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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 U.S. disappointed markets again with its latest job figures, with 113,000 net jobs created in January, missing the expectation of 180,000. It marked only a tepid improvement from the 74,000 net new jobs created in December - which had been a shockingly weak number.

U.S. stock futures, which had been up as much as 0.6 per cent prior to the 830 a.m. (ET) data, immediately turned negative on the report. But they quickly reversed course yet again and are trading higher ahead of the 930 a.m. (ET) open, as traders decided to take the latest jobs report with a grain of salt given the temporary impact severe weather may have had on the numbers. Right now, futures suggest major indexes could open with gains of roughly half a percentage point.

The Canadian dollar rocketed higher, as Canada - by comparison - reported better-than-expected jobs figures for the month. That helped to diminish speculation of any future cut in interest rates by the Bank of Canada. The loonie is back to testing the 91 cents (U.S.) level, up more than half a cent on the day.

The Federal Reserve has appeared committed to continuing the gradual tapering of its bond-buying program, scaling back new purchases by about $10-billion a month. As such, the market is mostly concerned that U.S. economic growth can hold up in the face of the gradual tapering. Today's jobs numbers did little to ease those concerns, and the sharp rally on Thursday suggests traders were positioning for a much stronger number today than what was delivered.

Major Asian indexes were positive overnight, with the Shanghai index closing up 0.5 per cent after a week long Lunar New Year holiday. There was another weak economic reading out of China, with data from HSBC showing growth in the services sector falling to a near 2 1/2-year low in January. Tokyo had a strong session, gaining 2.1 per cent - although it was still down 3 per cent for the week and was the weakest major Asian market so far in February.

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

MARKETS:

Equities:

Futures: S&P 500 +0.72 per cent; Dow +0.49 per cent; Nasdaq +0.77 per cent; S&P Toronto +0.34 per cent

Hong Kong's Hang Seng +1.00 per cent

Shanghai composite index +0.54 per cent

Japan's Nikkei +2.17 per cent

London's FTSE 100 +0.30 per cent

Germany's DAX +0.49 per cent

France's CAC 40 +0.48 per cent

Commodities:

WTI crude oil (Nymex Mar) -0.09 per cent at $97.75 (U.S.) a barrel

Gold (Comex Apr) +0.14 per cent at $1,258.50 (U.S.) an ounce

Copper (Comex Mar) +0.43 per cent at $3.24 (U.S.) a pound

Currencies:

Canadian dollar at 90.94 (U.S.), vs. 90.33 at Thursday's North American close.0

U.S. dollar index up 0.06 at 80.97

Bonds:

U.S. 10-year Treasury yield 2.68 per cent, down 0.03

ECONOMIC INDICATORS:

The U.S. created 113,000 net jobs in January, missing the expectation of 180,000. The unemployment rate fell a notch to 6.6 per cent from 6.7 per cent.

Statistics Canada reported 29,400 net new jobs in Canada in January, above the Street expectation of 20,000 new jobs.

STOCKS TO WATCH:

Heroux-Devtek reported third-quarter EPS of 12 cents versus the Street estimate of 9 cents.

Domtar reported fourth-quarter adjusted EPS of $2.09 (U.S.) versus the Street estimate $1.53 but revenues were slightly below expectations.

Baytex Energy announced late Thursday it is buying Aurora Oil & Gas of Australia for $1.8-billion to give it a position in a Texas shale oil formation.

Apple has repurchased $14-billion of its stock in the two weeks since it reported disappointing first-quarter results. Shares are up 1.6 per cent in the premarket.

LinkedIn shares are down 7 per cent in premarket trading after late Thursday reported adjusted quarterly profit of 39 cents a share, a penny better than Street forecasts. But it disappointed with its first quarter guidance as it increases spending for future growth.

Other earnings today include: Cameco and Boston Pizza Royalties Income Fund.

ANALYST ACTIONS:

RBC Dominion Securities upgraded Lululemon Athletica to "outperform" from "sector perform" and reiterated a price target of $56 (U.S.).

Canaccord Genuity upgraded Detour Gold to "hold" from "sell" after the company provided an updated mine plan. It raised its price target to $8 (Canadian) from $4.50.

National Bank downgraded Saputo to "sector perform" from "outperform."

Goldman Sachs downgraded Lowe's to "neutral" from "buy" and cut its price target to $51 (U.S.) from $54.

Wells Fargo upgraded Starbucks to "outperform" from "market perform" and raised its price target to $88 (U.S.) from $75.

JPMorgan upgraded Kellogg to "neutral" from "underweight" with a price target of $55 (U.S.).

Canaccord Genuity upgraded Oasis Petroleum to "buy" from "hold" and hiked its price target to $55 (U.S.) from $50.

THIS MORNING'S TOP INVESTING LINKS:

The worst is not over for emerging markets, says Templeton Emerging Markets Group's Mark Mobius.

How Olympic host Russia went from the next big thing in investing to the fool's gold medalist.

Bullish sentiment on the part of individual investors has rapidly declined.

Early signs are emerging of bullishness for emerging markets.

David Rosenberg on what could stop the economic recovery.

Warren Buffett has widened his lead in a $1-million hedge fund bet.

Has the Japan stock rally come to its conclusion?

Why adding positions in a downward equity market is a smart move.

American's fastest growing exports are the ones that destroy the planet.

Why is Apple being so nostalgic?

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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.

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