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GILT SUMMARY

Budget And Financial Tightening In The Spotlight

CORN TECHS

(K1) Consolidating

SOY TECHS

(K1) Bullish Conditions Remain Intact

US DATA
US DATA: Q4 Employment Cost Index +0.7%, As Expected
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- Q4 ECI +0.7%; as expected by market analysts   
- ECI +2.7% y/y in Q4 vs +2.8% in Q3.
- Wages and salaries rise +0.7% in Q4; y/y +2.9% in Q4  
- Benefits +0.5% in Q4 vs +0.6% in Q3; y/y +2.2% in Q4 vs +2.3% in Q3 
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Fourth quarter ECI data points to steady employment costs with little 
quarterly change. Year-over-year compensation costs for the 12-month 
period ending in December 2019 rose by +2.7% while the period ending 
December 2018 grew by +2.9%. Year-over-year, the cost of benefits for 
the 12-month period ending December 2019 saw a +1.9% increase compared 
to a +2.6%  increase for the 12-month period ending December 2018. 
Year-over-year  growth in wages and salaries, however, was more stable, 
with the  12-month period ending December 2019 rising by +3.0% compared 
to a 3.1%  increase for the 12-month period ending December 2018.