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 markets are poised for a higher open this morning, as investors appear to be increasingly in the mood to do some bargain hunting after a string of recent losses.
Futures for the S&P/TSX are up about 0.15 per cent and for the S&P 500 0.24 per cent, while the Stoxx 600 broad index of European equities is up 0.3 per cent. Chinese stocks had a strong session overnight, with the Shanghai index rising nearly 1.5 per cent to its highest level since March 2013. Sentiment for Chinese stocks is ticking up after the International Monetary Fund said it expects growth to be well above 7 per cent in 2015.
In North America, the only piece of significant economic data will come at 10 a.m. (ET), when the U.S. releases new home sales for August. Earlier this morning in Europe, Germany released its widely watched Ifo business climate index, which came in below expectations but investors there largely shrugged the news off. Part of the reason may be European Central Bank President Mario Draghi offered a renewed commitment that monetary policy would remain accommodative for as long as it takes to push ultra-low inflation in the euro zone back up closer to 2 per cent.
Now, here's a closer look at what's going on this morning and what is to come.
MARKETS:
Equities:
Futures: S&P 500 +0.24 per cent; Dow +0.24 per cent; Nasdaq +0.32 per cent; S&P/TSX +0.15 per cent
Hong Kong's Hang Seng +0.36 per cent
Shanghai composite index +1.48 per cent
Japan's Nikkei -0.24 per cent
London's FTSE 100 -0.02 per cent
Germany's DAX +0.11 per cent
France's CAC 40 +0.50 per cent
Stoxx 600 +0.32 per cent
Commodities:
WTI crude oil (Nymex Nov) -0.16 per cent at $91.41 (U.S.) a barrel
Gold (Comex Dec) +0.05 per cent at $1,222.60 (U.S.) an ounce
Copper (Comex Dec) +0.15 per cent at $3.04 (U.S.) a pound
Currencies:
Canadian dollar at 90.32 (U.S.), up 0.01
U.S. dollar index up 0.009 at 84.66
Bonds:
U.S. 10-year Treasury yield 2.55 per cent, up 0.02
ECONOMIC INDICATORS:
(10 a.m. ET) U.S. new home sales for August. Consensus is for a 4.4 per cent rise to an annualized rate of 430,000.
STOCKS TO WATCH:
BlackBerry will unveil its latest smartphone today, the Passport, which will be aimed at Enterprise users. Shares are up 1.5 per cent in the premarket.
Starbucks said it plans to take full ownership of its Japanese operations for more than $900-million.
AGF Management reported Q3 EPS of 17 cents (Canadian) versus the Street estimated 18 cents.
KB Home reported Q3 EPS of 28 cents versus the Street estimated 40 cents (U.S.). Shares are down 5 per cent in the premarket.
Bed Bath & Beyond shares are up nearly 7 per cent in premarket trading after posting quarterly profit and sales that topped analysts' estimates.
Other earnings today include: Accenture; H.B. Fuller; Vail Resorts; Worthington Industries.
ANALYST ACTIONS:
Credit Suisse upgraded Goldcorp to "outperform" from "neutral" and raised its price target to $33 (U.S.) from $32.
TD Securities upgraded Manitoba Telecom Services to "buy" from "hold" with a price target of $33 (Canadian).
RBC Dominion Securities upgraded Cascades to "outperform" from "sector perform" and reiterated a $7.50 (Canadian) price target.
BMO Nesbitt Burns initiated coverage on TMX Group with a "market perform" rating and $56 (Canadian) price target.
JPMorgan downgraded Morgan Stanley to "neutral" from "overweight" with a price target of $34 (U.S.).
Canaccord Genuity upgraded Parex Resources to "buy" from "hold" and maintained a price target of $15 (Canadian).
Desjardins Securities upgraded Northland Power to "buy" from "hold" and hiked its price target to $19.50 (Canadian) from $19.
Raymond James re-initiated coverage on Talisman Energy with a "market perform" rating and $10 (Canadian) price target.
FirstEnergy Capital upgraded Crew Energy to "outperform" from "market perform" with a price target of $12.75 (Canadian).
TD Securities downgraded Pan American Silver to "hold" from "buy" with a price target of $15 (U.S.)
Canaccord Genuity cut its price target on Merus Labs International to $3 (Canadian) from $4.25 and maintained a "buy" rating.
Paradigm Capital upgraded Yangarra Resources to "buy" from "speculative buy" with a price target of $4.50 (Canadian).
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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