Stocks are pointing to an up open this morning, led by the techs. The sole reason seems to be that Goldman, Sachs & Co. has raised its recommendation on semiconductor and communications stocks, including Intel Corp. and Analog Devices Inc.

In Europe, stocks are up already, with techs rising there too. Oil stocks are also up, led by Royal Dutch Petroleum Co. Crude oil prices have risen in response to news that Saudi Arabia told its Asian customers that it is lowering shipments next month. Drug stocks are strong after Bayer’s CEO said he’d been approached by a couple of rivals with merger overtures.

European stocks are getting a boost from a stronger Euro, and the news of an unexpected fall in U.K. producer prices. This has sparked expectations that the Bank of England may cut interest rates again.

The FTSE is up about 22 points to 5449. The CAC 40 has gained 63 points to 4909. The DAX is up 51 points to 5485.

Overnight in Asia, stocks were weak. The Nikkei dropped 258 points to 11478. The Hang Seng gave up 72 points to 11694.

In M&A news, Norske Skog Canada announced today that it expects to complete its merger with Pacifica Papers Inc. on August 27. Norske also expects to complete its previously announced special distribution of $12 per class A common share on August 28.

Microcell Telecommunications Inc. posted consolidated net losses of $116.7 million, or $1.68 per share, for the quarter ended June 301. This compares with net losses of $120.4 million, or $1.84 per share, for the same three-month period last year.