Deutsche Bank AG(US:DB) Xin Lang Cai Jing·2026-02-11 11:30Core Viewpoint - Deutsche Bank analyst Mark Schattenberg indicates that the wage increases from collective agreements in Germany this year and next will boost private consumption [1] Group 1: Wage Agreements and Employment - Approximately 10 million employees are expected to participate in new collective wage agreement negotiations in 2026, up from about 6.3 million in 2025 [1] - Public sector wage agreements are anticipated to be more favorable, but unions in structurally challenged industries may prioritize job security over salary increases [1] Group 2: Wage Growth Projections - Collective wage growth rates for 2026 and 2027 are projected to be close to 3.0%, higher than the estimated 2.7% for 2025 [1] - The nominal wage totals are expected to increase by 3.7% in 2026 and 3.4% in 2027, partly due to an 8.4% increase in the minimum wage this year [1]