US DATA: July business inventories +0.4% (+0.6% expected), with retail
inventories flat. Retail mtr veh inv +0.4%, but retail inv ex. mtr veh
-0.2% on sharp declines at general merchandise stores, furniture stores,
and building materials stores. An MNI calculation of retail inventories
not included in the published categories shows a decline of 0.4% after a
0.4% rise in the previous month. Total business inventories ex. retail
auto still +0.4%. Business sales +0.7% in July, pulling the inv/sales
ratio down to 1.27 from 1.28 in June and 1.29 a year ago.