Wall Street futures are up just slightly this morning, while European markets are down. This morning’s trade reports are unlikely to give markets much of a boost, with the U.S. trade gap widening to a record high in January.

U.S. exports dropped and domestic demand for imported oil and consumer goods put near all-time highs, says the Commerce Department. The deficit in international trade of goods and services rose to US$43.06 billion in January, says Commerce. U.S. exports were depressed by a sharp US$389 million drop in foods, feeds and beverages to US$4.56 billion. U.S. exports of autos and auto parts fell US$162 million to US$6.78 billion, and exports of consumer goods fell US$169 million to US$7.75 billion.

Deficits with major trading partners were mostly higher in January, with the big exception of the European Union, whose currency, the euro, has appreciated sharply against the U.S. dollar. The shortfall with Canada rose to US$5.22 billion.

Today’s trade numbers are looking much better for Canadian investors. The trade numbers came in at expected levels. Merchandise exports were lower in January, as sales abroad dropped 4.7% from December, says Statistics Canada. But imports fell sharply, down 5% and the resulting trade surplus fell marginally to $5.2 billion.

In a separate report, StatsCan says that the New Housing Price Index rose 0.3% in January, unchanged from December’s monthly increase. On a 12-month basis, this index of contractor’s selling prices rose 5.1%, up slightly from December’s annual increase of 5%.

In Europe stocks are down. London’s FTSE100 Share Index was down 0.3% at 4,530.8, while in Paris the CAC40 Index was 0.1% lower at 3,732.2. Frankfurt’s Xetra Dax Index was down 0.9% at 4,051.08.

In business news, California is warning CIBC World Markets and two other investment banks that they must comply with a code of financial conduct or they will be suspended from doing business with the state.

Conrad Black has sold about $9 million worth of preferred shares in Hollinger Inc., the Toronto holding company that controls Hollinger International.

Biovail Corp. says its financial position is solid despite the worries of debt-rating agencies. Moody’s Investors Service has placed Biovail’s senior subordinated notes under review for a possible downgrade, and Standard & Poor’s has changed its outlook on the company to negative from stable.

On Tuesday, worries about the U.S. economy hurt the markets. Concern about the lack of job creation in the United States, despite a positive corporate profit outlook, is worrying investors, say analysts.

Tokyo’s Nikkei fell 98.8 points, or 0.86%, to 11,433.24. Declines of tech shares in New York prompted investors to dump tech issues. But bank and domestic stock buying cushioned the Nikkei’s fall.

In Hong Kong the Hang Seng Index plunged 183.05 points, or 1.4%, to finish at 13,214.2.

Toronto’s S&P/TSX composite index declined 50.9 points to 8,750.31 — though, it’s still 500 points above its end-of-2003 close. In New York, the Dow Jones industrial average fell 72.52 points at 10,456.96 — 280.74 points below its high for the year. The Nasdaq composite dropped 13.62 points to 1,995.16. The S&P 500 slid 6.63 points to 1,140.58.