By James Langton
(April 4 – 09:00 ET) – Markets are recovering a little from yesterday’s trauma. Overseas markets are up from yesterday’s lows. The economic news out today is minor.
Statistics Canada reports building permits for February. Analysts expected a 2.5% increase month over month, but the value of building permits issued fell 14.5% from January to $2.9 billion. This is the second consecutive monthly decline. Not much market reaction is expected.
JDS Uniphase Corp. is buying microelectronics maker Cronos Integrated Microsystems Inc. for US$750 million in stock.
In Europe markets are mixed. London’s FTSE is down slightly, 25 points to 6437. Stocks on the continent though are up sharply after news of better than expected recovery in Euroland. Retailers and drugs are leading the way up, while telecoms are down. France’s CAC 40 is up 95 points to 6225. Germany’s DAX has added 91 points to 7520.
In the lone big European deal German department store KarstadtQuelle AG and Deutsche Lufthansa AG are set to offer US$2 billion in cash for tour operator Thomson Travel Group PLC.
In Asia stocks slipped on Nasdaq’s fall. The Hong Kong market was closed, but Japan closed down 132 points to 20,595.