By James Langton

(April 19 – 09:00 ET) – The U.S. trade deficit was reported this morning at US$29.24 billion. That is higher than expected. The number is not expected to move markets much, but it does add to the negative tone already there.

Statistics Canada is reporting international trade declined in February. Exports decreased by 2.6% to $32.3 billion and imports dropped by 1.2% to $28.3 billion. The automotive sector led the decline. The trade balance remained close to $4.0 billion. Wholesale sales fell 1.1% in February, driven by lumber and building materials, farm machinery, equipment and supplies. The numbers point to some cooling in the overheated economy.

The Reserve Bank of New Zealand raised its rates by 25 basis points to 6.0%.

In Europe stocks are mixed. London’s FTSE 100 is up 35 points to 6109. France’s CAC 40 is down eight ticks to 6139. The DAX is down 19 points to 7177.

There is no major mergers & acquisitions action this morning, but some important earnings are out. Chase Manhattan Corp. reported profits up 16%. DaimlerChrysler profit is up 3%. Deutsche Telekom AG profit fell 6.5%. Lucent Technologies Inc.’s earnings are up 41%.

In Asia stocks followed on the U.S. rally. The Nikkei finished up 117 points to 19086. The Hang Seng closed up 149 points to 15427.