(May 2 – 09:00 ET) – Statistics Canada reported its April survey of manufacturers, finding that more than four in five manufacturers stated that they expected production would be the same or higher in the coming three months.
Manufacturers also indicated higher satisfaction with the current level of new orders, and were not overly concerned with the level of finished product inventories on hand. Manufacturers are turning slightly more optimistic.
In Europe trading is quiet, albeit decidedly positive. London’s FTSE is up 56 points to 6383. France’s CAC 40 has gained 140 points to 6559. The DAX has jumped 114 points to 7529 in Germany.
Earnings news and merger talk is driving the trade at this point. Telefonica SA and Royal KPN NV are said to be in talks to hook up. Axa SA is paying US$3.74 billion for the 43.7% of Sun Life and Provincial Holdings PLC it doesn’t own.
AT&T Corp. has reported profits down 9%, and announced plans to slice 6,200 jobs. Talisman is buying some North Sea oilfields from Texaco.
In Asia trading was quiet, but positive. The Nikkei gained 36 points to 18,439. Hong Kong’s Hang Seng added 298 points to 15,817.