North American stocks are looking to open higher Monday amid hopes that the U.S. Federal Reserve Board may refrain from raising interest rates this week.

As well, oil prices rose early Monday, reflecting the market’s belief that OPEC may cut output to boost prices against lower consumption forecasts. Light, sweet crude for October deliver was up US42¢ to US$63.75 a barrel.

In economic news, Statistics Canada reported on Monday that Canadian investors acquired $6.3 billion’s worth of international securities in July.

Meanwhile, the U.S. Commerce Department reported that current account deficit for the second quarter widened to US$218.4 billion from a revised US$213.2 billion in the first quarter. Economists were expecting the deficit to come in at US$213 billion.

The Canadian dollar opened at US89.29¢, down US0.07¢.

In addition to the Fed’s interest rate decision, investors will have plenty of economic data to digest this week.

On Tuesday, StatsCan releases consumer price index data for August. Economists expect a year-over-year increase of 2.1%.

On Wednesday, StatsCan releases wholesale trade figures for July. Economists expect an increase of 0.6%.

StatsCan also reports on leading indicators for August. A 0.2% rise from July is forecast.

On Thursday, StatsCan releases retail sales figures for July. Economists forecast a rise of 0.6% from June.

South of the border

On Tuesday, the U.S. Department of Labor reports producer price index figures for August. A 0.3% increase from July is forecast.

Separately, the U.S. Commerce Department issues data on housing starts and building permits for August.

On Wednesday, the U.S. Federal Reserve Board’s policy-setting committee will announce its decision on interest rates. Economists forecast the Fed will hold its key lending rate at 5.25%.

On Thursday, the U.S. Conference Board reports on leading indicators for August. A 0.2% decline from July is expected.

Separately, the U.S. Labor Department issues jobless claims figures for the week ended Sept. 16. Economists forecast 312,000 initial claims.

Corporate earnings

Companies scheduled to report quarterly earnings include: Oracle Corp.; Morgan Stanley; Circuit City Stores Inc.; Bed Bath & Beyond Inc.; Cognos Inc.; FedEx Corp.; Nike Inc.; Palm Inc.; Rite Aid Corp.; and ConAgra Foods Inc.