0738 GMT - Yields on U.K. government bonds, or gilts, rise as markets price in the possibility of the U.S. Federal Reserve raising rates in the coming months. Recently-released U.S. economic data, including the ADP labor market data and PMI data, show resilient activity, raising concerns that inflationary pressures could force the Fed to raise rates. Investors also eye developments in the Middle East. Iran and Oman are finalizing a draft agreement to reopen the Strait of Hormuz which would allow the U.S. and Iran to return to the negotiating table, The Wall Street Journal reports. Ten-year gilt-yields climb 1.1 basis points to 4.893%, Tradeweb data show.
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