Signals point to a positive open for North American markets on Monday, following news of fresh merger activity.

International Business Machines said Monday it agreed to acquire Ascential Software for about US$1.1 billion in cash to strengthen its data-integration business.

As well, U.S. tobacco company Philip Morris International has offered to buy Indonesian cigarette maker PT Hanjaya Mandala Sampoerna for about US$5 billion in cash in total, after announcing that it has already agreed to buy 40% of the company from major shareholders.

In economic news, crude oil futures held above US$54 a barrel Monday even after members of the Organization of Petroleum Exporting Countries assured traders that the cartel would not likely cut production, and that some members might pump above their output quotas to cool down overheated markets.

Here at home, Statistics Canada said the number of new motor vehicles sold in January fell 1.5%, a third consecutive decline.

However, StatsCan said the series of declines will be offset by a strong gain of approximately 10% in February, according to preliminary data.

In January, 124,065 new motor vehicles were sold, down approximately 1,900 units from December, StatsCan said.

The Canadian dollar opened at US82.78¢, down 0.17 of a cent. On Friday, the Canadian dollar fell 0.1 of a cent to US82.95 cents after the release of lacklustre employment and trade data

On Friday, Toronto markets closed higher, fuelled by rising oil prices and big gains by airline stocks.

U.S. markets lost ground, however, as investors worried that a near-record trade deficit would trigger inflation.

At close, the S&P/TSX composite index was up 15.87 points or 0.16% to 9,691.44 for a loss on the week of 2.4%. The S&P/TSX Venture composite index added 33.5 points or 1.71% at 1,988.19.

On Wall Street, the Dow Jones industrial average lost 77.15 points or 0.71% at 10,774.36, sliding 1.5% on the week. The tech-heavy Nasdaq composite index gave up 18.12 points or 0.88% to 2,041.60 and the S&P 500 index slid 9.17 points or 0.76% to1,200.08.