US DATA: Nov wholesale inventories -0.2%, the first drop since December
2009. Wholesale sales +1.9%, so inv/sales ratio fell to 1.15 vs 1.17 in
Oct and 1.19 year-ago. Sales have risen faster than inventories over the
last year, narrowing the ratio. Nov inv pulled down by nondurables
(-0.9%), particularly farm products (-6.8%). Petro inventories +0.2%,
autos +1.9%. Factory inventories were already reported +0.8% for Nov, so
the outlook for the business inventories is mixed and will depend on
retail inventories.