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 TSX could be heading for some modest gains this morning thanks to a positive vibe emanating from overseas markets and a rise in crude oil and copper prices.
U.S. markets today are closed for the Memorial Day holiday, which will translate into thin trading conditions on this side of the border. But European stocks are providing a reasonably constructive backdrop, with most markets in the green, led by a nearly 1 per cent rise in German stocks after an upbeat consumer confidence reading for that country.
Stocks in Europe are also finding encouragement from fresh comments from European Central Bank President Mario Draghi that hint of more easier monetary policy ahead. At an ECB forum near Lisbon today, Mr. Draghi said "we are not resigned to allowing inflation to remain too low for too long."
Ukraine also remains a focus after largely uneventful weekend presidential elections that saw pro-Europe chocolate tycoon Petro Poroshenko declare victory. Mr. Poroshenko has promised to restore order following months of conflict with Russia. That's undoubtedly going to be a tough task. This morning, the main airport in Ukraine's eastern city of Donetsk was rocked by an explosion and heavy shooting after armed Russian rebels seized the facility, demanding the withdrawal of Ukrainian forces from the region.
Canadian insurance stocks may find some encouragement in a generally upbeat assessment of the sector this morning from Canaccord Genuity. We detail that and more below.
MARKETS:
Equities:
Hong Kong's Hang Seng -0.01 per cent
Shanghai composite index +0.32 per cent
Japan's Nikkei +0.97 per cent
London's FTSE 100 Closed for holiday
Germany's DAX +0.91 per cent
France's CAC 40 +0.33 per cent
Commodities:
WTI crude oil (Nymex Jly) +0.31 per cent at $104.06 (U.S.) a barrel
Gold (Comex Aug) -0.15 per cent at $1,293.20 (U.S.) an ounce
Copper (Comex Jly) +1.37 per cent at $3.18 (U.S.) a pound
Currencies:
Canadian dollar at 92.08 cents (U.S.), unchanged
U.S. dollar index down 0.09 at 80.29
Bonds:
U.S. 10-year Treasury yield 2.54 per cent, unchanged
ECONOMIC INDICATORS:
No major reports scheduled.
STOCKS TO WATCH:
Pfizer is on the verge of abandoning its effort to buy AstraZeneca for $117-billion (U.S.), Bloomberg is reporting, but may try to launch another bid in coming months.
ANALYST ACTIONS:
Canaccord Genuity initiated coverage on the Canadian life insurance sector with a positive view, saying that for the first time in a year, sector valuation is attractive. Manulife Financial with given a "buy" rating and $22 (Canadian) price target; Sun Life Financial a "buy" rating and $40 target; Industrial Alliance Insurance and Financial Services a "hold" rating and $45 target; and Great-West Lifeco a "sell" rating and $28 target.
Industrial Alliance Securities upgraded Computer Modelling Group to "buy" from "hold" and raised its price target to $35 (Canadian) from $25.50.
Raymond James cut its price target on Silvercorp Metals to $2.30 (U.S.) from $2.80 and maintained a "market perform" rating.
THIS MORNING'S TOP INVESTING LINKS:
The 50 stocks most loved by hedge funds.
The smart money bet against Apple just before it hit a 12-month high.
It's the mid caps that are often the star performers.
Charles Schwab really likes index funds.
The implications of market volatility dropping to near record lows.
Darcy Keith