AUSSIE BONDS: ACGB Nov-29 Auction Result

• MNI: UK NOV-JAN MEDIAN PAY AWARDS +3% :Brightmine

Brightmine median basic pay awards in the 3 months to January came in at 3.0%, the second consecutive reading where pay awards have remained at the lowest level since December 2021 (after the 3 months to December figure was revised to 3.0% from 3.3%). 

• The press release notes this is "signaling a shift toward more restrained pay increases after a period of elevated awards."
• The dispersion in pay awards narrowed in January with the interquartile range having narrowed to between 2.5% and 4.0% in January, driven by the upper quartile falling.
• Looking ahead, pay awards are likely to remain at low levels due to the rising cost from employee National Insurance contributions rising.
• The rolling quarter of data is based on 69 pay settlements between November 2024 and January 2025, representing more than 95,000 employees (vs 22 pay award covering 227,000 employees between October and December).

• MNI JAPAN DEC CORE MACHINE ORDERS -1.2% M/M; NOV +3.4%
• JAPAN DEC MACHINE ORDERS POSTS 1ST M/M DROP IN 3 MONTHS