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.
Stocks appear set to open mildly higher when Canadian and U.S. trading gets underway, with an easing of tensions in the Ukraine keeping investors optimistic that the bull market rally that has just ended its fifth year will stay intact.
U.S. and Canadian stock futures are up around 0.1 per cent and European major indexes are also trading higher. Asian markets posted solid gains overnight.
Diplomatic efforts among U.S. and European leaders are continuing this morning to resolve the volatile situation in the Ukraine. German Chancellor Angela Merkel and U.K. Prime Minister David Cameron will take part in a European Union meeting to consider the next steps. Russia's foreign minister has so far evaded a U.S. attempt to have him negotiate with his counterpart in Kiev. The crisis began when pro-Russian forces took control of Ukraine's Crimea region; Crimea plans to hold a referendum this month to decide on whether to join Russia or stay part of Ukraine.
Aside from geopolitical developments, traders are keeping close tabs on fresh economic news out today, including U.S. jobless claims for last week that came in slightly better than expected, in the lead up to Friday's all-important nonfarm payrolls report. U.S. factory orders data is due out later today
A number of Fed members will be speaking at events throughout the day, and markets will be hoping for more insight on whether plans to gradually scale back the Fed's bond-buying program remains intact.
Both the Bank of England and the European Central Bank announced no change in their benchmark interest rates this morning.
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 +0.14 per cent; Dow +0.15 per cent; Nasdaq +0.09; S&P Toronto +0.06 per cent
Hong Kong's Hang Seng +0.55 per cent
Shanghai composite index +0.34 per cent
Japan's Nikkei +1.59 per cent
London's FTSE 100 +0.14 per cent
Germany's DAX +0.24 per cent
France's CAC 40 +0.63 per cent
Commodities:
WTI crude oil (Nymex Apr) -0.28 per cent at $101.17 (U.S.) a barrel
Gold (Comex Apr) -0.48 per cent at $1,333.10 (U.S.) an ounce
Copper (Comex May) +0.01 per cent at $3.20 (U.S.) a pound
Currencies:
Canadian dollar at 90.70 (U.S.), vs. 90.60 at Wednesday's North American close.
U.S. dollar index down 0.01 at 80.09
Bonds:
U.S. 10-year Treasury yield 2.72 per cent, up 0.01
ECONOMIC INDICATORS:
Canada building permits for January rose 8.5 per cent, beating the expectation for a 2 per cent gain.
U.S. jobless claims last week fell to 323,000 from previous week's 348,000, better than the Street forecast of 338,000.
U.S. releasing productivity and costs statistics.
(10 a.m. ET) U.S. releases factory orders for January. They are forecast to decline 0.5 per cent after falling 1.5 per cent in December from November.
STOCKS TO WATCH:
Several chain retailers release February sales comparisons.
Canadian Natural Resources reported adjusted profit of 52 cents a share, missing the Street view of 56 cents. But it also announced a hike in its dividend, and shares are up 2.4 per cent in the U.S. premarket.
SNC-Lavalin reported fourth-quarter EPS of 61 cents, below the Street estimate of 64 cents as it raised its dividend by 4 per cent to 24 cents.
Staples announced lower-than-expected fourth-quarter results and forecast current-quarter profit below analysts' estimates. It also said it would close up to 225 stores in North America by 2015. Shares are down 10 per cent in the premarket.
Costco Wholesale reported profit of $1.05 a share, missing the Street view of $1.17. Revenue of $26.3-billion was a little below the Street consensus of $26.6-billion
Other earnings today include: Algonquin Power; Canadian Western Bank; Capstone Mining; Cargojet; Chesapeake Utilities; Constellation Software; Descartes Systems; H&R Block; Joy Global; Kroger; Pandora Media; Northern Property REIT; Retrocomm REIT; SNC-Lavalin; Tricon Capital; Qihoo 360.
The Wall Street Journal is reporting that Cerberus Capital Management is completing a deal to buy grocery chain Safeway this week. Safeway has already stated it is in talks with a potential buyer though it didn't give a name. Safeway shares are up 1 per cent in the premarket.
Analyst Actions:
Canaccord Genuity downgraded Linamar to "hold" from "buy" but hikes its price target to $50 (Canadian) from $43.
Canaccord Genuity downgraded Parex Resources to "hold" from "buy" but hiked its price target to $9 (Canadian) from $8.50.
Desjardins Securities upgraded Primero Mining to "buy-above average risk" from "buy-speculative" and hiked its price target to $8.25 (Canadian) from $6.25.
THIS MORNING'S TOP INVESTING LINKS:
How the latest Forbes magazine ranking of the world's billionaires can help you become a better investor.
No, market highs are not a bad sign. And here's an important difference between the all-time-high stock market of today and the dot-com bubble of the 90s.
A potential emerging markets buy: Stocks in India have broken out to the upside.
It may be time to buy coal stocks.
How to find neglected companies that could be poised to outperform.
U.S. dividend stocks continued to underperform last month.
Ben Bernanke earned more from one speech than he did last year at the Fed.
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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