MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI China Daily Summary: Tuesday, December 24

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI: PBOC Net Drains CNY291.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Tues; -2.11% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

UK DATA: Private regular wage data concerning to the MPC

UK DATA
CEEMEAData BulletBulletUKMarketsFixed Income BulletsForeign Exchange Bullets

Looking in more detail at the private regular wage data:

  • The single month of August 2024 was revised up - but this was pretty much cancelled out by an upward revision to August 2023 (the single month was revised from 4.59%Y/Y to 4.60%Y/Y).
  • The single month of September 2024 saw a more significant upward revision to 5.10%Y/Y from 4.89%Y/Y (despite an upward revision to September 2023).
  • The single month of October 2024 came in at 6.42%Y/Y (aided by a downward revision to October 2023 data). This is the highest single month Y/Y print since September 2023.
  • These revisions mean that on the headline 3-month Y/Y basis August marked a low point of 4.84%3mY/Y (only revised up by a hundredth), September saw an upward revision to 4.88%3mY/Y (rather than moving below August's print to 4.80%) and the 3-months to October came in at 5.37%3mY/Y. This is the highest since the 3-months to May.
  • Looking across sectors the upward revisions to September and the high October prints were pretty broad based.
  • In terms of momentum (3m/3m annualised), private sector regular has picked up to 5.64% in October from a revised 4.64% in September (previously 4.21% in September). This returns momentum back to July levels.
  • The September revisions and the fresh October data will be of concern to the MPC and is likely to introduce more caution in decision making.
  • By comparison, the public sector wage data has seen relatively little revision.
  • We would expect to see SONIA futures price in lower probabilities of 2025 cuts on the back of this data.
250 words

To read the full story

Close

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.

Looking in more detail at the private regular wage data:

  • The single month of August 2024 was revised up - but this was pretty much cancelled out by an upward revision to August 2023 (the single month was revised from 4.59%Y/Y to 4.60%Y/Y).
  • The single month of September 2024 saw a more significant upward revision to 5.10%Y/Y from 4.89%Y/Y (despite an upward revision to September 2023).
  • The single month of October 2024 came in at 6.42%Y/Y (aided by a downward revision to October 2023 data). This is the highest single month Y/Y print since September 2023.
  • These revisions mean that on the headline 3-month Y/Y basis August marked a low point of 4.84%3mY/Y (only revised up by a hundredth), September saw an upward revision to 4.88%3mY/Y (rather than moving below August's print to 4.80%) and the 3-months to October came in at 5.37%3mY/Y. This is the highest since the 3-months to May.
  • Looking across sectors the upward revisions to September and the high October prints were pretty broad based.
  • In terms of momentum (3m/3m annualised), private sector regular has picked up to 5.64% in October from a revised 4.64% in September (previously 4.21% in September). This returns momentum back to July levels.
  • The September revisions and the fresh October data will be of concern to the MPC and is likely to introduce more caution in decision making.
  • By comparison, the public sector wage data has seen relatively little revision.
  • We would expect to see SONIA futures price in lower probabilities of 2025 cuts on the back of this data.