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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.

It's a quiet morning in global equity markets - North American stock futures are virtually unchanged - but government bond prices are continuing this week's trend of retreating. And as yields, which move opposite to bond prices, track higher, there's renewed concern about what that may mean for the near-term performance of income-producing securities, including REITs and dividend stocks, which tend to lose popularity when interest rates rise.

The 10-year Treasury yield this morning is at a six-week high of 2.57 per cent, which is up 10 basis points over the last five days. This week has brought a resurgence in thinking that the Federal Reserve will pull the trigger on hiking interest rates sooner than many expect. Federal fund futures put the odds at 60 per cent that there will be an increase in the Fed's benchmark by July 2015. That's up from a 54 per cent chance a month ago, according to Bloomberg. Sprott Asset Management CEO John Wilson, in a live chat at Inside the Market on Tuesday, suggested the first rate hike will come in the first quarter of next year - and there are others that are shifting their views closer to his.

The U.S. this morning released retail sales data that matched Street expectations. Traders are closely watching to see if there are strong enough data readings to suggest the U.S. economy is continuing to grow at an accelerated pace. Strong data may not necessarily be a good thing for equity markets, as it would point to a rate hike in the not-too-distant future. Next week will bring the latest Federal Reserve policy meeting; trading today should be rather lacklustre in the runup to the event.

Now, here's a closer look at what's going on this morning and what's to come.

MARKETS:

Equities:

Futures: S&P 500 -0.02 per cent; Dow -0.01 per cent; Nasdaq -0.03 per cent; S&P/TSX +0.13 per cent

Hong Kong's Hang Seng -0.27 per cent

Shanghai composite index +0.88 per cent

Japan's Nikkei -0.27 per cent

London's FTSE 100 +0.27 per cent

Germany's DAX -0.22 per cent

France's CAC 40 -0.04 per cent

Stoxx 600 +0.21 per cent

Commodities:

WTI crude oil (Nymex Oct) +0.44 per cent at $93.24 (U.S.) a barrel

Gold (Comex Dec) +0.04 per cent at $1,239.50 (U.S.) an ounce

Copper (Comex Dec) +0.11 per cent at $3.10 (U.S.) a pound

Currencies:

Canadian dollar at 90.58 (U.S.), down 0.0004

U.S. dollar index down 0.04 at 84.25

Bonds:

U.S. 10-year Treasury yield 2.57 per cent, up 0.01

ECONOMIC INDICATORS:

U.S. retail sales for August rose 0.6 per cent from July, close to expectations.

Prices of imported goods fell sharply in August, a sign cheaper oil is helping keep a lid on inflation in the U.S.  Import prices fell 0.9 per cent from July, matching the biggest decline since June 2012 and coming in close to market expectations.

(955 a.m. ET) U.S. University of Michigan consumer sentiment. It's forecast to rise to 83.1 from August's 82.5.

(10 a.m. ET) U.S. releases business inventories for July. Consensus is for a rise of 0.4 per cent, equal to June's reading.

STOCKS TO WATCH:

Hudson's Bay reported a loss from continuing operations of 23 cents. The Street was expected a loss per share of 4 cents. Revenue was in line with expectations.

BRP, which also makes Sea-Doos and off-road vehicles, posted an unexpected net loss of 3 cents per share in the second quarter, narrowing from 7 cents a year earlier.

Darden Restaurants reported earnings in line with expectations.

Canadian Natural Resources announced that production has recommenced at its Horizon oil sands project following completion of a coker plant expansion.

ANALYST ACTIONS:

Wedbush initiated coverage on Alibaba with an "outperform" rating and $80 (U.S.) price target.

FirstEnergy upgraded Pembina Pipeline to "outperform" from "market perform." The 12-month target price is $60 (Canadian).

FirstEnergy upgraded Inter Pipeline to "outperform" from "market perform." Price target is $43.00 (Canadian).

FirstEnergy Capital upgraded AltaGas to "outperform" from "market perform" with a target price of $63 (Canadian).

CIBC World Markets raised its price target on Dollarama to $107 (Canadian) from $100 while National Bank Financial hiked its target to $106 from $103. Desjardins Securities raised its target to $103 from $99.

Credit Suisse raised its price target on Empire to $85 (Canadian); Barclays to $82; and CIBC World Markets to $84.

Canaccord Genuity cut its price target on Transat A.T. to $15 (Canadian) from $17.25 and maintained a "buy" rating.

RBC Dominion Securities hiked its price target on Whitecap Resources to $21 (Canadian) from $18, maintains "outperform" rating.

RBC Dominion Securities upgraded WesternZagros Resources to "outperform" from "sector perform" but cut its price  target to $1.40 (Canadian) from $1.60.

Cormark Securities downgraded Lydian International Ltd to "market perform" from "buy" with a price target of $1.05 (Canadian).

National Bank Financial upgraded Rogers Sugar to "sector perform" from "underperfom" with a price target of $4.50 (Canadian).

Macquarie initiated coverage on Pure Gold Mining with an "outperform" rating and price target of 80 cents (Canadian).

TD Securities initiated coverage on Ainsworth Lumber with a "buy" rating and $3.75 (Canadian) price target.

THIS MORNING'S TOP READS ON THE WEB:

Never let a politician or pundit give you investment advice.

Gold is at a critical juncture on the charts.

How Warren Buffett thinks about stock market valuation.

Why you may need more international stock.

Recognizing bubbles, but still cautious on deflating them.

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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.

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