The yield on long-term British bonds rose over 8 basis points, with two waves of gains caused by progress in the Japan-USA trade agreement and EU-USA negotiations.

In the late session of the European market on Wednesday, the yield on UK 10-year government bonds rose by 6.6 basis points to 4.635%. US President Trump announced a trade agreement with Japan after the US stock market closed on Tuesday. Subsequently, UK bond prices "opened high" at 15:00 Beijing time and quickly rose to around 4.610%. They continued to fluctuate at a high level until media reports stated that the EU and the US were close to reaching an agreement on imposing a 15% tariff, causing the yield to rise to 4.635% from the 4.610% level. The yield on UK 2-year government bonds rose by 4.0 basis points to 3.881%. The yield on UK 30-year government bonds rose by 8.3 basis points to 5.482%, and the yield on UK 50-year government bonds rose by 8.7 basis points to 4.864%. The 2/10-year UK government bond yield spread rose by 2.558 basis points to +75.115 basis points.