Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
NATO Albania Summit Faces Uncertainty as Trump, Defense Spending Concerns Loom 
Asian Stocks Mixed as South Korea Slides on Profit-Taking, Japan and China Gain on Strong Factory Data 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
Argentina Economy Shrinks 1.5% in April, Recovery Under Milei Loses Momentum 
US Stock Futures Steady as Investors Await Payrolls Data and Monitor Iran Tensions 
Gold Price Drops to Eight-Month Low as Fed Rate Hike Bets Weigh on Bullion. Source: Photo by Michael Steinberg via Pexels 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Oil Prices Slip as U.S.-Iran Peace Talks and Strait of Hormuz Risks Keep Markets on Edge 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
UK Labor Market Slows Amid Weakest Wage Growth Since 2021
The UK's labor market showed further signs of cooling in October, with the weakest wage growth since early 2021, according to a survey by the Recruitment and Employment Confederation (REC) and KPMG. The starting pay for permanent roles slowed to 52.5 in October, down from 52.8 in September, marking the lowest level since the pandemic's early days.
Decline in Hiring and Rising Candidate Availability
The REC’s permanent placements index also fell to 44.1 in October, down from 44.9 in September, signaling a slowdown in hiring. The survey indicated that businesses are holding off on recruitment amid uncertainty surrounding the new Labour government’s budget. In contrast, the number of available candidates increased for the 20th consecutive month, with temporary staff availability rising at its fastest pace in nearly four years.
Impact of Tax Increases on Hiring
Last week’s budget, which included £40 billion in tax hikes, is expected to further dampen hiring and wage growth. Finance Minister Rachel Reeves announced higher social security contributions for businesses and an increase in the minimum wage, measures that could strain companies’ finances and slow down recruitment.
Bank of England’s Response
The Bank of England, closely monitoring wage growth to assess inflation pressures, reduced borrowing costs to 4.75% from 5% in its latest meeting. Neil Carberry, REC’s CEO, noted that the pay data provides little justification for the Bank to halt further interest rate cuts.
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