Global indicators look positive for Canadian stock markets early Monday ahead of what will likely be a quiet trading session with U.S. markets closed.

U.S. financial markets are closed in observance of Martin Luther King Jr. Day.

In today’s economic news, Statistics Canada reported that investment in non-residential building construction set a sixth consecutive annual record in 2006, thanks largely to huge gains in Alberta and British Columbia.

StatsCan said investment in commercial, industrial and institutional projects amounted to more than $35 billion, up 10.8% from 2005. Adjusted for inflation, the increase was 3.1%.

Separately, the government agency said strong demand for North American-built passenger cars drove new motor vehicle sales 3% higher in November, following two consecutive monthly declines.

The Canadian dollar opened at US85.73¢, up 0.17 of a cent.

Oil prices rose above $53 a barrel Monday amid reports that the Organization of Petroleum Exporting Countries may hold an emergency meeting to try to reverse the 13% plunge in oil prices this year.

Light, sweet crude for February delivery gained 26¢ to $53.25 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore.

There won’t be floor trading Monday as the Nymex is shut for Martin Luther King Jr. Day.

In M&A news, GE agred to buy the aerospace division of Britain’s Smiths for about US$4.8 billion. The deal for the unit, a supplier of aircraft components, marks a return to expansion in Europe for GE.

AOL, a unit of Time Warner Inc., said Monday it is making a US$900 million (about 700 million euros) cash bid to buy Swedish online marketing specialist TradeDoubler in an effort to improve its Internet advertising in Europe.

European indexes were up in early action.

In Asia, the Hong Kong Hang Seng Index surged 455.15 points, or 2.3%, to close at 20,068.56.

In Tokyo, the Nikkei 225 index advanced 152.91 points, or 0.9%, to 17,209.92.

Toronto stocks rallied Friday, as the market cheered higher resource prices. Meanwhile the Dow Jones industrial average posted a fresh record over strong economic reports.

The S&P/TSX composite index leaped forward 158.91, or 1.27%, to 12,678.81. For the week, the index gained 1.61%

Nine of the 10 TSX main sub-groups were up.

The S&P TSX Venture composite index gained 53.72 points, or 1.92%, to 2,848.02.

In New York, as markets cheered signs of a continuing strong economy, despite a profit warning from Advanced Micro Systems.

The Dow industrials rose 41.10 points to close at 12,556.08, the Nasdaq Composite, meanwhile, lifted 17.97 points to finish at 2,502.82, and the S&P 500 moved forward 6.91 points to 1,430.73.

For the week, the Dow Jones composite index gained 1.3%, the Nasdaq added 2.8%, and the S&P 500 moved ahead 1.5%.