Stocks are looking at a mixed opening this morning. Early upward momentum in the futures has been tempered by some slightly gloomy economic news.

Economists and traders alike were surprised to learn that U.S. initial jobless claims rose by 2,000 last week to 418,000. The number suggests that employment continues to lag the recovery, and may hamper it, too.

Also, U.S. housing starts fell in April for a second month.

In Canada, the Monthly Survey of Manufacturing showed that manufacturing shipments slipped 0.7% to $41.7 billion, following the first back-to-back monthly increase in shipments in two years. Decreases in motor vehicle and chemical products manufacturing offset a surge in the petroleum and coal products industry. Meanwhile, inventories continued to decline for the tenth consecutive month.

In Europe, stocks are mixed so far today. Deutsche Telekom is reportedly planning to axe 30,000 jobs to cut its costs. On the other hand, Europe’s largest insurer Allianz AG, reported that its first-quarter profit more than doubled.

In London, the FTSE is flat at 5,258. In Paris, the CAC 40 is also flat at 4,471. Only Germany’s DAX has moved, dropping 10 points to 5,062.

Stocks were mixed overnight in Asia too. The Japanese Nikkei gained 96 points to 11,739. In Hong Kong, the Hang Seng dropped just six points to 11,833.

In earnings news, Draxis Health Inc. reported its quarterly net income from continuing operations was $887,000.

Centrinity Inc. said its net loss for the quarter was $2.9 million, up from an $8.2 million loss in the quarter last year.

Assante Corporation reported net earnings of $5.3 million, compared to a net loss of $1.9 million during the same period last year. The $7.2 million increase in net earnings over the corresponding quarter last year was due to several factors including the adoption of the new accounting standard relating to goodwill recommended by the Canadian Institute of Chartered Accountants.