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JGB TECHS

(Z1) Downside Pressure Resumes

AUSSIE BONDS

Early Vol. Observed In YM

US TSYS

Flat Restart After Aggressive Twist Flattening

AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

UK DATA
UK DATA:Nominal Wage Growth Highest Since Sep 2015; Inactivity Sinks  
--Dec-Jan Employment Level Up 168,000; Jobless Rate Falls To 4.3%    
--Dec-Jan Total Earnings +2.8% 3m y/y Vs Revised +2.7% 3m y/y Nov-Dec
--Dec-Jan Real Total Earnings Flat 3m y/y Vs -0.1% 3m y/y in Nov-Dec
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Nominal wage growth ramped up in January (2.8% 3m y/y), to the 
highest level since Sep 15, extending strong growth in the 3m to Dec 
which was revised up to 2.7%. Ex-bonuses, nominal wage growth ticked up 
0.1pp to 2.6%. In addition, real wage growth returned to the neutral 
level after 9 straight months in the red. While the employment and 
unemployment count both increased in the 3m to Jan, the marked 168,000 
employment gain was enough to push the inactivity level down 136,000 on 
the quarter, sending the corresponding inactivity rate down 0.3pp to 
21.2% - a joint record low. Viewed another way, the 
activity/participation rate hit a joint-record-high 78.8%.