Wage growth cools to 4.5% soothing fears over inflation 

The ECB will definitely want to wait for first-quarter wage growth data before deciding on rate cuts.

Pay agreements in the eurozone rose 4.5% at the end of 2023, according to the European Central Bank — soothing fears that rising salaries could sustain inflation above its target.

While still high, fourth-quarter pay growth is down from a eurozone record of 4.7%, notched in the previous three months, the ECB’s negotiated wage indicator showed.