 20 years, while remaining relatively flat at the longer end of the curve.
European Market Monitor Q1 2025
Inflation has fallen over 2025 to a level where the European Central Bank has started cutting policy rates – three 25bps cuts in February, March and April so far this year.
UK Market Monitor Q1 2025
The shape of nominal and real gilt yields has shifted over the past quarter. The short-term nominal curve shows a decrease in yields for tenors under 7 years, while yields for longer tenors have increased by 15-20 basis points.
UK Market Monitor Q4 2024
Nominal and real gilt yields have substantially increased over Q4 2024. The nominal curve has increased by an average of c50bps, and the real curve by an average c44bps.
UK Market Monitor Q3 2024
There was little change in nominal and real gilt yields over the quarter. The average reduction was c14 bps for the nominal yield curve, and c8 bps for the real yield curve.
European Market Monitor Q3 2024
Inflation has fallen over 2024 to a level where the European Central Bank has started cutting policy rates – two 25bps cuts in June and September so far this year.
UK Market Monitor Q2 2024
We saw an upward move in both nominal and real gilt yields over the quarter. The nominal curve increased by an average of 26 basis points (bps), while the real curve increased by 31 bps.
UK Market Monitor Q1 2024
Real and nominal Gilt yields both increased over the quarter. Real yields averaged an increase of circa 15 bps, while nominal yields increased by circa 30bps. This led to a commensurately higher break-even inflation rate.
European Market Monitor Q4 2023
Higher interest rates have had the desired effect of reducing inflation prints, while also reducing economic growth. Secure income real assets remain attractive to investors seeking long-dated inflation-linked income to meet liabilities and diversify their portfolios.