Against a background of very positive China retail sales, US retail sales were a notable disappointment, rising just 0.6% MoM (well below the +1.0% expected) and July's 1.2% jump was revised downward to +0.9%.0916

Source: Bloomberg

In fact, there were downward revisions across the board.

Under the surface, the big headline was a nothingburger for non-store retailers (i.e. online sellers)...