With markets closed in the United States and much of Europe, Monday will likely be a quiet trading day for Toronto stocks.

In earnings news, Desjardins Financial Security reported the best ever first quarter in the company’s history. Net earnings for rose from $30.4 million in the first quarter of 2006 to $49.8 million on March 31,
2007, for a 63.5% increase.

In M&A news, Liquor Stores Income Fund and Liquor Barn Income Fund have struck a $222 million deal to combine the two privately owned alcohol retailers into a company with about 188 outlets in Alberta and British Columbia.

The Canadian dollar opened at US92.49¢, down 0.15 of a cent.

On Friday, the loonie had risen 0.45 a cent to US92.64¢, its highest close since September 1977.

Oil prices slipped and key European markets were mixed in early action.

Light sweet crude for July delivery dropped 65¢ to US$64.55 a barrel on the New York Mercantile Exchange midmorning in Singapore.

European shares were flat at midday on Monday in thin volumes and struggling for direction with many major European markets closed for public holidays.

Markets in Britain, Germany and Switzerland were closed, while French, Spanish, Italian and Swedish bourses were open. France’s CAC 40 index was off 0.1%.

In Asia, Japanese stocks rebounded. The Nikkei 225 index rose 106.38 points, or 0.6%, to 17,587.59, recouping some of Friday’s 1.22% drop.

News of Japan’s Agriculture Minister Toshikatsu In Hong Kong, stocks ended little changed as investors awaited key U.S. economic data and the results of a local government land auction later this week. The benchmark Hang Seng Index rose 9.10 points, or 0.04%, to 20,529.76.

Toronto stocks rallied Friday on positive news in the resources sector.

The S&P/TSX composite index gained 77.8 points, or 0.56%, to 14,024.07.

The benchmark index was down 0.6% on the week, but up 8.6% so far this year.

Eight of the 10 TSX main sub-groups were down.

Financials rose just 0.08% on the news that Royal Bank of Canada failed to meet expected profit levels.

Although the bank increased its quarterly profit by 14% to $1.28 billion or $0.98 a share as revenue rose 11% to $5.67 billion, analysts were expecting earnings of $1 per share.

As a result, RBC’s shares fell $1.80 to $58.82

The S&P/TSX Venture composite index rose 36.21 points, or 1.13%, to 3,242.20.

In New York, markets rose ahead of the Memorial Day long weekend despite negative news in housing sales.

The Dow Jones industrial average gained 66.15, or 0.49%, to 13,507.28, the Nasdaq composite index rose 19.27, or 0.76%, to 2,557.19 and the S&P 500 increased 8.22, or 0.55%, to 1,515.73.