The U.S. July retail sales report was weak, but the details were about as expected.

July retail sales posted down 0.1%, with ex-auto sales up 0.4% and ex-gas and auto sales rising 0.3%. This probably starts third-quarter gross domestic product real growth in the minus column as the deflator will take away all growth in consumption, but confirmation will come in the consumer price index, which is released Thursday.

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