Previous Trading Days Events 13 Feb 2024

The UK claimant count for January 2024 increased by 14,100 in the month, higher than the previously reported figure. The early estimate of payrolled employees for January 2024 increased by 48,000 0.2. British pay grew by 6.2 in the last three months of 2023 compared with the same period a year earlier and the labour market remains tight as businesses struggle to find and retain staff. High levels of longterm sickness are also hampering employers.

The lingering concern for the Bank of England will be that the labour market has not cooled sufficiently to achieve a sustainable return to the 2 inflation target, Finney said.

The BoE is worried that pay might continue to rise too quickly for inflation to fall to its 2 target.

Source httpswww.reuters.comworldukukregularwagesgrow623monthsdecember20240213

Inflation in the U.S. was reported higher than expected, at 3.1 versus 2.9. The consumer price index increased 0.3 last month after gaining 0.2 in December. Global stock market indexes dropped, the 10year U.S. Treasury yield hit a 212month high and the dollar appreciated greatly against a basket of currencies.

All three major U.S. stock indexes fell more than 1 each, and the Dow Jones industrial average posted its biggest daily percentage drop in almost 11 months. The yield on the benchmark U.S. 10year Treasury note rose 14 basis points to 4.31 after reaching 4.314, its highest level since Dec. 1.

Markets are taking it…