Stocks are expected to open higher today, as traders come to believe that the recession will be short-lived.

Hopes of a brief recession were buoyed by the Bank of England, which left its rates unchanged suggesting that it is optimistic of recovery.

Techs are leading the way higher in the United States, on hopes that chip demand is set to rebound, too. Memory chip prices rose sharply overnight in Asia, indicating life in that sector. Oracle Corp., Advanced Micro Devices Inc. and Intel Corp. are all up in pre-market trading.

Stocks are also getting help from higher oil prices after Russia agreed with OPEC to a production cut.

In Europe, stocks are up today, following the Bank of England’s confidence-inspiring action. Techs are leading the way higher, shaking off reports that Ford Motor Co.’s fourth-quarter loss will be bigger than expected, and news that German unemployment rose for the 10th month in a row in November.

The FTSE is up 54 points to 5,266. The CAC 40 gained 72 points to 4,601. The DAX is up 131 points to 5,145.

Stocks rallied heavily overnight in Asia , as optimism gripped traders there. The Nikkei closed up 261 points to 10,714. The Hang Seng added 251 points to 11,678.

In M&A news, Sobeys Inc. has entered into a definitive agreement to sell all of the assets of its SERCA foodservice operations to SYSCO Corp. for $440 million in cash. Sobeys and SYSCO also announced an agreement to form a strategic alliance.