Stocks look set to open weaker this morning on slightly disappointing economic numbers.

U.S. retail sales rose 0.3% in February, which was less than expected. The numbers put some damper on the optimism regarding the economic recovery.

Also on the business front, U.S. grocery giant Albertson’s is exiting four markets and plans a US$580 million charge to account for the move.

Oil prices may head higher as OPEC members make noise about a need for production cut to push prices up.

In Europe, stocks are up after strong forecasts from Bayer AG helped spark recovery hopes there. The FTSE is up 50 points to 5,302. The CAC 40 has added 12 points to 4,563. The DAX has gained 10 points to 5,286.

Overnight in Asia, stocks closed weaker as the Yen weakened amid talk that the Japanese government is not supportive of the currency. The Nikkei lost 192 points to 11,415. The Hang Seng shed 56 points to finish at 11,217.

In M&A news, TRW Inc. has formally rebuffed a hostile takeover bid by Northrop Grumman Corp., calling its offer inadequate.

In earnings news, Saskatchewan Wheat Pool’s second quarter loss, prior to provisions and unusual items was $12.8 million, down $1.9 million from last year’s results for the same period. On a year to date basis, the pre-provision loss was $28.5 million, compared to a $16.5 million loss last year.

Plains Resources reported net income of $19.1 million for the fourth quarter of 2001.