Stocks are expected to slide at the open weaker Monday, with McDonald’s and General Motors slipping due to faltering profit outlooks at those firms.

Financial giant, Citigroup Inc., is down after it said it will take a US$1.5 billion charge to cover loan losses and settle claims stemming from the research analyst lawsuits. Retailing leader Wal-Mart indicated that its weekly sales are coming in on the low side.

In economic news, U.S. personal spending rose 0.5% in November, its strongest pace so far in the second half. This should be helping the U.S. recovery along.

In Canada, it was reported that consumers went on a shopping spree in October, with retail sales advancing 1.7% in October to $26 billion, after remaining essentially flat since June. Before June, sales by retailers had remained essentially unchanged since the start of the year, after advancing rapidly in the last three months of 2001 and in January 2002. Despite the lack of sustained growth so far this year, retail sales for the first ten months of 2002 were up 6.4% from the same period of 2001.

It was also reported that October average weekly earnings for all employees were estimated at $683.53, up 0.5% from September. All provinces and territories recorded earnings increases.

Foreign investors made their largest monthly investment in Canadian securities so far in 2002, $3.8 billion, as they bought debt instruments but sold equities. At the same time, Canadian investors sold off a record amount of foreign securities, mostly foreign bonds.

One sector that should do OK today is energy plays. Crude oil prices are up once again, as OPEC declined to make up the oil shipments being blocked in Venezuela.

In Europe, stocks are mixed so far. The FTSE is up 16 points to 3,905. The CAC 40 has dropped five ticks to 3,078, amid news that the takeover fight for Credit Lyonnais may not be over. BNP Paribas SA, France’s biggest bank, said it may buy more of the firm. Finally, the DAX is down 37 points to 2,987.

Overnight in Asia, stocks had a mixed session. The Nikkei gained 19 points to 8,407, while the Hang Seng dropped 58 points to 9,571.

In M&A news, Coca-Cola’s Mexican arm is buying the region’s biggest bottler, Panamerican Beverages Inc., for US$3.6 billion.

AMJ Campbell Inc. looks to be sold in a management buyout. A company formed by senior management of AMJ and Gibralt Capital Corp., announced today that they will make a cash offer to acquire all of the outstanding common shares of AMJ for $2.30 per share. The board of directors including the independent committee of AMJ unanimously recommends that shareholders accept the offer and have agreed to tender their shares representing approximately 18% of the total shares outstanding.

Cameco Corp. also announced that it has signed an agreement along with TransCanada PipeLines and BPC Generation Infrastructure Trust to purchase 79.8% of Bruce Power LP from British Energy plc. TransCanada announced that it has reached an agreement to acquire a 31.6% interest in Bruce Power LP and an approximate 33.3% interest in Bruce Power Inc., the general partner of Bruce Power for approximately $376 million. In addition, the consortium of Cameco, TransCanada and OMERS will acquire the 50% interest that BE holds in Huron Wind, Ontario’s first commercial wind farm.

TransCanada will fund a one-third share ($75 million) of a $225 million accelerated deferred rent payment to Ontario Power Generation. Cameco will also provide $75 million representing its one-third share of payments to OPG. Cameco will fund the acquisition and the OPG deferred rent payments from cash and existing credit facilities. As a result, Cameco’s net debt to capitalization ratio will increase to about 20% upon closing.

In other news, Slater Steel Inc. announced that it had received a waiver of the financial covenants which it had expected not to be able to maintain, from its lenders As a result of obtaining the waiver, Slater Steel will not be in breach of its credit agreement at December 31, 2002.