Luke KawaThe Globe and Mail
The Before the Bell report is updated throughout the premarket to reflect the latest news developments and market moves. Check back later for updates.
Wall Street has largely shaken off news of an impasse in Europe, with U.S. equity futures pointing to an open near Friday's record highs.
Greece and its creditors remain far apart on a deal to extend its current loan agreement, as Greek finance minister Yanis Varoufakis indicated on Sunday after a day of talks failed to bear fruit. The nation seeks a short-term bridge deal to renegotiate a new program while European powers want Greece to stick by the conditions of the previously agreed upon deal, which occurred well before the Syriza party was elected.
With the exception of Greek equities, European stocks were largely unchanged following this news.
Meanwhile, in Asia, Chinese home prices fell by 5.1 per cent year-over-year in January, the fifth consecutive month in which values declined on an annual basis. However, this poor data failed to dent Chinese equities, which posted solid gains.
West Texas Intermediate futures are moving higher this morning, which should buoy the S&P/TSX Composite index.
Details on upcoming earnings, market results and a preview of the day's key economic releases can be found below.
MARKETS:
Futures:
S&P 500 -0.06 per cent; Dow +0.01 per cent; Nasdaq +0.17 per cent
Equities:
Hong Kong's Hang Seng +0.24 per cent
Shanghai composite index +0.76 per cent
Japan's Nikkei -0.10 per cent
London's FTSE 100 +0.36 per cent
Germany's DAX -0.11 per cent
France's CAC 40 +0.18 per cent
Stoxx 600 +0.06 per cent
Commodities:
WTI crude oil (Nymex Apr) +0.27 per cent at $52.92 (U.S.) a barrel
Natural gas (Nymex Mar) +2.03 per cent at $2.861
Gold (Comex Apr) -0.62 per cent at $1,219.50 (U.S.) an ounce
Copper (Comex Mar) -1.3 per cent at $2.5725 (U.S.) a pound
Currencies:
Canadian dollar at 80.82 (U.S.), up 0.006
U.S. dollar index down 0.249 at 93.952
Bonds:
U.S. 10-year Treasury yield 2.0312 per cent, down 0.0191
ECONOMIC INDICATORS:
(9 a.m. ET) Canada reports January existing home sales and average prices. Home sales fell by 2 per cent year over year, lower than economists estimated, while the average price rose by 3.1 per cent, slightly exceeding anticipations. The MLS Home Price Index rose 5.2 per cent year over year, also higher than was expected.
(10 a.m. ET) The U.S. releases the NAHB housing market index for February, and the consensus is 58, up from 57 last month.
STOCKS TO WATCH:
Fairfax Financial Holdings said it would buy Brit Plc, a specialty insurer and reinsurer, for about $1.88-billion to gain a significant presence in the Lloyd's of London market.
Timmins Gold has agreed to acquire Newstrike Capital though a court-approved plan of arrangement.
Canadian Pacific Railway will go into mediated arbitration with its unionized workers, ending a strike that began this weekend.
Restaurant Brands International, the combined company of Burger King and Tim Hortons, said that same-store sales growth accelerated at both locations in the fourth quarter. It posted a net loss attributable to shareholders of $514.2-million, or $2.52 per share.
Earnings expected: Canadian Apartment REIT, Capstone Mining, DHX Media, Dream Industrial, EGI Financial, Killam Properties, Mandalay Resources, North American Energy, Rona Inc., Western Forest, Goodyear Tire & Rubber Company, Greenlight Capital Re Ltd., MGM Resorts Intl., North American Energy Partners Inc., Norwegian Cruise Line Hldgs Ltd.\
ANALYST ACTIONS:
American Express Co. was lowered to "neutral" from "buy" by analysts at Guggenheim.
Nordstrom Inc. was downgraded to "underweight" from "equalweight" at Barclays.
Desjardins Securities downgraded IGM Financial to "hold" from "buy" and cut its price target to $48 (Canadian) from $54.