Investors are looking ahead to today’s federal budget, Finance Minister John Manely’s first.

The federal budget is expected to focus primarily on health care. Other areas that will see significant new funding are likely to include defence, the environment, child support, and infrastructure. Other possible measures include an increase in RRSP limits and a phasing out of capital taxes for corporations.

U.S. markets will re-open after being closed yesterday. About 90 minutes before the New York Stock Exchange opened, futures on the Standard & Poor’s 500-stock index indicated that the Dow Jones Industrial Average would rise about 30 points at the opening bell.

In economic news, Statistics Canada reports that shipments by manufacturers fell to a nine-month low of $43 billion in December because of a sharp decline in the motor vehicle and parts industries. It was the third consecutive monthly decline.

In Europe, the FTSE 100 index is up 8.5 points at 3,700.9 in early afternoon trading.

On the continent, Frankfurt’s DAX was is 0.5 per cent and the Paris CAC 40 has gained 0.9 per cent.

Overnight in Asia the Japanese Nikkei average declined losing 78.90 points to 8,692.90, while Hong Kong’s Hang Seng edged up 13.40 points to 9,397.10.

In earnings news, financial information provider rang in aloss of $630.4 million 2002 — its first annual net loss since going public in 1984.