North American stocks look headed for a lower open today, after weak Chinese data rekindled fears of a global economic slowdown led by the world’s second-biggest economy.
China’s February trade performance was far worse than economists had expected, with exports tumbling probably the most in over six years.Global stocks fell after the data. Crude oil and copper prices were down marginally.
Investors are focusing on data for clues on the state of the global economy and monetary policies of central banks across the world.The European Central Bank is expected to announce further stimulus at its meeting in a few days.In contrast, the U.S. Fed is looking to boost rates of interest this season as a raft of information suggested the economical recovery in the United States was gaining momentum.Canadian home services provider Enercare Inc said its unit decided to buy U.S-based SEHAC Holdings Corp (Service Experts Heating & Air Conditioning) for $340.8 million, excluding transaction costs, to expand in North America.A major Canadian securities regulator on Monday ruled that Corus Entertainment Inc need not disclose additional information of their $2.65 billion proposal to purchase media assets from Shaw Communications Inc, meaning a shareholder vote due on Wednesday could proceed.The Toronto Stock Exchange’s S&P/TSX composite index rose on Monday to some three-month high as mining and stocks gained around the back of higher oil and gold prices, while industrial and financial sector stocks also rallied. The S&P logged its first five-day streak of gains since October and closed above 2,000 for the first time since Jan. 5.Shares of Urban Outfitters were up 10 per cent at $31 premarket, following the company reported better-than-expected sales for its bohemian-inspired Free People brand.Apple was down 1.1 per cent at US$101.87. Chipmaker Dialog Semiconductor forecast first-quarter revenue below estimates, signaling a continuing softening of the smartphone market.
? Thomson Reuters 2016