US DATA: Jan business inventories unch from Dec (revised to -0.3%)
vs expectations of +0.2%, -8.6% y/y. Retail inventories -0.1% and retail
inv ex autos were -0.2%; the lowest reading since Nov ’09 (-0.3%). Jan
total business sales +0.6% from Dec, +6.8% y/y. Total business sales
have now rise for 8 months in a row (June’09 to Jan’10). Total business
inventory/sales ratio 1.25, the lowest since Jan’06 (1.24).