Stocks are looking at a positive open this morning, as European markets lead the way higher. However, with U.S. traders off today, and many off tomorrow, volume is expected to be on the light side.

In economic news today, the value of Canadian building permits issued in May reached $3.6 billion, down 7.6% from April. Economists were expecting the number of permits issued to rise a bit. Despite this decline, construction intentions remained high, with the value of permits surpassing $3.5 billion for the fifth consecutive month.

Also, the Help-wanted Index increased slightly to 127.6 in June, up 0.6% from May. This is the fifth consecutive month of small increases following 15 months of declines.

In Europe, the big news is that the European Central Bank and the Bank of England both left their interest rates unchanged. The euro is weaker on the news, and on speculation that rates will be left alone for the coming months, too.

European stocks are rallying however, with names such as Siemens AG, Munich Re and Vivendi Universal SA leading the rebound. London’s FTSE is up 56 points to 4,449. The Paris CAC 40 has gained 58 points to 3,681. In Germany, the DAX is up 73 points to 4,211.

Overnight in Asia, stocks were treated to a mixed session. The Japanese Nikkei dropped 180 points to 10,633. On the flip side, the Hang Seng gained 186 points to 10,766.

In M&A news, the clearing agency Euroclear is buying CrestCo Ltd., the company that settles U.K. securities transactions.

Also, Ensign Resource Service Group Inc. has increased its offers for Australian Oil & Gas Corp. The revised offers enable shareholders to realize up to A$2.70 cash for each AOG share and up to A$1.50 cash for each option.

Placer Dome Inc. announced today that it is extending the closing date of its offer for AurionGold Ltd. by 12 days to July 24.

In earnings news, Labopharm Inc. reported its net loss for the first quarter of fiscal 2003 was $3.5 million, compared to $1.2 million for the same period last year.