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Premarket: Stocks set to rise as Cyprus worries fade, RIM gains Add to ...

U.S. and Canadian stock markets appear set to regain some altitude at the open after suffering a setback Monday afternoon amid unease over the bailout deal for Cyprus.

U.S. stock futures, and most European indexes, are posting modest gains this morning after the S&P 500 slid 0.3 per cent Monday in response to the Dutch finance minister suggesting that the Cyprus deal could be used elsewhere in the euro zone as a template for bailouts.

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The last-minute bailout deal over the weekend provided Cyprus with €10-billion ($13-billion U.S.) in financial aid in exchange for the country shutting down its second largest bank and taxing uninsured, large depositors. The finance minister later backed away from his comments, but markets still have lingering concerns over how large depositors in other countries may one day face similar measures as the European debt crisis plays out.

Asian markets mostly declined overnight, led by a 1.2-per-cent fall in Shanghai, as the euro zone woes rattled nerves there as well.

There are a number of economic reports out of the U.S. today that could set a fresh direction for trading. So far, durable goods orders, which provides a forward-looking snapshot of manufacturing demand, came in largely as expected. A separate report showed a continued acceleration in home prices in January.

Now, here's a closer look at what else is going on this morning and what's to come.

MARKETS:

Equities:

U.S. futures: S&P 500 +0.2 per cent; Dow +0.2 per cent; Nasdaq +0.3 per cent

Hong Kong's Hang Seng index +0.27 per cent

Shanghai composite index -1.23 per cent

Japan's Nikkei -0.59 per cent

London’s FTSE 100 +0.15 per cent

Germany’s DAX +0.34 per cent

France's CAC 40 +0.64 per cent

Italy's FTSE MIB -0.03 per cent

Commodities:

WTI (Nymex May) +0.53 per cent at $95.31 (U.S.) a barrel

Gold (Comex Jun) -0.41 per cent at $1,600.00 (U.S.) an ounce

Copper (Comex May) +0.20 per cent at $3.45 (U.S.) a pound

Currencies:

Canadian dollar up 0.0010, or 0.10 per cent, at $0.9801 (U.S.)

ECONOMIC INDICATORS TO WATCH:

The U.S. Commerce Department said durable goods in February rose 5.7 per cent, a bit better than the 3.5 per cent month-over-month rise economists expected. But non-defence capital goods orders, which excludes aircraft, fell 2.7 per cent - a worse reading than expected.

S&P/Case-Shiller's 20-city home price index for January rose 0.1 per cent from December, or 1 per cent on a seasonally adjusted basis. Its 10-city index was up 0.2 per cent. These were the biggest increases since the housing bubble burst.

(10 a.m. ET) U.S. releases new home sales for February, which is forecast to fall to 425,000 from 437,000 in January.

(10 a.m. ET) U.S. Conference Board releases consumer confidence figures.

STOCKS TO WATCH:

Research In Motion Ltd. is up 3 per cent in the premarket after falling more than 4 per cent on Monday as Goldman Sachs downgraded the stock citing early signs the new BlackBerry 10 smartphones aren't creating a lot of buzz as they come on sale in the U.S.

Mega Brands Inc. has outlined new plans to reduce its debt by $62.4-million.

THIS MORNING'S TOP INVESTING READS ON THE WEB:

Research In Motion Ltd.'s million-smartphone mystery partner has been revealed - and it's not necessarily such a bullish thing.

The link between risk and reward in stocks is breaking down as emerging markets post the worst first quarter since 2008 and lag behind shares of developed economies by the most in 15 years.

Some 34 per cent of newsletter writers are expecting a correction.

Is a bubble about to burst in farmland prices?

Why you should avoid U.S. utility stocks.

A low-volatility ETF has doubled the S&P 500 risk-adjusted returns.

________

The premarket report is constantly updated to reflect the latest news developments and market moves. For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities

 
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