Stocks are looking flat to down on the open this morning, as the market digests a slew of earnings news at some of the world’s biggest firms.

The big news in Canada is that the Bank of Canada left interest rates unchanged as expected.

In earnings news, banking giant, Citigroup, saw its profit slide 37% due to higher loan losses and the costs of settling the research scandal. Swiss bankers, Credit Suisse, saw a US$2.5 billion loss in 2002 due to writedowns and legal costs. Japanese banking behemoth, Mizuho Holdings, forecast a US$16 billion loss due to its bad loans.

Elsewhere, Ford Motor Co. reported that its fourth quarter loss narrowed to US$130 million. Johnson & Johnson saw its profits rise by 30%. 3M Co. enjoyed a 34% profit increase.

In U.S. economic news, December housing starts unexpectedly rose 5%, making 2002 the best year for housing since 1986.

The European markets are sliding today, led by oil stocks. Energy plays are down after Goldman Sachs & Co. lowered its earnings estimate for Shell. The FTSE is down 35 points to 3,743. The CAC 40 has lost 15 points to 3,005. The DAX is down 18 points to 2,875.

Overnight in Asia, stocks closed the day stronger, with the Nikkei gaining 150 points to 8,708. The Hang Seng added 17 points to 9,568.

In M&A news, battery maker Energizer Holdings Inc. is buying Pfizer Inc.’s Schick-Wilkinson Sword shaving division for US$930 million in cash.

BB&T is buying First Virginia Banks Inc. for US$3.38 billion of stock.

In Canadian earnings news, Suncor Energy Inc. announced that it boosted production by 53% in 2002. Net earnings were $761 million , compared to the company’s previous record of $388 million in 2001. For the first time in the company’s history, cash flow provided from operations exceeded the billion dollar mark, increasing to $1.44 billion.