Stocks are expected to open higher Monday, as futures for the both the S&P 500 and the Nasdaq 100 are showing gains in pre-market trading. Investors will be hoping to catch a break from the Toronto stock market’s two-week losing streak.

There are no major releases from Statistics Canada today, but the new federal Finance Minister John Manley will present an economic update to the Commons Finance Committee. The consensus among economists is that the Canadian economy, as measured by GDP, is expected to grow by 3% this year. This has increased Ottawa’s revenues, and could lead to increased spending.

Also today, Ontario delivers a provincial budget. Although there are likely to be no new cuts in personal income taxes or corporate taxes, Ontario residents will almost certainly be paying more for cigarettes and alcohol. The budget is expected to include increased spending on healthcare, education and the environment.

Overseas, stocks are mixed with London’s FTSE 100 gaining 1.4% to 4,695 and Germany’s DAX up 2% at 4,390.

In Asia, Japan’s Nikkei 225 fell 2.4% to 10,664 and Hong Kong’s Hang Seng closed down 1.1% to 10,832.

In U.S. business news, phone and data giant Qwest chief executive Joseph Nacchio voluntarily resigned over the weekend. Nacchio had spent the last six months trying to convince investors the company has enough money to avoid bankruptcy. Richard Notebaert, previously Tellabs Inc.’s president and CEO, will succeed Nacchio

Struggling telecommunications company XO Communications Inc. on Monday filed for bankruptcy protection under Chapter 11 and said it has submitted two reorganization plans

Nestle announced that it will merge its ice cream business with Dreyer’s Grand Ice Cream, boosting its stake in America’s No. 1 ice cream maker to 67%.

In Canadian corporate news, Atlantic telecom operator Aliant Inc. said it will lose $25 million in annual profits due to a recent regulatory decision that decreases the amount of fees it can charge to carriers who use its network. The CRTC decision was made on May 30.

Elsewhere, Stuart Energy, an industrial hydrogen producer, saw its fourth-quarter loss nearly triple to $13.7 million due to inventory writedowns and higher costs.