by James Langton
(November 1 – 9:10 ET) – Traders should be happy to have survived October virtually unscathed, but nevertheless they’ll likely begin November on a flat note.
Markets were up in Asia but quiet in Europe, and S&P futures are tilting down. Gold is also down heavily in early trading in New York, off about US$6 to a bid of US$292.40, which will undoubtedly slam gold stocks and therefore the TSE this morning.
There is no major economic data out this morning, although Wall Street will be watching the National Association of Purchasing Managers report a half hour after the session opens.
Markets will be looking toward Friday’s employment reports this week, and U.S. Federal Reserve Board Chairman Alan Greenspan speaks tomorrow, which will attract the usual overwhelming attention.
In Europe, traders have their eyes on Thursday when both the European Central Bank and the Bank of England are expected to announce rate hikes. ECB chair Wim Duisenberg said as much over the weekend. The FTSE 100 is up just three points today, while the DAX is down just 11 in Frankfurt. The French markets are closed for All Saints Day.
Allianz AG, Europe’s second largest insurer, made a US$3.3 billion offer for 70% of Pimco Advisors Holdings LP.
In Asia, markets were up heavily in early trading but pulled back toward the close as some profit-takers rolled in. The Nikkei finished up 55 points, while the Hang Seng closed 65 points higher.
In other business news, perennial up-and-comer Ballard Power Systems reported a third-quarter net loss of 26¢ a share, double a year-earlier loss of 13¢. It blamed the performance on increased R&D spending.
Skyjack Inc. announced its net loss widened to 65 ¢ in the third quarter from 10¢ a year before. The company also said it hired RBC Dominion Securities Inc. to review its strategic alternatives “that may include the sale of the company.”