US stockpiles grow
US wholesale inventory growth of 0.5 per cent topped forecasts for June as worker productivity rose three per cent.
The rise reflected a build-up of durables including cars and furniture as wholesale sales increased 0.8 per cent, led by sales of non-durables.
The wholesale sales-to-stock ratio, which measures the length of time goods sit at wholesalers, held steady at 1.33 months.
The rise in inventories reflected a buildup of unsold big-ticket goods.