Stocks are looking to open lower Tuesday on some weak corporate news. First off, Home Depot reported lower than expected sales, disappointing traders and spilling over into other retailers. However, office supply firm, Staples Inc., reported some strong earnings.

In economic news, the U.S. October Consumer Price Index came in up 0.3% on the headline, and 0.2% on the core rate. Market watchers aren’t much worried about the CPI though, with economists more closely watching for signs of recovery.

Canadian international merchandise trade numbers for September are out, too. International merchandise exports to the U.S. and European Union countries increased in September, offsetting declines in exports to Asia. With exports up 0.8% to $35.1 billion and imports down 1.3% to $30.3 billion, Canada’s trade surplus rose to $4.9 billion.

The U.S. trade gap narrowed to US$38 billion in September, as its imports slipped more than exports.

In Europe stocks are down in early trading so far today. EMI Group plc said it sees lower profits, a fact it blames on people illegally swapping music online. There is also weakness in names such as Royal Ahold NV, Ericsson AB and Alcatel SA on downgrades from Deutsche Bank AG.

The FTSE is down five points to 4,111. The CAC 40 is off by 29 points to 3,180. And, the DAX has shed 45 points to 3,173.

Overnight in Asia, stocks closed higher, the Nikkei gained 19 points to finish at 8,365. The Hang Seng gained 45 points to 9,965.

In other news, a European Central Bank official hinted that it might have to lower rates soon.

In earnings news, Royal Group Technologies announced net earnings were $$21.7 million. In fiscal 2001, Royal reported fourth quarter earnings of $50 million.

Penn West Petroleum reported net income of $31.9 million, including a provision of $12.2 million for unrealized foreign exchange losses. Net income excluding the unrealized foreign exchange provision was $44.1 million.

Also, Kinross Gold announced that it has entered into an underwriting agreement with a syndicate of underwriters co-led by Griffiths McBurney & Partners and CIBC World Markets Inc. and including RBC Capital Markets Inc., Scotia Capital Inc. and Canaccord Capital Corporation for a $152.5 million offering.