US DATA: Jan wholesale inv +0.4%, sales -0.1%, inv/sales ratio unch at
1.15, though slightly higher before rounding. Jan wholesale inventories
ex. autos were also +0.4%, an MNI calc shows. Total durables inv +0.8%,
led by machinery, autos, and electric. Nondurables inv -0.2%, though
petro inv +2.3%. Wholesale sales -0.1% (-0.3% ex auto), with durables
sales -0.2% and nondurables sales -0.1%. Factory inv already reported
+0.6% in Jan, so the outlook for business inventory growth is strongly
positive pending the retail inv data.