By James Langton

(March 19 – 09:00 ET) – Stocks in the United States are pointing to an up open this morning, likely signaling one in Toronto, too.

Investors are looking toward tomorrow’s rate announcement from the U.S. Federal Reserve Board, hoping the Fed will cut rates enough to bail out the struggling U.S. economy.

Investors hope this will be enough to salvage the forecast for corporate profits, too. In the meantime, Corning Inc., the fibre optics giant, is lowering its profit guidance. T

There’s no major economic news out today, ahead of tomorrow’s Fed meeting, so trading may be light.

On the weekend, the Organization for Petroleum Exporting Companies agreed to reduce daily oil production by one million barrels a day. Crude prices are up about 1% as a result.

In Europe stocks are mixed, as the crosscurrents of rate cut hopes and profit fears bind investors. Techs and telecoms are weak. In London, the FTSE is up two points to 5,565. In Paris, the CAC 40 has surrendered 55 points to 5,049. Germany’s DAX is down 57 points to 5,677.

In M&A news, Australia’s BHP Ltd. is buying mining giant Billiton plc for US$11.6 billion. Also, AmeriSource Health Corp. is merging with rival Bergen Brunswig Corp. in a US$2.4 billion stock deal to create one of the largest drug wholesalers.

Stocks slipped a little overnight in Asia after the Bank of Japan said it will push interest rates close to zero. The yen rose in response to the news and comments from Japan’s finance minister. The Nikkei closed down 42 points to 12,191. In Hong Kong, the Hang Seng dropped 64 points to 13,458.

In other news, Lorus Therapeutics Inc. reports that the U.S. Food and Drug Administration has approved its application to begin a Phase I clinical trial for its anti-cancer drug GTI-2501.