And BNP's Paul Mortimer-Lee also......>

US DATA REACT: And BNP's Paul Mortimer-Lee also added on US wage growth that "as

relatively expensive baby-boomers retire - the so-called Silver Tsunami - and

are replaced by younger, cheaper workers, there may be a compositional effect."

- He adds that "the San Francisco Fed "reckons that wage growth for continuously

employed full-time workers is currently in line with rates seen in 2007. The

average is being held down by the entry of new and returning workers to

full-time jobs, who typically earn less. The Atlanta Fed's wage tracker, which

follows the wages of individual workers, and so should abstract from

compositional effects, shows a faster rate of increase: 3.4% y/y in the three

months ending August."