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.
North American stock futures are edging up this morning, providing optimism that the benchmark S&P 500 index will continue pressing higher into record territory today.
Gains are modest - around the 0.1 per cent market - but enough to suggest a lack of profit takers have emerged after the strong session on Tuesday that saw the S&P 500 rise 0.7 per cent to an all-time high and the S&P/TSX composite index rising by 0.3 per cent.
Copper is in focus this morning in the aftermath of an 8.2-magnitude earthquake in Chile last night that triggered tsunamis warnings for the Pacific coasts of Central and South America. So far, there have been reports of five people killed in Chile from the quake, but minimal destruction resulting from tsunamis. Chile is the world's largest producer of copper, and there have been concerns production facilities could be damaged or suspended. But so far, mining companies - including giant state producer Codelco - have reported no damage. Copper prices are up nearly 1 per cent this morning.
It was relatively quiet in Asia overnight, with the Nikkei rising 1 per cent with the help of a weaker yen. European stocks are modestly higher ahead of a European Central Bank meeting on Thursday; speculation is running high it could announce some extra stimulus steps in reaction to sluggish inflationary readings across the euro zone. Today, fresh data showed euro zone producer prices falling 0.2 per cent in February.
Now, here are more details on what's going on this morning and what is to come.
MARKETS:
Equities:
Futures: S&P 500 +0.09 per cent; Dow +0.12 per cent; Nasdaq +0.15 per cent; S&P Toronto +0.04 per cent
Hong Kong's Hang Seng +0.34 per cent
Shanghai composite index +0.56 per cent
Japan's Nikkei +1.04 per cent
London's FTSE 100 +0.20 per cent
Germany's DAX +0.20 per cent
France's CAC 40 +0.03 per cent
Commodities:
WTI crude oil (Nymex May) -0.44 per cent at $99.30 (U.S.) a barrel
Gold (Comex Jun) +0.29 per cent at $1,283.70 (U.S.) an ounce
Copper (Comex May) +0.84 per cent at $3.06 (U.S.) a pound
Currencies:
Canadian dollar at 90.83 (U.S.), up 0.0014
U.S. dollar index down 0.006 at 80.08
Bonds:
U.S. 10-year Treasury yield 2.78 per cent, up 0.02
ECONOMIC INDICATORS:
Payroll-processing firm ADP said 191,000 new U.S. private-sector jobs were created in March, close to the Street estimate of 195,000.
(10 a.m. ET) U.S. Commerce Department releases factory orders for February. Consensus is for a rise of 1.2 per cent after shrinking 0.7 per cent in January.
STOCKS TO WATCH:
Agrium said the late spring season is expected to result in first-quarter earnings per share at just above breakeven. Shares are down 1.5 per cent in the premarket.
BlackBerry is ending its U.S. licensing deal with T-Mobile, saying the companies no longer have complementary strategies. BlackBerry shares are down 0.3 per cent in the premarket.
Monsanto reported fiscal second-quarter EPS of $3.15, above the Street estimate of $3.07. Shares are up 1 per cent in the premarket.
Other earnings today include: Dominion Diamond, Acuity Brands, Texas Industries.
ANALYST ACTIONS:
Desjardins Securities hiked its price target on Canadian Tire to $125 (Canadian) from $113 and maintained a "buy" rating.
Canaccord Genuity downgraded Nordion to "hold" from "buy", sees high probability Sterigenics will successfully acquire the firm for $11.75 (U.S.).
Industrial Alliance Securities downgraded Amaya Gaming Group to "buy" from "strong buy" and cut its target to $8.50 (Canadian) from $10.25.
Canaccord Genuity hiked its price target on Input Capital to $3 (Canadian) from $2.75 and reiterated a "buy" rating.
Nomura Securities initiated coverage on Ford with a "neutral" rating and $15 (U.S.) price target. It also initiated coverage on General Motors with a "reduce" rating and $32 (U.S.) price target.
Credit Suisse downgraded Arcelor Mittal to "neutral" from "outperform" and cut its price target to $17 (U.S.) from $20.
Goldman Sachs downgraded Essex Property Trust to "neutral" from "buy" but raised its price target to $177 (U.S.) from $156.
JMP Securities upgraded Intuitive Surgical to "market outperform" from "market underperform" and raised its price target to $700 (U.S.) from $320.
Goldman Sachs raised its price target on GT Advanced Tech to $24 (U.S.) from $20 and maintained a "buy" rating.
THIS MORNING'S TOP INVESTING LINKS:
Are the goldbugs finally crying 'uncle'?
The world's biggest bond fund, Pimco, trailed 95 per cent of its peers in March.
Be cautious in choosing ETFs based on their expense ratios.
Vanguard has snared almost 90 per cent of first-quarter U.S. ETF money.
Investors are buying anything but America.
Caterpillar escaped paying $2.4-billion in tax using a Swiss maneuver.
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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