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Peter Chatwell and Antoine Bouvet at........>

US TSYS
US TSYS: Peter Chatwell and Antoine Bouvet at Mizuho adopt a bearish view
heading into the US data "we think the importance of the September readings
should not be overstated due to the likely distortions created by the
hurricanes. We would trade into the releases with a short bias however as we
think weak data is more likely to be discounted as a result of disruptions while
stronger jobs than expected would have been in spite of adverse conditions."

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