There was no clear direction to the futures market this morning. Mixed corporate news is contributing to the lack of direction. In the negative column, Boeing may is reporting that it may cut production due to weaker demand from airlines. On the upside, software firm Red Hat Inc. is planning to sell some assets to IBM.

In economic news, U.S. business inventories reportedly rose 0.4% in July, as cars and trucks piled up in auto dealer lots.

In Canada, July saw the number of new motor vehicles sold decline for a second consecutive month. Sales fell 1.9% from June, but were still at a
high level.

In Europe, stocks are modestly higher so far. Energy stocks are leading the way on expectations of rising oil prices. Firms such as BP plc and Shell are up. Insurers are lower after Swiss Life said it may raise up to US$790 million to cover its claims. The London FTSE has gained 58 points to 4066. The Paris CAC 40 is up 2 points to 3176. However, the Berlin DAX is down 1 points to 3351.

Overnight in Asia, stocks finished lower. The Nikkei dropped 173 points to 9242. The yen also fell on expectations that Japan might sell the currency.
The Hang Seng dropped 146 points to 9505.

In M&A news, Deutsche Bank AG is selling its U.S. leasing business to General Electric Co. for about US$2.9 billion.

Also, Royal Group Technologies issued an earnings warning today. It announced that earnings per share for the fourth quarter of fiscal 2002 are anticipated to be in the range of 40¢ to 45¢ per share, resulting in
earnings per share for the fiscal year in the range of $1.55 to $1.60. Previously, Royal’s earnings guidance for fiscal 2002 was $1.65 to $1.70
per share. Royal attributed the expected shortfall in earnings entirely to its window coverings division.