US wholesale data:

  • Prior trade sales 0.0% Revised to -0.2%)
  • Wholesale inventories -0.3% vs -0.1% expected
  • Prior wholesale inventories -0.1% (revised to -0.3%)

It's weak right across the board. This will spark some downward revisions to Q4 GDP, which is looking like a real dud already.

The next event on today's calendar is a speech from the Fed's Williams at 1630 GMT.