Stocks are looking to open stronger Tuesday, although traders may be rather moderate in their activity before a decision on U.S. interest rates the U.S. Federal Reserve Board this afternoon.

The market is not expecting a rate move, and Fed talk has been rather sparse. Nevertheless, the market will surely pay attention once the decision comes down.

In the meantime, futures are up led by names such as GE and Wal-Mart, in hopes that corporate profits will revive soon. This sentiment comes despite a survey showing that retail sales slowed last week.

Traders are largely shaking off a reduced forecast from mobile phone giant, Nokia Oyj. The firm’s sixth sales forecast cut of the year was widely expected. Also, crude oil prices are down after Venezuelan president Hugo Chavez suggested that he may move to end a strike that’s currently disrupting its oil shipments.

Stocks are up in Europe so far today, led by gains in big German names such as E.ON AG and DaimlerChrysler AG. The FTSE is up 32 points to 3,966. The CAC 40 has gained three ticks to 3,119. And, the DAX is up 58 points to 3,124.

Overnight in Asia, stocks tracked a little lower however. The Nikkei dropped 24 points to 8,804. And the Hang Seng dropped 11 points to 9,858.

In M&A news, Fahnestock Viner Holdings Inc. is buying CIBC’s U.S. Oppenheimer Private Client and Asset Management divisions for approximately US$257 million (CDN$401 million). The transaction is expected to close on January 2, 2003, subject to regulatory approval including the New York and Toronto Stock Exchanges. As part of the agreement, CIBC may acquire up to 35% of the issued shares of Fahnestock.

ATCO Ltd. and Canadian Utilities Limited announced that Direct Energy, Canada’s leading provider of retail energy and home services, has agreed to purchase the retail energy businesses of ATCO Gas and ATCO Electric. The pprice is estimated to be $128.5 million at closing.