The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.
The high spirits continue in global markets this morning as Wall Street stays closed for the U.S. Thanksgiving Day holiday.
Japan's Nikkei - getting another lift from a weakening yen - rallied sharply overnight to hit its highest close in nearly six years. European markets are well in the green, basking in the glow of record high closes for the Dow and S&P 500 on Wednesday and finding additional inspiration from the release of a stronger-than-expected business confidence survey today for the euro zone.
Stock futures here are also pointing up -- albeit we should be set for a quiet, thinly traded session as traders in the U.S. chow down on turkey with all the fixings. Gold prices are edging up this morning, which should help the TSX get an additional boost.
The European Commission's monthly business and consumer survey found that economic sentiment rose to 98.5 in November from 97.7 in October. That was higher than the 98 expected by analysts and continued this week's trend of global economic data beating expectations. On Wednesday, new jobless claims in the U.S. came in lower than the Street forecast, in a further indication that the labour market is improving, and a private gauge on consumer sentiment also topped estimates.
Now, here's a closer look at what's going on this morning and what is to come.
MARKETS:
Equities:
Futures: S&P 500 +0.25 per cent; Dow +0.29 per cent; Nasdaq +0.37 per cent; S&P Toronto +0.03 per cent
Hong Kong's Hang Seng -0.07 per cent
Shanghai composite index +0.81 per cent
Japan's Nikkei +1.80 per cent
London's FTSE 100 +0.04 per cent
Germany's DAX +0.35 per cent
France's CAC 40 +0.25 per cent
Commodities:
WTI crude oil (Nymex Jan) -0.14 per cent at $92.17 (U.S.) a barrel
Gold (Comex Dec) +0.33 per cent at $1,242.00 (U.S.) an ounce
Copper (Comex Dec) -0.14 per cent at $3.19 (U.S.) a pound
Currencies:
Canadian dollar at 94.53 (U.S.), vs. 94.38 at Wednesday's North American close.
U.S. dollar index down 0.10 at 80.61
Bonds:
U.S. 10-year Treasury yield 2.74 per cent, down 0.002
ECONOMIC INDICATORS:
Canada's current account in the third quarter narrowed to $15.5-billion from a revised deficit of $15.9-billion in the second. The second-quarter deficit had initially been reported at $14.58-billion.
Canada's producer prices fell 0.3 per cent in October, less than 0.5 per cent drop expected by economists. Canada's raw materials prices fell 2.3 per cent in October from September.
STOCKS TO WATCH:
DHX Media has agreed to buy Family Channel, Disney XD and Disney JR from Bell Media for about $170-million.
Mere days after Montreal-based dairy giant Saputo Inc. sweetened its bid for Warrnambool to $9.20 (Australian) per share, Murray Goulburn Co-operative Co. has hiked its all-cash offer by 5.6 per cent to $9.50 or about $533-million.
ANALYST ACTIONS:
Raymond James cut its price target on Detour Gold to $11 (Canadian) from $15 and maintained an "outperform" rating.
Raymond James cut its price target on Mosaic Capital to $11 (Canadian) from $14.50 and maintained an "outperform" rating.
Raymond James cut its price target on UEX to 50 cents (Canadian) from 80 cents and maintained a "market perform" rating.
BMO Nesbitt Burns cut its target on Fairfax Financial to $430 (Canadian) from $440 and maintained a "market perform" rating, as it comes off coverage restriction following an equity financing.
Canaccord Genuity cut its price target on ePals to 28 cents (Canadian) from 60 cents and maintained a "speculative buy" rating.
Canaccord Genuity cut its price target on Pinecrest Energy to 65 cents from 85 cents and maintained a "speculative buy" rating.
BMO Nesbitt Burns raised its price target on Exco Technologies to $7.75 from $6.75 and maintained a "market perform" rating.
THIS MORNING'S TOP INVESTING LINKS:
The case for buying REITs right now.
Advice on how to handle deferred sales charges when exiting mutual funds.
Statistics still indicate this is a very risky market.
The 1990s stock bubble was much crazier than people remember.
How to buy gold and silver right now at a discount.
An argument for why bitcoin is far more appealing than gold.
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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.
Darcy Keith