Stocks look set to open higher this morning after tech bellwether Cisco Systems Inc. reported better-than-expected third-quarter profit after the bell last night. It is boosting tech shares in premarket trading.

The only economic news out today is that Canada’s seasonally adjusted housing starts decreased at an 11.3% annual rate in April, dropping to 184,500 units from a revised 208,000 units in March, according to Canada Mortgage and Housing Corp.

In Europe, stocks are climbing, primarily on the Cisco news, which is boosting telecoms such as Ericsson AB and Nokia Oyj. As well, Danish brewer Carlsberg is rallying aggressively after it raised its profit forecast.

The FTSE has gained 60 points to 5,180. The CAC 40 is up 83 points to 4,379. The DAX has added 97 points to 4,969.

Overnight in Asia, the Cisco news also cheered the Japanese market. It gained 205 points to close at 11,521. However, the Hang Seng dropped 28 points to 11,768.

In M&A news, KPMG Consulting Inc. is buying Arthur Andersen LLP’s consulting business for about US$284 million.

In other news, Canadian Natural Resources reported net earnings of $99 million in its latest quarter, compared with $222 million for the first quarter of 2001.