Shock horror: British wages are actually rising
STOXX 600 down 0.1%
HelloFresh jumps after Q2 report
Utilities lead, travel & leisure lags
Wall St futures higher
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SHOCK HORROR: BRITISH WAGES ARE ACTUALLY RISING
In truly startling news, British labour market data this morning showed that real wages - excluding bonuses - have grown more than 2% for five straight months.
This, remember, is the economy that brought you a 3% *fall* in real weekly earnings in the *decade* from March 2008 - and 19 straight months of declining real wages from November 2021 as inflation surged.
Things now look rosier for the UK consumer. Although the growth in wages fell to its slowest rate in nearly two years in June, a drop in inflation means people's pay is going further.
The inflation rate has fallen back to the Bank of England's 2% target, helping real wages rise for 13 straight months.
The GfK gauge of consumer confidence GBGFK=ECI has gradually been improving. Retail sales GBRSLY=ECI have been weak recently but are expected to have picked up in July, with data due on Friday.
Yet wage growth is slowing, even in real terms, as the Bank of England tries to limit any drivers of inflation.
The question for investors positioning for a potential spending splurge is whether Britain can leave one ignominious tradition behind it and keep real wages on an upward path.
(Harry Robertson)
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FOR TUESDAY'S OTHER LIVE MARKETS POSTS
WATCH RISING EUROPEAN GAS PRICESCLICK HERE
EUROPEAN STOCKS: NEAR TERM DOWNSIDE, LONG TERM UPSIDE - BOFA SURVEY CLICK HERE
CALM WATERS AS UTILITIES SUPPORT STOXX, TRAVEL DRAGS CLICK HERE
HEALTHY START AHEAD FOR EUROPEAN STOCKS CLICK HERE
STABLE YEN LEADS NIKKEI HIGHER AHEAD OF US DATA TEST CLICK HERE
Yen positioning - leveraged funds https://reut.rs/3M6vRMN
Japan's yen under pressure https://tmsnrt.rs/36El8HW
UK real wage growth has been positive for 13 months https://reut.rs/46H1Xsd
British earnings have picked up after a long fall https://reut.rs/4cpTdru
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