Stock futures are pointing to a strongly positive open this morning, on news of improved corporate earnings. Citigroup Inc. reported its second-quarter profit rose 15%. J.P. Morgan Chase & Co’s profit more than doubled in the second quarter.

Ford Motor Co. reported a return to profitability, with second-quarter net income of US$570 million, after four straight quarterly losses. Coca-Cola Co. also saw its profit rise 15% in the quarter.

In economic news, U.S. housing starts were reported down 3.6% last month.

In Canada, the Monthly Survey of Manufacturing for May was released this morning. Manufacturing shipments fell 1.4% to $43.4 billion during the month, following a 5.2% surge in April. Excluding both the motor vehicles and parts industries, total manufacturing shipments declined only 0.1%, and levels remained strong compared with the same period of 2001. Only 10 of 21 industries decreased in May. Inventories remained unchanged, standing at $62.0 billion, following a 0.3% rise in April.

In Europe, stocks are generally up so far today. Tech giant ASML Holding NV is stronger after it improved its forecast for the chip industry this year. And, Nokia Oyj and Ericsson AB are both stronger after Motorola Inc. reported better than expected sales in the U.S. And, Deutsche Telekom AG is up on speculation that new managers will slash its debt.

The FTSE is up 98 points so far today to 4,120. The CAC 40 has gained 94 points to 3,411. The DAX is up 65 points to 4,042.

Overnight in Asia, stocks closed modestly mixed. The Nikkei gained 46 points to 10,296. However, the Hang Seng dropped 86 points to 10,335.

There are also a handful of M&A deals in the works this morning, led by the metals group. European steel giant, Corus Group plc is buying Brazilian steelmaker Cia. Siderurgica Nacional for US$4.2 billion in stock and debt.

Aluminum giant Alcoa Inc. is buying Fairchild Corp’s fastening business for US$657 million in cash.

Also, Bayer AG is selling its flavor and fragrance business to Investor AB for US$1.67 billion.

In Canada, Magellan Aerospace reports that it has mailed its offer for Haley Industries. The deal is open until August 21.

In earnings news, Acetex Corporation announced a net loss of US$7 million for its latest quarter.