Global stocks were relatively flat on Monday morning, beginning the second quarter on a cautious note as Europe continues to raise some concerns.
U.S. index futures were almost unchanged with about two hours before markets open, suggesting that stocks will open flat. Futures for the Dow Jones industrial average were down 11 points. Futures for the S&P 500 were down less than 1 point. On Friday, the Dow wrapped up the quarter with an 8.1 per cent gain over the first three months of the year, marking its best first-quarter performance in more than a decade as investors bet that the stream of upbeat U.S. economic news is pointing to a better-than-expected economic recovery.
However, Europe remains a big question, with the indebted economies of Portugal and Spain raising many concerns over whether these two economies will soon need assistance. Over the entire euro zone, unemployment in February rose to 10.8 per cent from 10.7 per cent in January, close to a 15-year high.
Commodity prices declined slightly. Crude oil fell to $102.44 (U.S.) a barrel, down 0.6 per cent. Gold fell to $1,666 an ounce, down 0.3 per cent.
In deal-making news, Coty Inc. has offered $23.25 a share for door-to-door seller Avon Products Inc., sending Avon shares up 23.5 per cent in premarket trading.
David Berman