But the most striking market movements were the British government bonds and the pound.
Bond yields, a measure of borrowing costs, soared higher, which will make the interest the government pays on the new debt it issues much more expensive. The benchmark 10-year government bond yield rose to the highest level since 2011. And the five-year bond yield rose more than half a percentage point to 4.15 percent, a big move in a market where fluctuations Journals are generally measured in hundredths of a point.
The pound also fell 1 percent against the euro on Friday and fell nearly 2 percent against the US dollar to just over $1.10. The British currency has lost more than 18 percent against the dollar this year.
“Concerns about the UK’s fiscal position, combined with its recessionary outlook and extremely high level of inflation, leave the pound extremely vulnerable,” Rabobank analysts wrote in a note.