Futures trading is flat Thursday following two key data releases in the U.S., pointing to a flat to mildly positive open on equity markets.

The U.S. Commerce Department is reporting a revised increase of 1.4% of gross domestic product for the first quarter. The revision places the American economy’s Q1 in line with the final quarter of 2002. As the number is now three months old, it’s not surprising that it has had little effect on trading.

More crucial is a better than expected decline in U.S. initial jobless claims. Last week the number dropped 22,000 last week to 404,000, a three-month low. The four-week average, which smoothes out weekly fluctuations, declined to 428,250. That’s still above the comfort-level of 400,000. But the decrease is in line with the monetary policy statement released by the U.S. Federal Reserve, yesterday, when it stated that it expects labour markets to stabilize.

There are no major economic releases from Statistics Canada this morning.

In Europe, markets are mixed. In London, at midday, the FTSE 100 stock index is down 13.7 points, or 0.3%, at 4,054.2. Frankfurt’s DAX 30 index has risen 22.49 points, or 0.7%, to 3,221.31. The CAC40 index in Paris is up 2.9 points, or 0.1%, to 3,111.6.

Tokyo stocks ended unchanged due to disappointment that the Fed U.S. had trimmed interest rates less aggressively than many investors had expected.

The Nikkei 225 Stock Average declined 8.85 to close at 8,923.41. Hong Kong shares closed marginally down after late buying of property stocks helped curb earlier losses on the back of declines on Wall Street.