By James Langton
(March 1 – 09:00 ET) – The closely watched National Association of Purchasing Managers Report is coming out later today. In oil news Saudi Arabia, Mexico, and Venezuela have agreed to boost oil production by 1.2 million barrels per day starting April 1. This should generate some room to move in oil prices.
Markets are mixed in Europe this morning despite some positive news about the strength of the economic recovery in the area. Chipmakers and media stocks are leading stocks up so far. The FTSE is leading the way up in London, adding 75 points to 6,307. The French CAC 40 is on the upside just 10 points to 6,201. Germany however is slightly to the downside, off just a point to 7,644.
Yesterday’s merger mania has cooled today, although the Wall Street Journal is reporting that SBC Communications Inc. and BellSouth Corp. are talking about creating a nationwide wireless network by merging their cell phone units.
Overnight in Asia, stocks were mixed there too. The Nikkei finished above 20,000 on the heels of gains on Wall Street yesterday. Hong Kong however finished down as Cable & Wireless slid 12% after recent surges. The Nikkei closed up 122 points to 20,082. The Hang Seng finished off 326 points to 16,843.
In earnings news Altagas is reporting a dip in fourth quarter earnings per share to 10¢ from 12¢ in the period last year. Winpak Ltd. earned $16.6 million last year. Plaintree Systems Inc. has announced a net loss of 2¢ per share, for the third quarter ended December 31, compared to a 30¢ loss last year.
Statistics Canada didn’t have any data out this morning, but it did release a new report showing that the gap in labour productivity between foreign and domestically controlled plants widened between 1973 and 1993.