European stocks opened higher Tuesday, with global markets broadly tracking gains on Wall Street.
The U.K. labor market snapshot released by the Office of National Statistics on Tuesday is broadly supportive of a Bank of England rate cut in November, according to analysts. Wage growth met forecasts and slowed to the lowest level in more than two years, while the jobs market was relatively stable, with unemployment dipping to 4% from 4.1%. 'The gradual cooling of the U.K. labour market continues, with wage growth easing further and vacancies continuing to trend down.
Markets are pricing in an 83% probability of a November rate cut as of Tuesday morning. Ashley Webb, U.K. economist at Capital Economics, said the ONS figures added 'further support' to expectations of a rate cut to 4.75% from 5% next month. Thomas Pugh, economist RSM UK, said the door would be 'wide open' for a November cut as long as inflation figures — due out Wednesday — fall as expected.
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