By James Langton

(November 23 – 09:00 ET) – Market action will likely be on the light side today with U.S. markets closed for Thanksgiving.

Statistics Canada reports that in September Canadians added $5.6 billion to their holdings of foreign stocks and bonds. Foreign investment in Canadian stocks continued to be strong at $3.4 billion, but this was nearly offset by reduced foreign holdings of Canadian debt securities.

In Europe stocks are mixed in light trading. Drug and utility stocks are up as investors look for a safe haven. In London, the FTSE is up 13 points to 6,235. The CAC 40 in Paris is up 23 ticks to 5,968.

The DAX is down eight points to 6,502, after it was reported that third-quarter growth in the German economy was only half what it was in the second quarter. European Central Bank president Wim Duisenberg has also been quoted saying there are signs of slowing economic growth and inflation, indicating interest rates may have peaked.

In M&A news, ABN Amro Holding NV is buying Michigan National Corp. from National Australia Bank Ltd. for US$2.75 billion in cash.

Overnight in Asia, the Nikkei was closed for a national holiday. The Hang Seng was open; it dropped 209 points to 14,563.

In other business news, it’s being reported that Inco Ltd. may face a court challenge from Jean-Raymond Boulle if it manages to complete its planned buy back of two-thirds of the outstanding shares in Voisey’s Bay.

MediSolution Ltd. is reporting that for the second quarter ended September 30, earnings per share were 9¢, compared to 3¢ a share last year. However, second quarter net income includes a 5¢ a share gain on the sale of certain assets.