Stocks are looking at a very positive opening this morning, recovering some of yesterday afternoon’s losses.

Market sentiment is much improved after General Motors Corp. said it will meet third-quarter profit forecasts. Semiconductor stocks are also looking higher today.

European stocks are leading the way back up today, after the Ifo Survey showed that German business confidence rose for the first time in six months. That report is boosting the euro, too.

Stocks such as DaimlerChrysler AG, Siemens AG and Vodafone Group plc are leading the way higher. Germany’s DAX is up 1.7%, gaining 89 points to 5,305. In London, the FTSE is up 28 points to 5,459, while in Paris, the CAC 40 has gained 33 points to 4,867.

Also supporting today’s brighter outlook is news that Argentina will get US$8 billion in extra funding from the International Monetary Fund, boosting hopes it won’t default on its debt.

Crude oil prices are up on news that high demand for gas pushed U.S. inventories to the lowest level since March.

Overnight in Asia, stocks were mixed. The Japanese Nikkei gained 116 points to 11,396, while in Hong Kong the Hang Seng dropped 252 points to 11,189.

In earnings news, MFC Bancorp Ltd. reported net income for the first six months of 2001 rose 19% to $11.6 million, or 89¢ per share on a diluted basis, compared with 76¢ per share in the prior year.

TD Waterhouse Group Inc. reports a loss of US$21.8 million on a reported basis, thanks to a recently-announced restructuring charge of $22.4 million after tax. Cash earnings totalled $10.9 million for the third quarter ended July 31, a 76% decrease from third quarter last year.