News Formal

European stocks open higher; Ericsson up 7%; UK wage growth falls to two-year low

  • 📰 CNBC
  • ⏱ Reading Time:
  • 21 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 72%

Breaking News: Europe News

STOXX 600,Telefonaktiebolaget LM Ericsson,CAC 40 Index

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks steady after inflation, unemployment data; Ericsson shinesEuropean stocks steady after inflation, unemployment data; Ericsson shines
Source: Investingcom - 🏆 450. / 53 Read more »

Nike stock pulls back as Wall Street has low expectations for Tuesday earningsThe market isn’t expecting much from Nike’s (NKE) August quarter when it reports after the close on Tuesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »