COMMODITIES: WTI Crude Futures Steady After Thursday Drift

French Treasury Chief Economist Dorothee Rouzet talks about funding increased defence spending.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com 

TYN5 112.00 calls continue to trade, ~2.6K given at 0-02 this time, over 17.5K lots have traded at that level today.

There were slight upward revisions to the ECB’s forward looking wage tracker compared to the April vintage, but the broader theme of softening compensation pressures remains intact.

• The tracker excluding one-off payments is seen at 3.082% in Q4 2024 (vs 3.024% in the April iteration). The ECB projects compensation per employee growth at 2.8% by the last quarter of this year, down from 3.8% in Q1.
• There were also upward revisions to the share of employees covered by the wage tracker (45% in Q4 2025 vs 43% in April).
• From the ECB: “The downward trend of the forward-looking wage tracker for the remainder of 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the front-loaded nature of wage increases in some sectors in 2024.”
• Little impact in ECB implied rates following the release, as expected.