By James Langton

(June 16 – 09:00 ET) – The economic data schedule is light today, with no major releases or important speakers on the docket. In fact most of the important rate decision numbers are in the bank already and traders are predicting no move by the Fed at its next meeting in a week’s time.

Today oil remains at the top of the agenda, with OPEC meeting this week to discuss boosting output. However, most analysts expect any output increases to leave prices high nonetheless.

Europe has the only shred of economic data out today, with consumer prices reported up 0.1% in the European Community. Traders expect the European Central Bank to leave its rates unchanged at its next meeting.

In the meantime stocks are mixed with chips and Boeing up, while Internet stocks, financials and telecoms are sliding. London’s FTSE is down 18 points to 6,508. France’s CAC 40 is up 34 points to 6,490. Germany’s DAX has added 39 points to 7,170.

In M&A news the board of Vivendi SA is meeting today to consider a deal for its pay-TV unit Canal Plus SA and Seagram Co. for about US$40 billion. Saatchi & Saatchi PLC is said to be in takeover talks, too.

South Africa’s biggest insurer, Old Mutual PLC, has agreed to buy U.S. fund management consolidator, United Asset Management Corp., for US$2.2 billion in cash and debt. Meanwhile ING Groep NV says Aetna Inc. has rejected its offer to buy the firm’s financial services divisions. Aetna is talking to other possible bidders.

In Canadian M&A news, Husky Oil Ltd. and Renaissance Energy Ltd. are announcing a merger to create Husky Energy. Husky Oil shareholders will get 65% of the new company, with Renaissance holding the rest. Husky will acquire Renaissance shares on a one for one basis, or at $18 a share in cash up to $500 million. The combined Husky Energy will have a market cap of $7.2 billion.

Deutsche Telekom AG launched a large new offering today raising about US$14.5 billion for the German government from the world’s biggest phone company.

Markets were mixed in Asia overnight. Japan rose, with the Nikkei closing up 273 points to 16,591. The Hang Seng closed on the downside by 167 points to 16,267. NASDAQ Japan Inc. opened for business with eight companies listing for trading.