European markets opened higher on Tuesday as global investors await the latest U.S. inflation report.
U.K. regular wage growth was 6.1% in the period from November 2023 to January 2024, the Office for National Statistics said Tuesday , as analysts noted the print is unlikely to derail expectations for the Bank of England to begin cutting interest rates toward the middle of the year. The rate of year-on-year wage growth slowed back to a level last seen in the August to October 2022 period, and came in just below the expectation of economists polled by Reuters of 6.2%.
1 percentage points on the quarter over the same period, coming in at 75%, though the number of payrolled employees rose by 15,000 in January. 'The easing in wage growth in January is probably still a bit too slow for the Bank of England's liking. But there are encouraging signs that a more marked slowdown is just around the corner and that an interest rate cut in June is possible,' Paul Dales, chief U.K. economist at Capital Economics, said in a note.
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