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On tap for Thursday: Aside from.....>

US DATA PREVIEW
US DATA PREVIEW: On tap for Thursday: Aside from weekly claims, Final Demand PPI
(0.1% est) for January; Retail Sales (0.0%) for December; business inventories
for November (0.2%). 
- Morgan Stanley economists "forecast a 0.3% month-over-month gain in December
core retail sales (which we define as retail sales and food services excluding
auto dealers, gas stations and home improvement stores)." MS said a large part
of their Retail Sales forecast is "driven by the food services category (i.e.
restaurants), and so the Bloomberg definition of the control group (which
excludes restaurants in addition to the categories above), is flat according to
our model." 
- RBS NatWest economists posits the December retail sales report "may be
stronger than it looks on the surface. Overall sales are unlikely to have shown
much growth in December (NWM forecast: +0.1%), restrained by a sharp decline in
gasoline station receipts (due to lower prices)." RBS adds "even our small
expected increase would be consistent with a gain in real PCE of around 4% in Q4
(relative to the Q3 average)."

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