Hopes for quick economic recovery have world markets up and domestic markets looking up on the open today. Signs of recovery are boosting big name blue chips such as GM and IBM in the pre-market. Although, tech giant Oracle Corp. is weaker after it missed its third quarter profit forecast.

In Europe, stocks are up too, led by its blue chip names, Nokia Oyj, Siemens AG and Barclays plc. However, the gains in the U.K. are tempered by the news that banking colossus, HSBC Holdings plc, saw its profits drop 44% last quarter due to credit trouble. The FTSE is up 51 points to 5219. The continental markets have gained about twice as much on a percentage basis. The CAC 40 is up 83 points to 4569. The DAX has added 104 points to 5201.

Overnight in Asia, hefty rallies greeted traders today as they jumped on the quick recovery bandwagon too. The Nikkei rocketed ahead by 638 points to 11450. The Hang Seng added 279 points to 10704.

In M&A news today, the second-largest mall owner in the U.S., General Growth Properties Inc., is buying JP Realty Inc. for about US$1.1 billion in cash, stock and assumed debt.

In Canada, Sun Life Financial and Clarica are out defending their proposed merger. The firms issued a statement this morning indicating that they continue to believe that the transaction is compelling and in the best interests of their shareholders, and that it will be approved at a shareholder vote on Wednesday.

In other news, Gold Fields says that Ian Cockerill will succeed Chris Thompson as its CEO effective July 1.

Sherritt International Corporation announced 2001 net earnings of $51.6 million, compared with $115.6 million in 2000. Results for the year included a $30.2 million in write-downs. For the fourth quarter, it saw a net loss of $9.2 million, compared with net earnings of $19.5 million in the fourth quarter of 2000.