North American markets appear to be headed for a flat open Thursday, weighed down by weaker-than-expected reports on U.S. durable-goods orders and jobless claims.

Early today, the U.S. Commerce Department said durable-goods orders decreased a seasonally adjusted 0.9% to US$200.40 billion in January after climbing 1.4% in December. The decline surprised economists who were looking for a 0.1% increase in orders.

Separately, the U.S. Labor Department said initial jobless claims rose by 9,000 to 312,000 in the week ended Feb. 19. Economists expected the claims to increase by 8,000.

Here at home, the Canadian dollar dropped in the wake of yesterday’s federal budget.

The Canadian dollar opened at US80.26¢, down 0.54 of a cent. The loonie had closed Wednesday at US80.8¢, down by 0.84 of a cent, before release of the budget in Parliament.

Statistics Canada said higher revenues for crops and hogs pushed farm cash receipts up for the first time in three years in 2004.

In total, farmers received $36.8 billion from all three sources (livestock and crop receipts and program payments), a 7.5% increase from 2003, the government agency said.

In this morning’s earnings news, TD Bank Financial raised its quarterly dividend after reporting its first-quarter profit rose to $630 million, from $582 million a year earlier.

CIBC and National Bank report their earnings later today.

Agnico-Eagle Mines Ltd. reported record quarterly and full-year profits, based on higher gold production. Net income for the quarter ended Dec. 31, 2004, rose 550% to US$15.6 million, or US18¢ a share, from US$2.4 million, or US3¢ share a year earlier.

Financial stocks helped Toronto markets regain most of their previous-day losses Wednesday, but U.S. market increases were unimpressive given the decline the day before.

At close Wednesday, the S&P/TSX composite index was up 35.22 points or 0.37% at 9,675.69 while the TSX Venture composite index slipped 4.66 points or 0.24% to 1951.4.

On Wall Street, the Dow industrial average climbed 62.59 points or 0.59% at 10,673.79. The tech-heavy Nasdaq composite index was ahead by 0.93 of a point or 0.05% at 2,031.25 and the S&P 500 had added 6.58 points or 0.56% to 1,190.8.