The Canadian Press

North American stock markets looked set for a weak open Monday as investors took in a bailout package for Greece that was hammered together over the weekend.

New York’s Dow Jones industrial futures moved up five points to 10,958, the Nasdaq futures dipped 0.5 of a point to 1,991.5 and the S&P 500 futures were unchanged at 1,192.5.

Over the weekend, European leaders agreed to make loans available to Greece to help the country deal with its high debt levels. The 16 countries that use the euro agreed to provide 30 billion euro (US$40.49 billion) in loans to Greece if the country asks for money. The International Monetary Fund would contribute another 10 billion euro ($13.5 billion) if needed.

The loans would carry interest rates below what private lenders had been demanding in recent days to hold Greek debt.

Meanwhile, investors looked to the start of the first quarter earnings reporting season in the U.S. after the close. Aluminum giant Alcoa Inc. was expected to post a first quarter profit of 10 cents a share, which would be a big improvement over the 59 cent a share loss the company handed in a year ago.

Chip company Intel Corp., J.P. Morgan Chase, Google and General Electric also hand in earnings reports during the week.

The Toronto market could feel some pressure from energy stocks at the open as the May crude contract on the New York Mercantile Exchange declined 51 cents to US$84.41 a barrel.

However, gold prices moved higher with the June bullion contract on the Nymex ahead $1.50 to US$1,163.40 an ounce while May copper rose two cents to US$3.61 a pound.

The Canadian dollar moved down 0.32 of a cent to 99.28 cents US.

On the economic front, Canada Mortage and Housing Corp. reported that housing starts continued strong during March, coming in at a seasonally adjusted annual rate of 197,300 units. Estimates of housing start activity were also revised up for January and February.

Earlier in Asia, Hong Kong’s Hang Seng index fell 0.3% while Japan’s Nikkei 225 stock average rose 0.4%.

Investors also took in data indicating that the China central bank’s efforts to prevent runaway lending and restore financial discipline in state-owned banking industry might finally be taking hold, lessening the need to raise interest rates to curb inflation.

Figures from the bank show that lending by Chinese banks fell 43% in the first quarter from a year earlier.

Over the weekend, the government reported China ran its first trade deficit in nearly six years in March, as a surge in imports outpaced export growth. Officials said the trend was likely to be short-lived but signalled a return to more balanced trade after years of massive surpluses.

London’s FTSE 100 index slipped 0.03%, Frankfurt’s DAX added 0.01% while the Paris CAC40 was off 0.01%.

In corporate news, Enbridge Energy Partners, LP (NYSE:EEP) plans to build a cryogenic processing plant on its Anadarko natural gas gathering system in southern Texas. Cryogenics involves using ultralow temperatures to separate the heavier natural gas liquids, or NGLs, from lighter hydrocarbons. The partnership, which is led by Calgary-based Enbridge Inc. (TSX:ENB), didn’t disclose the new plant’s cost.

World Point Terminals Inc. (TSX:WPO) said Friday it has signed a deal to be taken private by a company controlled by the Novelly family in a deal that values World Point at more than C$500 million. Under the deal, World Point Holdings Inc. will pay US$19.90 per share or C$20.01 based on Friday exchange rates for the shares it does not already hold.