Stocks are pointing to an up open this morning, principally on the strength of results in cell phone giant Nokia Oyj.

The firm reported a second-quarter profit that was at the high end of its own forecasts, and said it expects a rebound in the fourth quarter.

As well, enterprise software giant SAP AG beat analysts’ estimates with a 78% jump in profits.

In economic news, U.S. initial jobless claims slipped by 35,000 to 414,000 last week. Also, the U.S. trade deficit narrowed to US$28.3 billion in May as imports fell. This is also supporting trader’ optimism.

In Canada, merchandise exports and imports were both reported down as the trade balance grew to almost $7 billion in May. Canadian companies exported just under $37.1 billion worth of merchandise in May, down 0.9% from April, as global demand for high-tech equipment continued its decline. At the same time, imports fell 1.4% to $30.1 billion. Slumping automotive and machinery and equipment imports more than offset sharp increases in incoming energy products and industrial goods and materials.

In Europe, stocks are mixed. Techs are generally up, but traders are also reacting to the news that the European Central Bank left its interest rates unchanged at 4.5%. This morning the FTSE is down 55 points to 5,349. Things are brighter on the continent, where the CAC 40 is up 23 ticks to 4,890. The DAX has gained 38 points to 5,767.

Stocks were also mixed overnight in Asia. The Nikkei struggled to a 16 point gain, taking it to 11,908. In Hong Kong, The Hang Seng shed 147 points to 12280.

In other earnings news, for the three months ended April 30, Micrologix reported a loss of $4.3 million or 11¢ per share, compared to 10¢ per share for the same period in 2000. The loss for the 12 months ended April 30, was $11.7 million or 31¢ per share, compared to a loss of 34¢ for the same period in 2000.

Rothmans Inc. today announced earnings of $15.1 million or 46¢ per share in the first quarter of its fiscal 2002, ended June 30.

Co-Steel Inc. announced its financial results for the second quarter ended June 30. It reported a net loss of $5.8 million or 23¢ per share compared to earnings of $21.7 million or 67¢ per share in the second quarter of 2000.