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 modestly lower just ahead of the opening bell, giving up tiny gains earlier in the premarket.
There's little on the economic calendar today to get markets moving, which will likely keep Apple at the centre of attention as it unveils its latest version of the iPhone this afternoon and, possibly, its first iWatch. Shares of Apple are up 1 per cent in the premarket, still trading below $100. Under the leadership of Tim Cook, the tech giant has had a tendency to underwhelm at launches, especially given the increased competition it now faces in tablets and smartphones.
European stocks are looking a bit shaky after a second opinion poll was released overnight showing strong support for Scottish independence nine days before the country votes on whether to separate from the United Kingdom. The TNS poll found support for independence is at 38 per cent, just one percentage point behind the 'no' vote. It's unclear what the ramifications will be for investors if Scotland breaks out on its own, but for now the uncertainty is only providing another reason to stay clear of European stocks.
Meanwhile, the U.S. dollar continues to track higher against the euro, hitting a 14-month high this morning. A look back at past trends suggests a stronger greenback could eventually help provide lift to small-cap stocks.
Now, here's a closer look at what's going on this morning.
MARKETS:
Equities:
Futures: S&P 500 -0.18 per cent; Dow -0.18 per cent; Nasdaq -0.02 per cent; S&P/TSX -0.07 per cent
Hong Kong's Hang Seng Closed for a holiday
Shanghai composite index +0.02 per cent
Japan's Nikkei +0.28 per cent
London's FTSE 100 -0.07 per cent
Germany's DAX -0.10 per cent
France's CAC 40 -0.13 per cent
Stoxx 600 -0.03 per cent
Commodities:
WTI crude oil (Nymex Oct) +0.87 per cent at $93.47 (U.S.) a barrel
Gold (Comex Dec) +0.19 per cent at $1,256.70 (U.S.) an ounce
Copper (Comex Dec) -0.80 per cent at $3.14 (U.S.) a pound
Currencies:
Canadian dollar at 91.06 (U.S.), unchanged
U.S. dollar index up 0.07 at 84.31
Bonds:
U.S. 10-year Treasury yield 2.50 per cent, up 0.03
ECONOMIC INDICATORS:
Canadian housing starts for August came in at an annualized 192,400, just below the consensus forecast for 195,000 starts, and down from 200,100 in July.
STOCKS TO WATCH:
Apple holds media event. Expected to reveal the new iPhone 6.
Encana said late Monday it will sell its remaining stake in PrairieSky Royalty, the company it spun out to investors in May, in a $2.6-billion (Canadian) deal.
Taseko Mines said Monday night it will buy mineral exploration and development company Curis Resources in an all-share deal, giving the Canadian miner access to the advanced-stage Florence copper project in central Arizona.
Gold miner Agnico-Eagle Mines said Monday night it has agreed to buy Cayden Resources, a gold exploration company with projects in Mexico, for $205-million (Canadian) in shares and cash.
McDonald's said its August global comparable sales were down 3.7 per cent, more than the 3.1 per cent drop the Street expected.
Earnings include: Barnes & Noble; Burlington Stores; Comverse; HealthEquity; Krispy Kreme Doughnuts; Oxford Industries; Palo Alto Networks.
ANALYST ACTIONS:
Cowen downgraded Potash Corp. to "underperform" from "market perform" and cut its price target to $29 (U.S.) from $32.
Desjardins Securities cut its price target on Athabasca Oil to $8.50 (Canadian) from $10.50 and maintained a "buy" rating.
BMO Nesbitt Burns raised its price target on Kirkland Lake Gold to $4.50 (Canadian) from $3.50 and maintained an "underperform" rating.
Merrill Lynch upgraded ConocoPhillips to "neutral" from "underperform" and raised its price target to $90 (U.S.) from $84.
RBC Dominion Securities raised its price target on Netflix to $600 (U.S.) from $530 and maintained an "outperform" rating.
BMO Nesbitt Burns initiated coverage on Osisko Gold Royalties with an "outperform" rating and $20 (Canadian) price target.
THIS MORNING'S TOP READS ON THE WEB:
Could the Alibaba IPO mark the top of the market?
Alibaba's IPO listing in Hong Kong proved to be a wash for most shareholders.
A look at gold adjusted for inflation.
----
For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.
Darcy Keith