Stocks are poised to open mildly up this morning. The political scene remains rather quiet, and there’s been no big economic news to derail the market.

European stocks are climbing again today, led by firms such as ING Groep NV.

The FTSE is up 21 points to 4,685. The CAC 40 has gained 79 points to 3,982. The DAX has added 139 points to 4,148.

Crude oil prices continue to fall as inventories build up in the United States.

The latest company to report on the impact of the September 11 attacks is Lloyd’s of London. The insurer is forecasting losses of US$1.9 billion, after reinsurance, from the terrorist attacks on the U.S.

Overnight in Asia the markets were mixed, if moving modestly. The Japanese Nikkei dropped 52 points to 9,642. In Hong Kong, the Hang Seng added 162 points to 9,372.

In M&A news, SunTrust Banks Inc. is buying Huntington Bancshares Inc.’s Florida operations for US$705 million in cash.

On the economic front in Canada, the Composite Index was flat in August for the second month in a row. Three of the four components that rose were related to household demand.

Manufacturing continued to contract, as did business services. The housing index returned to the positive trend it has shown most of the year. The weakness in the business sector worsened. Manufacturers’ new orders continued to be dragged down by the collapse of demand for electronic products, which also pulled down shipments and their ratio to inventories.

Also, average weekly earnings for all employees rose $2.99 in July to $665.41. On a year-over-year basis, average weekly earnings were up 1.6% from July 2000. The number of employees on payrolls fell by 13,700 in July from June. The largest employment losses were in wholesale trade and public administration.

In business news, Bombardier is announcing layoffs, as it scales back aircraft production. The firm will lay off 3,800 employees in its aerospace facilities by the end of the year. If the markets do not significantly recover within the next few months, another 2,700 employees could be laid off early next year. Costs resulting from this year’s lay-offs should total approximately $45 million before taxes ($30 million after taxes).

Air Canada and Air Canada Regional say they must lay off a total of 9,000 employees subject to ongoing mitigation discussions with the unions and the government. The job reduction program announced in August, accounting for 4,000 of the 9,000 total, is being accelerated as a result of the impact of the September 11 attack on the U.S. Also, 84 aircraft will be removed from the combined fleet.