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.
U.S. and Canadian stock futures are drifting just a touch higher this morning, and European equities are flat, as investors debate whether it's time to take some profits off the table after two straight record-breaking days on Wall Street.
The European Central Bank is in focus. As expected, it announced no change in its benchmark interest rate, which stands at 0.25 per cent. It's current holding a news conference to discuss its latest views on the economy, and markets are closely watching for any hints of additional stimulus measures it may take amid inflation rates that are at troublesome lows.
Asian markets were mixed overnight after some mini-stimulus measures this week were announced from China, as its economy continues to see a slowdown in growth and threatens to fall below Premier Li Keqiang's target of 7.5 per cent this year.
China's State Council said it is ramping up spending on railways and housing and will offer small business tax breaks. The actions include buying $24-billion of bonds this year to help build railways in mostly less developed interior regions of the country.
Despite the extra stimulus spending, copper prices are actually lower this morning. China is the world's biggest consumer of the metal, but traders were also reacting to confirmation that Chile - the world's largest producer - saw no damage to its mining and processing facilities after Tuesday night's big earthquake.
U.S. jobless claims and Canadian and U.S. trade data were released this morning to little reaction in markets. We detail those reports, and much more on what's going on this morning, below.
MARKETS:
Equities:
Futures: S&P 500 +0.01 per cent; Dow +0.05 per cent; Nasdaq +0.01 per cent; S&P Toronto +0.01 per cent
Hong Kong's Hang Seng +0.18 per cent
Shanghai composite index -0.73 per cent
Japan's Nikkei +0.84 per cent
London's FTSE 100 -0.02 per cent
Germany's DAX +0.01 per cent
France's CAC 40 +0.03 per cent
Commodities:
WTI crude oil (Nymex May) -0.47 per cent at $99.15 (U.S.) a barrel
Gold (Comex Jun) -0.54 per cent at $1,283.80 (U.S.) an ounce
Copper (Comex May) -0.71 per cent at $3.02 (U.S.) a pound
Currencies:
Canadian dollar at 90.80 (U.S.), up 0.0016
U.S. dollar index up 0.03 at 80.24
Bonds:
U.S. 10-year Treasury yield 2.80 per cent, down 0.01
ECONOMIC INDICATORS:
U.S. weekly initial jobless claims rose to 326,000 last week. They were forecast to rise to 319,000 from 311,000 the previous week.
The U.S. trade deficit in February rose 7.7 per cent to $42.3-billion (U.S.), the largest since September of last year. Economists were looking for a trade gap of $38.5-billion.
Canada recorded a $290-million trade surplus in February, wider than Street expectations for a $200-million surplus. This follows a $177-million deficit in January.
(10 a.m. ET) Institute for Supply Management releases its service sector index for March.
STOCKS TO WATCH:
A former executive and director of Martinrea International Inc. plans to ask investors to replace most of the board of one of Canada's largest auto-parts makers, the Globe and Mail reports.
Hudson's Bay reported a 67 per cent fall in fourth-quarter profit to 6 cents a share, hurt by higher expenses.
Other earnings today include: Global Payments, Investors Bancorp, Micron Technology, Perry Ellis International.
ANALYST ACTIONS:
CIBC downgraded Shaw Communications to "sector performer" from "sector outperformer" but keeps $27 Cdn target, cites valuation.
BMO Nesbitt Burns downgraded Finning International to "market perform" from "outperform" and cut its price target to $33 (Canadian) from $34.
Desjardins Securities hiked its price target on Cogeco Cable to $60.50 (Canadian) from $57.50 and kept a "buy" rating.
JPMorgan upgraded Monsanto to "overweight" from "neutral" and raised its price target to $125 (U.S.) from $115.
Goldman Sachs downgraded U.S. Bancorp to "neutral" from "buy" and kept a $45 (U.S.) price target.
Piper Jaffray upgraded Intel to "overweight" from "neutral" with a price target of $30 (U.S.).
Cowen upgraded Eli Lilly to "outperform" from "market perform" with a price target of $68 (U.S.).
Sterne Agee downgraded Citibank to "neutral" from "buy" and cut its price target to $52 (U.S.) from $61.
Canaccord Genuity upgraded Acuity Brands to "buy" from "hold" citing growing earnings power, and raised its price target to $172 (U.S.) from $128.
Credit Suisse upgraded Enbridge Energy Partners to "outperform" from "neutral" and raised its price target to $33 (U.S.) from $32.
Atlantic Equities downgraded Norfolk Southern to "neutral" from "overweight" and cut its price target to $102 (U.S.) from $106.
THIS MORNING'S TOP INVESTING LINKS:
A tax tip for Vanguard ETF investors.
Why markets will always crash.
A high-frequency trading firm is postponing plans to launch its IPO amid the furor unleashed by the Michael Lewis book.
Dividend stocks are supposed to be the shelter from the storm, but they haven't been in emerging markets.
Does a rough 2013 foretell future turbulence for risk-parity strategies?
What's better in the long run - equities, or property?
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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