Report: Middle East conflict may overshadow British spring statement

Patrick Munnelly of the Tickmill Group stated in a report that the geopolitical tensions in the Middle East may overshadow the UK's Spring Statement on Tuesday. The Spring Statement is a biannual report on the UK's public finances submitted by the Chancellor of the Exchequer to Parliament. UK bond yields rose, reversing some of last week's steep declines, due to the spike in oil prices caused by the conflict in the Middle East. This increases the risk of global inflation rising, and rising inflation may limit the ability of central banks around the world to cut interest rates. Tradeweb data shows that the yield on the 10-year UK government bond rose by 3.3 basis points to a new level of 4.266%.