By James Langton

(April 12 – 09:00 ET) – Stocks appear poised for a flat to down open this morning, with gains in Europe and U.S. futures sliding off earlier highs.

Finally there is some economic data from the United States today. U.S. retail sales in March were reported down 0.2%, down 0.1% ex autos. The Producer Price Index was reported down 0.1% last month, reflecting a decline in energy prices. The core PPI was up 0.1%.

The more worrying report is that U.S. weekly jobless claims hit 392,000 last week, its highest level in five years. Auto industry layoffs are taking much of the blame. The number was slightly worse than analysts were expecting and could signal tough times for consumer spending and a possible slide to recession. However the weekly numbers are notoriously volatile. In the wake of the report U.S. futures have been sliding.

Still stocks are generally up. Internet stocks look a little brighter today after Yahoo! Inc. announced layoffs of 12% of its workers. Its stock is up about 7% as a result.

In Europe, old economy stocks are driving markets higher. Industries such as autos, mining and industrials are driving the action. In London, the FTSE is up five points to 5,793. In Paris, the CAC 40 has added 20 points to 5,381. Germany’s DAX has added 39 points to 5,990.

Overnight in Asia, stocks closed on an up note. Japan’s Nikkei added 178 points to 13,352. In Hong Kong, the Hang Seng added 283 points to 12,989.

There’s no major economic data out in Canada today, although the Quarterly Retail Commodity Survey reported that in the fourth quarter of 2000, consumers spent $74.9 billion in retail stores, an increase of 4.6% over the fourth quarter of 1999.