Stocks are pointing to a positive open this morning after some favourable profit news. French media giant, Vivendi Universal SA, said it could beat its profit and sales forecasts for the year. ARM Holdings plc, the world’s biggest semiconductor designer, said strong demand for its chips pushed second-quarter profit up 23%.

Energy stocks also look higher after crude oil prices rose 2% in early trading, a response to OPEC Secretary General Ali Rodriguez’s hint at cutting production.

In economic news, Statistics Canada is reporting that retail sales advanced 0.2% in May to $24.3 billion, following a 1.8% increase in April. In constant dollars, sales fell 0.3% from April, but higher prices for gas, cigarettes and fresh fruit gave the number a boost.

In Europe, stocks are up on the Vivendi, ARM and OPEC news. The FTSE has gained 53 points to 5440. The CAC 40 is up 75 points to 4955. The DAX has added 70 points to 5834.

Overnight in Asia, stocks tanked as investors grew pessimistic about their local economies. The Nikkei dropped 299 points last night to 11610. This price action helped tank the Yen too. The Hang Seng dropped 65 points to 12236.