US DATA: Oct wholesale inventories +1.9%, sales +2.2%, keeping seas adj
inv/sales ratio at 1.18, down from 1.22 a year ago. Sales have risen
faster than inventories over the last year, narrowing the ratio, though
inventory growth in recent months has lifted the ratio modestly. Oct.
inv and sales both boosted by nondurables, particularly farm products.
Factory inventories were already reported +0.9% for Oct, so the outlook
for the business inventories is too the upside, barring a retail
inventory drop.