Bonds: Italian yields blow-out
These were the movements in some of the most widely-followed 10-year sovereign bond yields:
US: 2.85% (-5bp)
UK: 1.23% (-4bp)
Germany: 0.30% (-2bp)
France: 0.67% (-1bp)
Spain: 1.45% (+4bp)
Italy: 3.17% (+14bp)
Portugal: 1.85% (+3bp)
Greece: 4.28% (+1bp)
Japan: 0.10% (-1bp)
Gilts were wanted on Wednesday, mimicking gains on similarly-dated US Treasury notes against a market backdrop of risk aversion in the wake of the Turkish currency crisis.
That was against the backdrop of an 'in-line' reading on consumer prices in the UK which, at up by 2.3% year-on-year, were unchanged on the month before and, according to Barclays Research, "add little to the debate on interest rates as underlying upside pressures seem well contained".
Meanwhile, in the States, after the latest readings on retail sales and industrial production, for the month of July, Barclays revised its tracking estimate for US third quarter GDP growth higher by a tenth of a percentage point to 3.1%.
Linked in part to ongoing events in Turkey perhaps, Italian yields continued to rise on Tuesday, with analysts at SocGen putting out a research note to clients in which they argued that Greek debt might prove resilient in the face of the simmering political risks in Italy.
To back up their case, the analysts said it was "very hard" to think of scenarios in which Athens might default on its debts, as long as Rome continued to be the epicentre of risk aversion.
Spanish longer-term debt also saw some selling, amid reports that the minority Socialist government in power was negotiating tax increases on banks, technology companies, large-sized firms and - unlikely for the moment - higher-income individuals with the far-left Podemos party in a bid to obtain approval for the 2019 Budget law.
Nevertheless, the current government in Madrid stressed that it would abide by the revised public deficit goals that had been agreed with Brussels for next year.