September wholesale inv +0.3 unchanged from.>

US DATA: September wholesale inv +0.3 unchanged from the advance 

estimate. The outlook for September business inv is flat based on the 

already released +0.7% reading for factory inv and assuming no revision 

to the -1.0% for retail inv from the advance estimate. September 

wholesale sales +1.3%, so including +0.8% for factory shipments and 

assuming no revision to +1.7% for retail trade sales in last month's 

release, business sales would be +1.2%. Ex. autos, wholesale inv would 

have been +0.4% in September, and sales would have been +1.3%, according 

to an MNI calc. Wholesale durable inv +0.3%, but auto inv -0.3%. 

Nondurables inv +0.4%, with +3.0% for petro. Durables sales +0.7% (autos 

+0.7%), and nondurables sales +1.8% (petro +12.6%). Inv/sales ratio 

1.27, down slightly from August 1.28, and down from 1.32 yr ago. See MNI 

main wire.