US DATA: July wholesale inv +0.8%, sales flat, inv/sales ratio rises to
1.17 from 1.16 in June and high since Oct. 2010. July wholesale
inventories ex. autos +0.8% vs +0.3% in June, an MNI calc shows. The
inventory rise was driven by gains in both durables and nondurables,
while a spike in durables sales was offset by sharp decline in
nondurables sales. Factory inventories were already reported up 0.5% in
July, so the outlook for business inventory growth is for growth pending
the retail inventories data when they are released.