By James Langton

(November 7 – 09:15 ET) – Canadian banks are on the move this morning, with an announcement from CIBC, Investors Group, Great-West Life and London Life that they are contemplating a long-term co-operative distribution arrangement.

Investors, GWL and London Life will distribute banking and brokerage products and services under their own brands, through their respective networks nationwide. CIBC, through its Amicus division, will provide products and services and the infrastructure and to support these efforts.

TD Bank has agreed to acquire the shares of Newcrest Capital for $224 million. It is expected that the purchase price would be met through the issuance of approximately 75% of that amount in TD shares, with the remainder in cash. TD expects the deal to be immediately accretive to TD Bank’s cash earnings.

Despite the good news from the banks, It looks like the market is set to open lower this morning with U.S. election jitters in the air, and the earnings report of tech bellwether Cisco Systems Inc. weighing on tech stocks.

Cisco beat the Street last night, but not by a wide enough margin, and traders are concerned that its revenue momentum is unsustainable. JDS Uniphase and Nortel Networks are sliding, too.

There are no economic releases in the United States today. In Canada, it was reported that municipalities issued $3.3 billion worth of building permits in September, up 1.2% from August. Economists were expecting a 1% rise.

In Europe markets are mixed, with a bias to the negative, led down by tech and telecom shares. The FTSE is down four points to 6,427. In Paris, the CAC 40 is up three ticks to 6,355. Germany’s DAX has slipped hardest, dropping 75 points to 7,061after it was reported that German industrial production experienced a greater than expected drop in September.

Overnight in Asia, stocks closed mixed. The Nikkei surrendered some of yesterday’s gains, dropping 31 points to 15,340. The Hang Seng gained 150 points to 15,821.

In other business news, Intertape Polymer Group Inc. said earnings in the third quarter ended September 30 came in at 33¢ a share compared with 35¢ a share in 1999.

DRAXIS Health Inc. says third quarter losses hit 4¢ a share, down from 3¢ a share last year.

JetForm Corp. has announced it has agreed to acquire Joey Technologies, Inc., a strategic research and development organization specializing in access software for the handheld mobile market. The purchase price for the transaction is less than $1 million, paid through a combination of cash and JetForm common shares.