By James Langton

(July 20 – 09:00 ET) – Fed chair Alan Greenspan speaks today and all traders will be watching at 10:00 ET. This speech used to be called Humphrey Hawkins, but is now merely known as the semi-annual monetary policy testimony to congress. Economists are bracing for slightly hawkish commentary.

The data doesn’t much matter with Greenspan speaking, but nevertheless U.S. Housing starts fell 2.6% in June, they were expected to fall 2%. Weekly jobless claims slipped less than expected from 319,000 to 311,000, economists expected 304,000.

In Canada, wholesale sales rose 1.3% in May with widespread gains in most sectors, only wholesalers of apparel and dry goods lost ground. Sales were up 8.5% compared to May 1999.

The Monthly Survey of Manufacturing for May showed manufacturers’ shipments rebounding by 3.4%to $44.8 billion, led by recoveries in the motor vehicle and refined petroleum and coal industries. This was far ahead of expectations of a 1.3% rise. Manufacturers’ shipments have been unusually volatile over the last four months.

In Europe stocks are mostly higher, after the European Central Bank left rates unchanged. Financial stocks are leading the way. The FTSE is up about 21 points to 6,486. In France, the CAC 40 is up 54 to 6,549. In Germany the DAX has gained 59 points to 7,425.

In business news, Bertelsmann is said to be set to rescue faltering CDnow. Deutsche Telekom is making a US$53 billion bid for VoiceStream Wireless. Rexel says it will acquire Canadian industrial supply distributor Westburne Inc. for $987 million.

Qualcomm Inc. reported earnings that matched analyst estimates.

Lucent Technologies is reporting earnings of 30¢ a share, up from 23¢ last year. It also announced that it would spin off its microelectronics business in an initial public offering by the end of the first calendar quarter of 2001

Barrick Gold Corp. is reporting second-quarter profit of US$72 million, or US18¢ a share, in line with expectations.

Suncor Energy Inc. earned 92¢ a share for the first six months of 2000, up from 16¢ a share in 1999. Higher commodity prices are the main reason.

Mitel Corp. reported net income of $21.5 million, or 18¢ a share, compared to a 5¢ a share loss last year.