BY James Langton

(March 30 – 09:00 ET) – Markets should edge up this morning, although Friday’s have been notoriously tough by the close this year, so it remains to be seen if any gains will hold. Nevertheless, a little buying in blue chip techs is evident in the early morning futures market.

In economic news, U.S. consumer spending rose 0.3% in February. Incomes grew 0.4%. Economists were expecting 0.3% from both numbers, so this slight upside surprise is good news.

In Canada, it was reported that January GDP rose 0.3%, maintaining the same pace as December. Strength in wholesale and retail trade, construction As well as increased activity in the oilpatch was partly offset by continued weakness in the manufacturing sector and lower demand for energy, according to Statistics Canada.

In Europe, stocks are up, today, with financials leading the way as future
rate cuts are anticipated. The FTSE in London is up 43 points to 5631. The Paris CAC 40 has gained 45 points to 5203. The German DAX is up 35 points to 5915.

Overnight in Asia, stocks were mixed. The Yen plunged after a Japanese federal minister suggested that the U.S. likes a weaker Yen. It sits at a 30-month low against the dollar. The Nikkei dropped 73 points last night to 12999. The Hang Seng though managed to gain 83 points to 12761.

A couple of last year’s IPOs on the TSE are out with earnings news. SMTC Corp. says “the continued economic slowdown has affected its first quarter results more heavily than previously forecasted.” It now expects to report an adjusted net loss of between 8¢ and 10¢ per share. SMTC isn’t providing guidance but says it expects improvements in both business volumes and cost rationalization initiatives beginning in the third quarter and that it will record positive adjusted earnings for the full year.

Also for the first quarter, ConjuChem recorded a net loss of 15¢ per share, down from 20¢ in the quarter a year ago.