U.K. bonds drop five basis points amid safety demand after Italy's downgrade

U.K. government bonds increased with 10-year yields slipping from its highest level in a two-week period after the Italian rating of its economy was downgraded by Fitch Ratings on Monday and investors sought the yields as a haven assets. The 10-year gilt yield dropped 0.05 percentage points, or five basis points, to 2.01% following a climb to the highest level since February 25 at 2.07%.