Weak futures trading is foreshadowing a weak opening on the equities markets Tuesday. Economic releases regarding consumer confidence and existing homes sales in the U.S. are expected later this morning. Meanwhile, markets continue to suffer the malaise of Iraq war worries.

European markets are lower in early afternoon trading. In London, the FTSE 100 index is down 76.2 points to 3,625.6. The German DAX has fallen 3.5% and the French CAC-40 is off 2.4%.

One of anchors dragging down European trading is a fourth quarter report from Swiss bank, Credit Suisse. It lost 950 million Swiss francs, about US$685 million and says, it will cut 1,250 more jobs.

The test launch of a North Korean missile into the Sea of Japan shook Asian markets. Tokyo’s Nikkei average fell 204.46 points, or 2.4%, to 8,360.49. In Hong Kong, the Hang Seng index lost 1%.

The big news here at home is the rising loonie. The Canadian dollar blew past the 67¢ mark yesterday, rising as high as US67.18¢. Today it’s doing well again, hovering at about US67.14¢. Some economists are attributing the rise to the disparity between the Canadian and American economies, as well as the gap in interest rates.

Statistics Canada is reporting an increase in the Industrial Products Price Index. Led by higher prices for petroleum products, prices rose in January, up 0.3%, following two months of decrease. On an annual basis, the IPPI rose 2.0%, its sixth consecutive increase.

In earnings news, the BMO Financial Group is reporting a 7.3% increase in net income and a 5% jump in revenue.

South of the border, fund giant, Fidelity Investments has announced it will pay out $217 million to several senior executives who retired in January, despite the struggles it faces during the market decline. Several hundred top executives and money managers who were allowed to buy stock in Fidelity during their careers, will have the stock bought back when they leave.