UK 10-year gilt yield rises 5.9 bps to 5.432%

The move is a parallel, front-to-back selloff rather than a twist, with the 2s/10s spread widening only marginally, so the driver looks like a broad repricing of UK duration risk rather than a shift in rate-cut expectations alone. The long end holding pace with the belly matters for pension and liability-driven holders, where higher long yields feed straight into funding and collateral math. Whether the 10-year holds above the session high into the next session, and whether the curve steepens further, is the open question worth watching.