After finishing 2001 on a down note, stocks look set to start the new year with a rally today.

Techs are likely to lead the way on news that Hynix Semiconductor Inc. has raised its chip prices.

News of pricing power in the chip business is boosting names such as Intel Corp. and Micron Technology Inc.

There’s also some good economic news in a report that European manufacturing fell at a slower pace in December than November.

European stocks are mixed, with techs up, but the broader market is down, led by the big car companies.

Yesterday’s successful debut of the Euro currency is hurting these stocks, as it is exposing price discrepancies between countries. This is expected to bite their profits as prices are pushed into line across Europe.

In London, the FTSE is up 24 points to 5,242. In Paris, the CAC 40 is down 16 tics to 4,609. Germany’s DAX is down 14 points to 5,146.

The Japanese market has been closed since December 28, when it gained 85 points to close the year at 10,543. The Hang Seng was open overnight though, dropping 46 points to 11,351.

In M&A news, Anglo American plc is bidding US$327 million bid for French packaging company La Rochette SA.

Thomson Corp. has acquired Gardiner-Caldwell Communications Ltd., one of the world’s largest independent medical education and communications companies. Financial terms of the agreement were not disclosed.

Also, Sierra Wireless is pre-announcing fourth quarter 2001 revenue results as a result of delays in ramping up to higher unit volume shipments of new products. Fourth quarter revenues are expected to be between $8.3 million and $8.6 million, below previous guidance of $14 million to $15 million. Earnings are expected to be correspondingly lower.