Early market signs suggested a negative or flat start for North American stocks this morning.

In today’s economic news, Statistics Canada is reporting that a strong rebound in proposed non-residential projects offset a second consecutive monthly decline in Canada’s housing sector in February. As a result, the overall value of building permits rose 1.6% to $4.4 billion during February.

There are no major economic releases from the United States today.

In Europe, stocks are little changed in midday trading. In Paris, the CAC 40 index is off 0.3% to 3,68.62 after rising 4.3% during the previous four days.

Frankfurt’s Xetra Dax Index is down 0.5% at 4,029.89, while London’s FTSE 100 is off 0.2% at 4,474.2.

Asian stock markets closed mostly higher. Tokyo’s Nikkei rose 121.38 points, or 1.02%, to 12,079.70. It was the index’s third straight gain and its first close above 12,000 since Aug. 8, 2001.

In Hong Kong, the blue-chip Hang Seng Index rose 155.21 points, or 1.2%, to 12,886.97.

North American markets continued their winning ways Monday, buoyed by some more bullish economic news in the U.S.

The S&P/TSX composite index closed up 59.74 points or 0.68% at 8,858.49. The TSX Venture exchange fell 17.39 points or 0.92% to 1,878.03 as gold stocks took a hit.

In New York, trading was light, as Wall Street started a shortened week when many traders take a vacation for Easter or Passover.

The Dow Jones industrial average was up 87.78 points or 0.84% to 10,558.37. The S&P 500 Index was up 8.73 points or 0.76% to 1,150.54. The technology-laced Nasdaq composite index was up 21.95 points or 1.07% to 2,079.12.

The markets got some good news from a report that showed growth in the U.S. services sector hit a record high in March. The Institute for Supply Management’s non-manufacturing index surged to 65.8 in March from 60.8 in February, topping Wall Street forecasts for a rise to 61.5.

But there was also some bad news, after the markets closed, from Bank of America Corp. It announced plans to cut 12,500 jobs as a result of its US$48 billion purchase of FleetBoston Financial Corp. Chief Executive Kenneth Lewis has targeted US$1.6 billion of cost savings from the merger. The cuts will take place over the next two years, and about 30% of them will come through attrition, the bank said.

Also, electronics manufacturer Celestica Inc said it, is closing its Montreal-area plant and laying off more than 700 people.

In other financial news, the U.S. Federal Reserve approved Manulife Financial Corp.’s stock-swap takeover of John Hancock Financial Services to create the second-largest life insurance company in North America.