By James Langton
(March 15 – 09:00 ET) – The Canadian Consumer Price Index rose to 2.7% in February,. Excluding food & energy prices it was up 1.6%. Both numbers are ahead of consensus
expectations. Obviously energy prices drove the gains, but core inflation took a big jump from January number of 2.3%.
In Europe tomorrow’s European Central Bank meeting is at the top of the agenda for most traders. Everyone is expecting a rate hike. But yesterday’s plunge in the Nasdaq, as well as and the uncertain future for biotech patents is also weighing on markets. Telecoms and biotechs are leading the way down. London’s FTSE is the most moderate mover, down just 60 points to 6,427. France’s CAC 40 has plunged furthest, down 139 points to 6,211. Germany’s DAX has slipped 122 points to 7,528.
In M&A news Atlantic Richfield Co. will apparently sell its Alaskan oil fields to Phillips Petroleum Co. for about US$7 billion in an effort to gain regulatory approval for its purchase by BP Amoco PLC.
European computer services giant Sema Group PLC is bidding US$4.7 billion in stock for U.S. rival LHS Group Inc. Internet software firm E.piphany Inc. is offering US$3.2 billion of its stock for Octane Software Inc.
Overnight the Bank of Japan intervened aggressively against the Yen, fearing that its strength will dampen economic recovery. Nevertheless the Nikkei slipped on the heels of the Nasdaq slide. The Nikkei closed down 63 points to 19,079. The Hang Seng closed down 182 points to 16,747.
In business news, Research in Motion signed a distribution deal with Rogers Communications, starting with a 10,000 unit order for its Blackberry units.