Stocks are pointing to a positive open this morning on renewed hopes for a strong economic recovery, and a jump in corporate profits.

Merrill Lynch’s upgrade of Microsoft Corp. is booting sentiment for technology stocks..

That said, the profit news out today isn’t great. UAL Corp. reports that its first-quarter loss grew to US$510 million. BellSouth Corp. has cut its sales forecast. And insurer, Aon Corp., said its profit fell short of expectations.

In economic news, Canadian wholesale trade was essentially flat in February, rising just 0.2%. This was the fourth consecutive monthly increase. Sales hit $33.8 billion, with strength in consumer goods.

In Europe, stocks are up, but only modestly. France reported that its consumer spending rose impressively in March, signaling a recovery. On the heels of that, the FTSE is up seven points to 5,236. The CAC 40 has gained 12 ticks to 4,601.The DAX has added six points to 5,268.

Overnight in Asia, stocks were mixed. The Japanese markets were slugged by news that Nippon Telegraph & Telephone Corp., the world’s biggest telecom company, is cutting 17,000 jobs to cut costs. The Nikkei lost 64 points in the wake of that news to close the week at 11,512. In Hong Kong, the Hang Seng added 35 points to 11,252.

In business news, MacDonald, Dettwiler and Associates Ltd. reports that it has entered into a credit agreement with a syndicate of seven Canadian financial institutions, led by Royal Bank, for a $110 million increase in its credit for a total facility of $300 million.

Scotiabank confirms that Argentine authorities have suspended the operations of Scotiabank Quilmes following the central bank’s decision not to provide additional liquidity to Quilmes.