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.
Markets are brushing aside more weaker-than-expected economic figures out of China this morning, with U.S. and Canadian stock futures pointing modestly higher and copper prices hovering just above multi-year lows struck earlier this week.
U.S. reports this morning on weekly jobless claims and retail sales both came in modestly stronger than expected, propelling stock futures further north.
There were two major economic reports released by China, with industrial output for January and February showing a rise of 8.6 per cent from a year ago, missing economists' forecasts of 9.5 per cent, and retail sales for the period of 11.8 per cent were below the predicted 13.5 per cent.
There was a lot of speculation that the data would be on the weak side after Saturday's surprise reading on Chinese exports, which inflicted damage on copper prices this week and undermined confidence in the global economic recovery. As such, markets may been braced for pretty lacklustre numbers. Helping out was Chinese Premier Li Keqiang, who said today he was confident the economy would meet its 7.5 per cent growth goal for this year and that Beijing would not let growth slip too far. China appears to have room to ease monetary conditions further, given inflation is running under control.
The Shanghai index actually closed up just over 1 per cent; aiding in that advance were media reports that China's securities regulator may allow firms to issue preferred shares over the next few months, in an effort to improve sentiment for equities among investors.
Some investors are undoubtedly trying to do a bit of bargain hunting in the resource sector after the weakness over the past week. Also of note this morning is softness in the U.S. dollar, which should give a boost to gold, already trading at six-month highs in New York, and other U.S.-denominated commodities.
Here's a closer look at what's going on this morning and what is still to come.
MARKETS:
Equities:
Futures: S&P 500 +0.22 per cent; Dow +0.18 per cent; Nasdaq +0.32 per cent; S&P Toronto +0.09 per cent
Hong Kong's Hang Seng -0.67 per cent
Shanghai composite index +1.07 per cent
Japan's Nikkei -0.10 per cent
London's FTSE 100 -0.12 per cent
Germany's DAX +0.16 per cent
France's CAC 40 -0.01 per cent
Commodities:
WTI crude oil (Nymex Apr) +0.44 per cent at $98.40 (U.S.) a barrel
Gold (Comex Apr) +0.05 per cent at $1,371.20 (U.S.) an ounce
Copper (Comex May) -0.32 per cent at $2.95 (U.S.) a pound
Currencies:
Canadian dollar at 90.37 (U.S.), up 0.0044
U.S. dollar index down 0.25 at 79.35
Bonds:
U.S. 10-year Treasury yield 2.74 per cent, up 0.004
ECONOMIC INDICATORS:
Canadian new house prices rose 0.3 per cent in January, exceeding market expectations of 0.1 per cent. This followed a 0.1 per cent gain the previous month. It was the largest gain since May 2012.
Canada's industrial capacity utilization rate rose 0.8 percentage points to 82 per cent in the fourth quarter of last year, from a downwardly-revised third-quarter rate of 81.2 per cent.
U.S. retail sales in February rose 0.3 per cent, beating the Street consensus of 0.2 per cent.
U.S. initial jobless claims fell last week to 315,000 from the previous week's new claims of 323,000. That was better than forecasts of 330,000 and a three-month low.
U.S. import prices jumped 0.9 per cent in February. It was more than expected and their largest gain in a year as petroleum soared, but there was little sign of a broad pick-up in imported inflation.
(10 a.m. ET) U.S. Commerce Department releases business inventories for January.
STOCKS TO WATCH:
Quebecor reported adjusted fourth-quarter earnings of 55 cents, up from 42 cents a year ago and beating the Street view of 52 cents.
Dollar General posted lower-than-expected sales for the holiday quarter, blaming cold weather, tough competition and low consumer confidence. Shares are down 3.4 per cent in the premarket.
Other earnings include: Empire Co.; Transat; Cascades; WesternOne; Volkswagen; Aeropostale.
General Electric's North American retail finance business filed with U.S. regulators to raise up to $100-million in an initial public offering of common stock.
ANALYST ACTIONS:
RBC Dominion Securities upgraded Bombardier to "outperform" from "sector perform" on lower liquidity risk, hikes target to $5 (Canadian) from $4.
KeyBanc upgraded Tim Hortons to "buy" from "hold" with a price target of $75.
Canaccord Genuity hiked its price target on Alimentation Couche-Tard to $93 (Canadian) from $86 and kept a "buy" rating.
Raymond James hiked its price target on Aecon Group to $21 (Canadian) from $18 and maintained an "outperform" rating.
THIS MORNING'S TOP INVESTING LINKS:
Warren Buffett to heirs: Put my estate in index funds.
The U.S. share buyback binge is taking a breather.
Warning sign? About 74 per cent of companies that went public over the past six months weren't profitable.
Why bond yields could be heading lower in the short term.
Why income investors should focus on dividend growth rather than just chasing yield.
Will millennials kill Costco?
Understanding securities lending in ETFs.
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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