Stocks are poised to open modestly higher this morning, led by the techs once again.

Optimism for an economic recovery has tech names such as EMC Corp. and Cisco Systems heading higher.

The market is also battering laggards, such as software firm Peregrine Systems Inc., which reported a loss.

On the economic front, initial jobless claims rose unexpectedly in the U.S. last week, breaking a string of claims declines. Claims increased by 36,000, worrying traders ahead of tomorrow’s jobs report.

In Canada, the Industrial Product Price Index was reported down 1.9% in November, their second consecutive month of negative growth. This was a slightly stronger pace than the year-over-year decline of 1.2% in October.

Petroleum and coal product prices tumbled 23.8%, the fifth straight month of negative growth. If petroleum and coal product prices were excluded, the IPPI would have decreased only 0.2% instead of 1.9%.

The Raw Materials Price Index was down 16.2% in November, the fourth consecutive month of negative growth. Mineral fuels were responsible for most of the decline, along with wood products and non-ferrous metals. If mineral fuels were excluded, the RMPI would have declined only 3.2%.

In Europe, the European Central Bank kept its benchmark interest rate unchanged at 3.25%. Chipmakers are again leading the way higher on the markets.

The FTSE is up 48 points to 5,266. The CAC 40 has gained 57 ticks to 4,638. The DAX is up 49 points to 5,217.

In Asia, the Japanese market remains closed. The Hang Seng slid 73 points higher overnight to 11,424.

In M&A news, Newmont Mining Corp. has hiked up its offer for Normandy Mining Ltd. to US$2.8 billion, trumping AngloGold Ltd.

Normandy’s board has agreed to support the deal under this offer. Newmont says it is on track to complete both the Normandy bid and the acquisition of Franco-Nevada Mining Corp. in mid-February.