North American stocks will likely open flat Wednesday as traders weigh some corporate and economic news.

In M&A news, the world’s biggest coatings manufacturer has reached a $284 million takeover deal with Canadian paintmaker Sico Inc. Dutch chemical group Akzo Nobel NV will acquire all of Sico’s outstanding common shares at a cash price of $20 per common share, for a total for about $284 million. Akzo Nobel will also offer to buy Sico’s class B preferred shares at par value, for a total amount of $3.8 million.

In today’s sole economic release, set for 10:00 ET, a survey by the Institute of Supply Management on the U.S. services sector is expected to decline to 59.5% in March from 60.1% last month, though markets may be concentrating more on the release of the all-important nonfarm payrolls Friday.

Crude-oil futures were little changed as the market awaited weekly U.S. supply data for further direction. The front-dated futures contract edged up 12¢ to US$65.35 a barrel in electronic trading.

The Canadian dollar opened at US86.1¢, up 0.06 of a cent.

In Europe, Liberty Global said that it has agreed to sell its Swedish cable operations for US$427 million to a private equity consortium comprising The Carlyle Group and Providence Equity Partners.

DaimlerChrysler and Lagardere were both higher after the firms trimmed their stakes in European Aeronautic Defence & Space, the majority owner of Airbus. But European equity markets drifted lower after an early rise.

In Japan, the Nikkei 225 fell 48.93 points, or 0.28%, to finish at 17,243.98 points on the Tokyo Stock Exchange.

Hong Kong;s financial markets were closed for a public holiday. They will reopen Thursday.


Toronto stocks retreated Tuesday, giving back after hitting an all-time high yesterday, as the broad market locked in gains and the energy sector stayed flat.

The S&P/TSX composite index fell 36.76, or 0.30%, to 12,174.10.

The S&P/TSX Venture composite index lost 4.95 points, or 0.17%, to 2,934.90.

In New York, stocks gained on investor optimism that upcoming first quarter corporate earnings news would be positive.

The Dow Jones industrial average rose 58.91 points to 11,203.85. The Nasdaq composite index was up 8.62 points to 2,345.36, its best close since Feb. 2001. The S&P 500 added 8.12 points to 1,305.93.