The yield on 10Y Treasuries and 10Y Gilts both rose by 14bps, while the FTSE 100 fell 0.5%, as a strong performance from energy stocks limited the damage. This is due to soaring commodity prices after the OPEC+ announced that it would cut production by 2 million barrels a day.
This morning, the FTSE 100 was struggling for direction. Oil major Shell dropped 3.3% after it warned on third-quarter profit, due to "significantly" weaker earnings from natural gas trading.
In other news, Fitch lowered the outlook for its credit rating for British government debt to "negative" from "stable". A move that comes after the unveiling of Liz Truss’ controversial mini-budget.
Things to read today:
White House accuses Opec+ of aligning with Russia (Financial Times)
‘Uninvestable’ UK Market Lost £300 Billion in Truss’s First Month (Bloomberg)