Stocks are set to rise this morning, sparked by a statement, made yesterday at a central bankers conference by U.S. Federal Reserve Board Chairman Alan Greenspan. Inflation isn’t a threat, he said. European Central Bank president Wim Duisenberg made similar remarks about the inflation situation in Europe. Techs look particularly strong as a result.

The outlook for oil stocks look is also strong. OPEC ministers have implied that they will leave production quotas unchanged at their meeting  tomorrow. That should keep oil prices stable.

In Europe, stocks are up, led by energy plays and techs and telecoms. The FTSE In London has gained 43 points to 5852. The German DAX is up 58 points to 6183. French markets are closed for the day.

Overnight in Asia, markets rose to applaud the news too. The Nikkei added 51 points to 13312. The Hang Seng added 66 points to 13207.

In M&A news, paper giant Domtar Inc. has signed a definitive agreement with Georgia-Pacific Corp. to acquire four of its paper mills and related business for about $US 1.65 billion.

Certicom Corp. announced results for its fiscal fourth quarter and year ended April 30. It reported a net loss of $12.9 million, or 46¢ per share, for the fourth quarter of fiscal, compared to a net loss of 30¢ per share, in the same period a year ago. For fiscal 2001, the company posted a net loss of $40.7 million, or $1.54 per share, compared to a net loss of $17.9 million in the same period a year ago.

Laurentian Bank of Canada and CGI today announced the signing of an agreement regarding the outsourcing of the information technology services of the Laurentian Bank and its subsidiaries.
The approximate value of the 10-year agreement is $300 million.