The Before the Bell report is updated throughout the premarket to reflect the latest news developments and market moves. Check back later for updates.
North American stock markets appear headed for a modestly higher open today, as traders across the globe continue to bet that the U.S. Federal Reserve won't be in any rush to hike interest rates after the lacklustre U.S. nonfarm payrolls report on Friday.
S&P 500 futures are up 0.2 per cent, and S&P/TSX futures are also slightly positive, even though there could be some profit-taking in the energy sector after U.S. crude surged to seven-week highs on Monday. New York crude futures are down roughly 1 per cent this morning, with sentiment taking a dip on a Goldman Sachs report suggesting oil prices will remain low for months. The U.S. banking giant said that a decline in the U.S. rig count has been faster than it expected, but the reduction is still not enough to change the overall direction of the oil market, which it believes will continue to see more supply than demand in 2016.
In Asian trade overnight, the Shanghai composite index soared 2.5 per cent following a three-day weekend. Both the Reserve Bank of Australia and the Reserve Bank of India announced overnight they were keeping interest rates unchanged.
There was a bit of lacklustre economic data out of Europe today - though it's not causing too much concern among market players, with many markets there rallying after being closed for the Easter break. A second reading of the March euro zone composite purchasing managers' index came in at 54.0 - slightly below expectations but above the 53.3 seen in February. The economic calendar is light today in both Canada and the U.S.
Now, here's a look at the latest market numbers and other highlights ahead of the trading day.
S&P 500 +0.2 per cent; Dow +0.2 per cent; Nasdaq +0.3 per cent
Hong Kong's Hang Seng Closed for holiday
Shanghai composite index +2.51 per cent
Japan's Nikkei +1.25 per cent
London's FTSE 100 +1.44 per cent
Germany's DAX +0.99 per cent
France's CAC 40 +1.32 per cent
Stoxx 600 +1.31 per cent
WTI crude oil (Nymex May) -1.09 per cent at $51.57 (U.S.) a barrel
Natural gas (Nymex May) +1.66 per cent at $2.69
Gold (Comex Jun) -0.76 per cent at $1,209.30 (U.S.) an ounce
Copper (Comex May) +0.68 per cent at $2.74 (U.S.) a pound
Canadian dollar at 80.16 (U.S.), up 0.0002
U.S. dollar index up 0.746 at 97.52
U.S. 10-year Treasury yield 1.90 per cent, up 0.0001
(10 a.m. ET) U.S. job openings and labour turnover survey for February.
(3 p.m. ET) U.S. consumer credit. Consensus is $13.5-billion, an increase from $11.6-billion in January.
STOCKS TO WATCH:
Hudson's Bay reported Q4 EPS from continuing operations of 61 cents vs. Street estimates for 70 cents.
FedEx Corp. agreed to buy Dutch parcel-delivery company TNT Express NV for 4.4 billion euros ($4.8-billion U.S.). The Dutch firm is up about 30 per cent in overseas trading.
The Conservative government has sold all of its remaining shares in General Motors to Goldman Sachs, Ottawa announced late Monday. The government says further details – including the selling price of the shares and the total amount of revenue raised via the transaction – will be announced in the next several days. GM shares are down 2 per cent in the premarket.
Canada Pension Plan Investment Board is teaming up with a European private equity firm in a $5-billion (U.S.) deal to take business software company Informatica private, according to the Wall Street Journal.
Berkshire Hathaway Inc. agreed to buy 20 million shares of Axalta Coating Systems Ltd. from affiliates of the Carlyle Group LP for $560-million. The purchase price was $28 a share
Other earnings include: Health-care Services Group
Raymond James upgraded Pattern Energy Group to "outperform" from "market perform" and raised its price target to $35 (U.S.) from $31.
Beacon Research upgraded Open Text to "buy" from "hold" and maintained a $64 (U.S.) price target.
Desjardins Securities upgraded Lundin Mining to "buy" from "hold" and raised its price target to $7.60 (Canadian) from $6.60.
JP Morgan upgraded to "outperform" from "market perform" at Bernstein.
American Express downgraded to "underperform" from "perform" at Oppenheimer.