Sterling assets on backfoot after Autumn Statement

Sterling assets were on their backfoot following the Chancellor´s Autumn Statement, with the Footsie skidding lower by 0.15% to 6,809.04 points, versus the level of roughly 6,839.18 where it had stood prior to Hammond´s speech.

In parallel, as of 1355 GMT the benchmark 10-year Gilt was underperforming similarly-dated US and German debt in the wake of Hammond's remarks, with yields up by nine basis points to 1.45%, versus a five point gain on those for US Treasuries to 2.36% and a similar advance in Bund yields.

Yields on two-year UK notes were up by four basis points at 0.19%.

Prior to the Chancellor´s speech 10-year Gilt yields had been roughly three basis points higher.

To take note of, the Autumn Statement coincided with the release of a very strong headline number for US durable goods in October, that pushed the dollar sharply higher.

The latest batch of economic figures out Stateside pushed dollar/yen up to 112.20, trading higher by 1.07% it was just off its intraday highs of 112.26.

Similarly, euro/dollar was losing 0.7% to 1.0550.

Cable on the other hand was off by less, giving back 0.36% to 1.2371, with the rise in Gilt yields likely offering a degree of support.