Business inventories fell 0.6% in October, a good news/bad news situation. it is bad news in that falling invenories cut into the GDP calculation but it is good news in that firms have fewer unsold goods hanging over markets. Business sales fell 3.5% in October, a record.
Equities are recovering some of their lost ground (down 0.8%, well off lows) as retail sales and consumer confidence showed a few rays of light and the fact that the auromakers will be left to die another day. The dollar could see some upside as jitters calm down. EUR/USD trades now at 1.3390.
