Yesterday’s opening gloom looks to be replaced by today’s opening glory. Markets are looking up, led by tech stocks.

Compaq Computer Corp. said that its first-quarter earnings met, and possibly beat, analysts’ forecasts. That is cheering the tech group generally, with big names such as Intel, and yesterday’s loser, IBM, gaining in premarket trading.

As well, oil-price fears are easing, as Israeli troops start pulling back and other oil nations pledge to pick up the slack from Iraq’s production halt.

The sparse economic news has just Canadian housing starts to look at today. Starts increased 10.9% in March to 199,800 units from 180,100 units in February, according to Canada Mortgage and Housing Corp. Urban singles were up 3.4% to an annual rate of 103,200 units in March from 99,800 in February, and urban multiple starts rose 27% to an annual rate of 76,600 units from 60,300.

Stocks are up in Europe, primarily on the easing tensions in the Middle East, which has buyers creeping back into the market. It was also reported that Germany’s unemployment rate fell for the first time in over a year last month.

The FTSE is up 20 points to 5,199. The CAC 40 has gained 45 points to 4,477. The DAX has added 30 points to 5,210.

Overnight in Asia, stocks were mixed. The Nikkei dropped 238 points to 11,115. But the Hang Seng gained 10 points to 10,734.

In M&A news, Emco Ltd. is buying the wholesale waterworks supply business of BC Gas Inc. BC Gas will continue to own and operate the waterworks services business. The purchase is expected to close in the second quarter of 2002, subject to required regulatory and other approvals. No price was disclosed on the deal.

Also, Devon Energy Corp. says that it has entered into definitive agreements to sell properties in the U.S. and Canada for $953 million.