Stocks are looking weaker on the open today, as United Airlines files for bankruptcy protection in the U.S. The move is the biggest airline bankruptcy filing in history.

There is also uncertainty in the market due to the changing of the guard in U.S. president Bush’s economic team. It is being reported that John Snow, chairman of CSX Corp., will be nominated as the next Treasury secretary. There is some concern that this could mark a move away from the strong U.S. dollar.

In Canada, the seasonally adjusted annual rate of housing starts in Canada declined 3.0% in November to 213,500 units, according to Canada Mortgage and Housing Corp. Urban multiple starts rose 1.4% to an annual rate of 85,000 units in November from 83,800 in October, while the rate for urban singles declined 6.9% to 104,600 units from 112,400 units. Rural starts in November were estimated at an annual rate of 23,900 units.

Stocks are already weaker in Europe on news that German industrial production fell sharply in October. Stocks are down after analysts cut their ratings on names such as Cap Gemini SA, ASML Holding NV and Schwarz Pharma AG. Also, Gucci Group NV cut its profit forecast by at least 20%. The FTSE is down 52 points to 3,961. The CAC 40 has dropped 42 points to 3,144. The German DAX has slipped 69 points to 3,139.

Overnight in Asia, stocks were weaker there too. The Nikkei dropped 35 points to 8,828. The Hang Seng lost 105 points to 9,869.

In M&A news, APF Energy Trust is buying Hawk Oil Inc. for total consideration of approximately $46.1 million consisting of trust units of APF, cash and assumption of debt. It is expected that the transaction will close in early February 2003.

In corporate news, Moore Corp. announced that Robert Burton will step-down as chairman, president and CEO at year-end. He will remain a senior advisor to the company. Mark Angelson will take over as CEO. He had been its lead independent director. Alfred Eckert III has been named chairman. The firm also announced that it expects to report fourth quarter 2002 earnings per share of at least 17¢ and full year 2002 earnings per share of at least 56¢. It also confirmed that it expects full year 2003 earnings per share of 81¢.