North American markets are expected to open flat Wednesday ahead of U.S. Secretary of State Colin Powell’s speech to the United Nations this morning. Powell is expected to present the case for a U.S. attack on Iraq.

There are no major economic data releases in Canada or the United States scheduled for today.

In Europe, market indices were lower in morning trading. Frankfurt’s DAX index sank 23.99 points to 2,608.99. Paris’s CAC 40 index declined 31.68 points to 2,831.82. London’s FTSE 100 index was down 10.7 points to 3,579.4.

Asian markets closed mixed overnight. The Japanese Nikkei closed up 64.95 points at 8,549.85 as investors snapped up telecom shares as well as consumer-electronics and auto maker stocks.

In Hong Kong, the Hang Seng closed slightly down in a lacklustre session, dipping 72.24 points to 9,180.47.

In earnings news, Cisco Systems Inc. reported after the close Tuesday that its earnings surged 50% in its fiscal second quarter despite overall weak demand for high-tech gear. For the three months ended Jan. 25, Cisco earned US$991 million on sales of US$4.7 billion.

In Canada, earnings reports are expected today from CAE, Brookfield Properties, Falconbridge and Inmet Mining.