By James Langton

(June 12 – 09:00 ET) – There are no major economic releases out today, most traders are looking ahead to releases and speeches coming later this week both here and in the U.S. Tomorrow’s retail sales report in the U.S. is an early key.

Despite the lack of big economic data Statistics Canada is announcing that average family income rebounded to its highest level in a decade in 1998 producing an estimated after-tax income of $49,626 in 1998, 1.7% higher than the 1989 pre-recession peak of $48,807.

In the meantime stocks are looking up overseas and in futures markets. London’s FTSE has gained 25 points to 6468. In France the CAC 40 is also up 25 points to 6549. Germany’s DAX has gained 34 points to 7288.

In other business news Vodafone AirTouch PLC and British Telecommunications PLC have agreed to share control of Airtel Movil SA, a Spanish cell phone firm. France’s Suez Lyonnaise des Eaux SA is contemplating a deal with Veba AG.

Crude oil prices are rising on the expectation that any OPEC production boosts will be inconsequential.

The Bank of Japan has decided to keep interest rates near zero and did not raise rates today at a policy meeting.

Asian markets were subdued overnight nevertheess, waiting for direction this week from the U.S. The Nikkei added 118 points to 16980. Meanwhile the Hang Seng index slid 65 points to 16055.

A couple of Canadian firms are focusing on the future of wireless trading this morning. Royal Bank has announced it will own 20% of a joint venture with privately held Baldhead Systems Inc. to develop secure and encrypted wireless banking and brokerage services. TD Waterhouse Group Inc.’s Hong Kong subsidiary will offer Internet brokerage services to users of Hutchison Whampoa’s Orange mobile phones.