Stocks look set to fall at the open this morning despite expectations for further cuts to U.S. interest rates on Tuesday week.

It’s budget day in Canada today, with Paul Martin bringing down his first budget in two years. Ottawa is it is expected to focus on new security spending.

Martin will stand in the House of Commons this afternoon at 16:00 ET. Look for investmentexecutive.com to bring you coverage of what’s in today’s budget, and how it will affect advisors and their clients.

In other economic news this morning, Statistics Canada is reporting that membership in employer-sponsored Registered Pension Plans rose 3.5% from 1997 to 1999, the first upturn in the biennial trend since 1991. This growth was due mainly to a strong economy led by job creation during 1998 and 1999.

European stocks are under pressure this morning. London’s FTSE is down about 1.4% to 5,189.5, while Germany’s Dax is down 1.4% to 5,125.

Asian stocks were mostly lower in the wake of Friday’s U.S. employment report, which renewed skepticism of a U.S.-led recovery. Japan’s Nikkei finished down 2.1% to 10,571 while Hong Kong’s Hang Seng closed up up 0.4% at 11,785.