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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.

Escalating tensions in the Ukraine are starting to take their toll on global markets this morning, with European indexes -- especially Germany's DAX -- nursing losses. U.S. stock futures are in the red as well, although they came off their lows after durable goods orders last month fell less than expected. S&P 500 futures are currently down about 0.1 per cent.

The political crisis in Ukraine hasn't been a key focal point for markets over the last few weeks. But now, traders are looking on events with a higher degree of nervousness amid signs Russia may become more heavily involved in the conflict. There are reports this morning that dozens of heavily armed pro-Russian gunmen have seized control of local government buildings in the Ukrainian region of Crimea. Ukraine has put its domestic security forces on high alert and has urged Russian forces not to leave their base in southern Crimea, where it initiated surprise military drills this week.

The growing worry about Ukraine is seeing some money moving into safe havens today, with both gold and the U.S. dollar up modestly.

There was some mixed economic news out of Europe, with Germany seeing a drop in unemployment in February to its lowest level in nearly 18 months. And a euro zone economic sentiment reading came in stronger than expected.

But Spain saw a downward revision to its fourth-quarter GDP and Germany also released some preliminary inflation figures that suggested there is very little upward pressure on prices - keeping concerns about deflation very much alive.

Trading could take further direction later this morning when Federal Reserve chairwoman Janet Yellen provides more testimony in front of Congress on monetary policy.

Here in Canada, the big banks are again in focus and the financial sector is setting up for strong session, as both Canadian Imperial Bank of Commerce and Toronto-Dominion Bank reported better-than-expected earnings and boosted their dividends.

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

MARKETS:

Equities:

Futures: S&P 500 -0.08 per cent; Dow -0.06 per cent; Nasdaq -0.04; S&P Toronto +0.11 per cent

Hong Kong's Hang Seng +1.74 per cent

Shanghai composite index +0.28 per cent

Japan's Nikkei -0.32 per cent

London's FTSE 100 -0.71 per cent

Germany's DAX -1.57 per cent

France's CAC 40 -0.77 per cent

Commodities:

WTI crude oil (Nymex Apr) -0.19 per cent at $102.39 (U.S.) a barrel

Gold (Comex Apr) +0.38 per cent at $1,333.10 (U.S.) an ounce

Copper (Comex May) -0.39 per cent at $3.20 (U.S.) a pound

Currencies:

Canadian dollar at 89.83 (U.S.), vs. 89.86 at Wednesday's North American close.

U.S. dollar index up 0.06 at 80.48

Bonds:

U.S. 10-year Treasury yield 2.66 per cent, down 0.02

ECONOMIC INDICATORS:

Canada's current account deficit in the fourth quarter was $16-billion versus the $17-billion shortfall expected by economists.

U.S. durable goods orders for January fell 1.0 per cent, less than the expected drop of 1.7 per cent. They fell 4.2 per cent in December.

New U.S. jobless claims for last week were 348,000, higher than the 335,000 initial claims economists had expected and rising from 335,000 the previous week.

(10 a.m. ET) Federal Reserve chairwoman Janet Yellen delivers Senate portion of her semiannual monetary policy report to Congress. (Was rescheduled from earlier date due to inclement weather.)

STOCKS TO WATCH:

Canadian Imperial Bank of Commerce reported fiscal first-quarter adjusted profit of $2.31 a share, surpassing Street estimates for $2.14. CIBC raised its quarterly dividend by 2 cents to 98 cents per share.

Toronto-Dominion Bank reported adjusted first-quarter profit of $1.06 a share, slightly beating Street estimates of $1.04. It also boosted its dividend.

Valeant Pharmaceuticals International reported adjusted profit of $2.15 per share as revenue more than doubled to $2.06-billion. Analysts had expected cash earnings of $2.06 per share on revenue of $2.06-billion. Shares are up 2.8 per cent in the U.S. premarket.

Maple Leaf Foods reported an adjusted fourth-quarter loss of 25 cents per share, which appears to have missed the Street estimate calling for a profit of 3 cents.

Best Buy reported adjusted fourth-quarter profit per share of $1.24 (U.S.) versus the Street estimate for $1.01.

Earnings include: AltaGas; Artis REIT; Crombie REIT; Dundee REIT; Enerflex; Equitable Group; Extendicare; George Weston; Leisureworld Senior Care; New Gold; Stantec; TransForce; Western Energy Services; Best Buy; Catamaran; Dynegy; Gap; Hilton Worldwide Holdings; Kohl's; Main Street Capital; Mitel Networks; salesforce.com; Sotheby's; Splunk; Wendy's.

Canada's government has blocked the development of Taseko Mines' New Prosperity mine over environmental concerns, the second time in just over three years that it has halted the mine plan.

ANALYST ACTIONS:

Canaccord Genuity upgraded Calfrac Well Services to "buy" from "hold" and hiked its price target to $42 (Canadian) from $36.

Canaccord Genuity slashed its price target on TeraGo to $7 (Canadian) from $11 and maintained a "buy" rating.

Wells Fargo upgraded J.C. Penney to "market perform" from "underperform" and raised its price target to $6-7 from $4-5.

JPMorgan added Verizon to its "focus list" - its most highly recommended stocks. It maintained an "overweight" rating with a price target of $57 (U.S.).

Wedbush raised its price target on Tesla Motors to $295 (U.S.) from $225 and maintained an "outperform" rating.

Piper Jaffray downgraded Cree to "neutral" from "overweight" with a price target of $67 (U.S.).

THIS MORNING'S TOP INVESTING LINKS:

Three warning signs that higher gold prices are sending.

March and April have been the S&P 500's two best months over the past two decades.

Warren Buffett is starting to fall short by his own standards.

Investors looking to beat the S&P 500 need only track the companies that are spending the most money lobbying Washington.

The current commodity rally is becoming a little overextended.

Little-known Chinese smartphone makers are making big strides in improving their product.

A look at some of the big winners and big losers among U.S. small cap stocks so far this year.

Social media is gaining importance as an investment tool.

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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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