With no major news on the economic front today, investors are digesting two big Canadian business deals this morning. Hong Kong-based businessman Victor Li will be the major investor to lead Air Canada’s struggle to emerge from bankruptcy restructuring. Under the deal, $1.1 billion will be invested in a restructured Air Canada, with $650 million in an equity investment from Li and $450 million from an offering of share purchase rights.

In other business news, printing giant RR Donnelley says it is buying Moore Wallace Inc., a Canadian-U.S. company formerly known as Moore Corp. of Toronto for U.S.$2.8 billion in stock. If the deal goes through, the acquisition would vault the merged company ahead of Quebecor World, the Montreal-based commercial printer that is part of the Quebecor multimedia group.

Wall Street futures are positive this morning, despite Friday’s drop. The Dow Jones industrial average lost 47.25 points to 9,809.72 although the U.S. jobless rate declined a tenth of a point to 6%. The Nasdaq composite index slid 5.63 points to 1,970.74, up almost 2% on the week. The S&P 500 fell 4.84 at 1,053.21.

At midday in Europe, London’s FTSE index is down 0.32% in early action. Frankfurt’s DAX has slipped 0.21%. Paris’s CAC 40 has slid 0.19%.

In Tokyo investors reacted cautiously to the outcome of Sunday’s parliamentary elections. Japan’s ruling coalition clung to a slim majority. That plus Friday’s drop on Wall Street drove down the Nikkei Stock Average, which lost 124.44 points, or 1.17%, to 10,504.54 points.

In Hong Kong, the Hang Seng Index slipped 58.49 points, or 0.47%, to 12,156.68.

On Friday, the Canadian dollar closed up 0.87 of a cent at US75.58¢ after Statistics Canada reported the unemployment rate fell to 7.6% in October. Toronto’s S&P/TSX composite index dropped 10.43 points to 7,860.44 – snapping a nine-session winning streak. The Toronto market added 1.1% for the week.