-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessGERMAN DATA: Negotiated Wages Warrant Upside Risks to Overall EZ Figure
German negotiated wages incl. one-off payments inclined 11.7% Y/Y in March (vs 5.9% in Feb), the highest yearly growth rate in the recent cycle, bringing in the Q1 growth to 6.2% Y/Y. This poses some upside risks to analyst expectations for a +4.5% Y/Y Eurozone-wide negotiated wage tracker print (released Thursday), in addition to this week's release of a firmer Q1 overall labour cost index growth (+4.9% Y/Y vs +3.4% Q4). JPMorgan now pencils in 4.7%. It printed 4.5% in Q4 23.
- While the effect of one-time payments, which was heavily driven by tax-exempt one-off inflation remunerations of up to E3000 is likely to taper off fairly quickly, the underlying uptick will be more concerning to ECB policymakers. Underlying growth (excluding one-offs) ticked up notably in March, to 4.1% Y/Y (vs 2.6% Feb).
- March saw an unusually high number of negotiated wage contracts expiring, impacting about 1.9mln workers (4% of the total workforce). Negotiations in April and May (driven by the services sector) saw a lower number of affected workers. The next large round of negotiations will be in September, when contracts in the metal and electrical industry will expire.
- Note that even if the German jump contrasts with softer readings elsewhere in the Eurozone.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.