US DATA: Jan retail sales +0.4% overall, +0.7% ex auto, and +0.6%
ex auto and gas, disappointing as estimates were higher. Jan sales were
held down by -0.2% furniture and -0.3% healthcare as well as flat
clothing and -1.1% autos. The entire mo’s gain was in the seas adj (adds
about +11% to overall sales). Nov-Dec levels also were rev lower. Still,
Jan sales began Q1 with momentum. Electronics +0.5%, bldg mats +0.2%,
food +1.3%. sporting goods +1.1%, restaurants +0.6% and gas +1.4% were
among the gainers.