Markets today are reversing yesterday’s trading pattern. The TSE opened up, but is selling off toward unchanged levels at midday. The TSE 300 is up just 10 points to 8,081.

Volume is strong today at more than 99 million shares. Buyers hold a slight edge over sellers, about nine to eight. Market breadth is more positive, with winners outnumbering losers nine to seven.

The weakness today is concentrated among tech stocks. At midday the industrial sub-index is down 1.34%. Apart from tiny slides in golds and paper stocks, everything else is up.

Financials are particularly strong, as interest rate cuts in Europe fuel optimism of further cuts in the United States. Conglomerates, miners, real estate and media stocks are also up notably.

Nortel Networks is leading the way down, off 2.4% on 4.2 million shares. It is joined by large slides in 360networks, Research in Motion, Cognos, Leitch Technologies, Telesystem Wireless, and Siebel.

Other losers include Gulf Canada, QLT and CHC Helicopter. BioChem Pharma is giving up yesterday’s robust gains in some heavy trading.

The upside is less concentrated. With the odd exception, almost every financial stock is up today. The stock with the most exposure to Europe, Amvescap, is up 5%. Dundee Bancorp is enjoying a nice rally, too.

Cambior is driving the paper group higher. There is also observable buying in BCE, Cameco, Primetech, PRI Automation, Biovail, Hemosol, Power Corp., Boralex and Gildan Activewear.

In earnings news, Mitel Corp. reported an adjusted net loss from operations of 8¢ a share, slightly better than the forecast loss of 10¢ a share. The firm said it will cut 17% of its global work force in response, and sees a possible break-even in the coming quarter.

Thomson Corp. reported earnings from continuing operations were $151 million, or 24¢ a share, for the first quarter, compared with a loss of 7¢ a share in the first quarter of 2000. Excluding one-time items, there was a 7¢ a share loss from continuing operations.

Axcan Pharma Inc. reported net earnings were $2.5 million, or 7¢ a share, for the three months ended March 31, compared with a net loss of 3¢ a share for the same quarter in 2000.

Onex Corp. released its financial results for the first quarter ended March 31, reporting net earnings of $16 million, or 10¢ a share, compared with $1.05 a share in the first quarter of 2000. Net earnings in first quarter 2001 included $36-million of after-tax share gains, compared with $177-million of such gains in the first quarter of 2000.

In other business news, Telus Corp. is buying Daedalian eSolutions Inc., an Internet consultant and Web design firm, in a $29 million all stock deal. It also announcd that it has won a contract worth up to $200 million to provide a managed data network to Canadian federal government departments and agencies.

In New York, markets are holding up a bit better than they are in Canada. The Dow Jones industrial average has retained 50 points of its opening gain, sitting at 10,917. The Nasdaq composite index has dropped six points to 2,151. The S&P is up three points to 1,258.

The European rate cuts are the big news in the U.S., as is a Morgan Stanley upgrade of the chip equipment group. Goldman Sachs and CS First Boston are disputing Morgan’s call, subduing enthusiasm in the group.

The CDNX is sliding at midday, down four points to 3,154, despite the fact that each of its subgroups is up. Volume is strong at 19.4 million shares. Wrangler West Capital is up 150% to 75¢ on more than 1.7 million shares in its debut.