By James Langton

(January 23 – 09:15 ET) – This morning at 09:00 ET the Bank of Canada decided to cut rates by 25 basis points. Economists were split over whether the central bank would stand pat, or drop rates to accommodate the slowing U.S. economy.

Stocks look to open mixed open this morning. U.S. tech stocks are very mildly positive after Computer Associates International Inc. and Openwave Systems Inc. beat the Street. Old economy stocks look slightly negative, however.

There are economic releases from the United States this morning

In Europe stocks are down after Deutsche Telekom AG reported its first ever loss in the fourth quarter, based on charges for acquisitions and the infrastructure cost of mobile phone networks. In London, the FTSE is down 15 points to 6,216. In Paris, the CAC 40 is off 55 points to 5,827. The German DAX is down 29 points to 6,646.

In earnings news this morning, Merrill Lynch & Co. is reporting that its fourth-quarter earnings rose 14%, thanks to gains in trading and investment banking. Drug giant Merck & Co. reported its fourth-quarter results of 75¢ a share up from 66¢ in the period a year ago.

Overnight in Asia, stocks fell after Japanese Economics Minister Fukushiro Nukaga resigned over a bribery scandal. Nukaga will replaced by former Economic Planning Agency chief Taro Aso.

The yen slid on the news and word that Eisuke Sakakibara, the former vice finance minister for international affairs, said a weaker yen is good for the economy. The Nikkei dropped 48 points to 13,985. In Hong Kong, the Hang Seng shed 55 points to 16,044.

In other news, Talisman Energy Inc. today announced plans to invest a record $1.7 billion in exploration and development programs in 2001, up 44% from last year. The company plans to release its year 2000 operating results in mid-February and financial results on March 6.

PRI Automation Inc. today reported financial results for the first quarter ended December 31. Net income for the first quarter was $2.8 million, or 11¢ a share, compared with 6¢ a share last quarter.

Ballard Power Systems today announced that it has received a $1.9-million order from Honda R&D Co. Ltd. of Saitama, Japan, a subsidiary of the Honda Motor Company, for Mark 900 Series Fuel Cell Power Modules and support services.