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Frederik Ducrozet, economist at Pictet.......>

EUROPE
EUROPE: Frederik Ducrozet, economist at Pictet Asset Management has released a
"Europe chart of the week" about wages. 
- Ducrozet highlights the strong wage data released in the past week, with Q2
hourly EU wages rises to 2.2%Y/Y from 1.4%Y/Y and compensation per employee
rising from 1.4 to 1.6%Y/Y in the second quarter.
- His point "For the first time since QE started, the ECB staff could be in a
position to revise its wage growth projections higher at the December policy
meeting." This all adds weight to his argument that the ECB scales back asset
purchases to E40bln pcm from the start of next year.

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