Stocks are pointing to an up open this morning, as techs such as BEA Systems and Intel bounce back.

On the economic front, U.S. retail sales came in unchanged for July, up 0.2% excluding autos. The numbers seem to show that the consumer is still alive and kicking in the United States.

In Canada, June sales of new motor vehicles rose 1.5% from the previous month, reaching 133,766 units. June’s increase followed a 2.0% decline in May.

In earnings news, retail giant Wal-Mart reported its second quarter net income was up 1.6%. Home Depot also saw its earnings improve, too.

Financials stocks aren’t looking so good. Citigroup Inc. says it plans to cut 3,500 workers in the coming year, to accommodate slumping markets. Also, UBS AG reported its profits are down 33%, and Allianz AG has seen its profits slide 8%.

In Europe, stocks are up on hopes of rate cuts after both French and British inflation was reported down last month. Names such as Royal Philips Electronics NV and DaimlerChrysler AG are leading the way higher. The FTSE is up 72 points to 5,503. The CAC 40 has gained 64 points to 4,985. The DAX has added 102 points to 5,556.

Overnight in Asia, markets bounced as the yen slumped. The currency fell after the Bank of Japan unexpectedly decided to drop rates, adding more money to the economy in an effort to boost growth. The Nikkei rallied 3.8%, up 440 points to 11,918. In Hong Kong, the Hang Seng gained 297 points to 11,991.

In M&A news, Best Buy Co. Inc., the largest U.S. retailer of technology and entertainment products, has agreed to acquire Future Shop for $580 million in cash.

Also, Devon Energy Corp. is buying Mitchell Energy & Development Corp. to become the second largest independent natural gas producer in the U.S. It will pay US$31 cash and 0.585 of a share of Devon common stock. This requires Devon to pay US$1.6 billion and issue 30.2 million shares to Mitchell’s shareholders for a total value of approximately US$3.1 billion. It will also assume approximately US$400 million of debt.

In corporate earnings news, IMAX Corporation reported that for the second quarter ended June 30, it suffered a loss of 37¢ per share on a fully diluted basis.