Stocks are pointing to an up opening this morning, as the bargain hunters queue up to nab tech stocks, such as Cisco Systems Inc. and JDS Uniphase Corp., on the cheap. Analysts are starting to talk up storage stocks in particular.

In economic news, the Canadian housing market remains strong. Housing starts rose by 13.7% in June to 176,200 units, according to Canada Mortgage and Housing Corp.

Urban multiple starts rose 24.6% to an annual rate of 78,000 units. Urban single starts increased 8.3%to 76,000.

Takeover action is likely to be the other big market force today. Amerada Hess Corp. is buying Triton Energy Ltd. for US$3.2 billion in cash and assumed debt.

Candy maker, Mars Inc., is offering US$1.3 billion for rival pet food maker Royal Canin SA. Mars also makes pet food under the Pedigree brand.

Aventis SA is said to be in talks with Bayer AG to sell the German giant its agricultural chemical business for about US$6 billion.

Regulators in the United Kingdon have blocked Lloyds TSB Group plc in its US$25.4 billion bid for Abbey National plc, on the basis that it would give the bank too much market share.

In Europe, these cross-currents have stocks up on balance. The FTSE has gained 35 points to 5,503. The CAC 40 has added 16 points to 5,044. The DAX is ahead by 42 points to 5,912.

Stocks rose overnight in Asia, too, on hopes for a U.S.-led recovery. The Nikkei gained 61 points to 12,300. The Hang Seng is up 23 points to 12,714.

In other news, MediSolution Ltd. reports that it has obtained $9.5 million in bridge financing from Trilon Financial Corp. to support previously announced acquisitions and short term working capital requirements.