Yields and basis point (bp) movements of some of the most-watched 10-year bonds this afternoon:

United States 1.87% 0bps
Germany 1.48% -1bps
Britain 2.03% 0bps
France 2.10% -1bps
Italy 4.27% -1bps
Spain 5.13% +6bps

Surprisingly, there was little movement in bond yields today as money flowed back into equities.

Perhaps the recent dire unemployment picture in Europe and concerns over German growth were making even the bond bulls hedge their bets versus their more exuberant brethren in equities.

Thus, those of a bullish bent sent the FTSE 100 to its highest level since May 2008 during Wednesday's session.

"It was risk on from investors who have become increasingly optimistic in 2013 that the global economy is on the mend following a good start to the US corporate earnings season from aluminium producer Alcoa," said Angus Campbell, Head of Market Analysis at Capital Spreads.

"[Alcoa] provided an encouraging piece of forward guidance that has been enough for investors to buy further into the mining stocks listed in London," he added.

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