Stocks are looking at a modestly positive open this morning despite some mixed corporate news and indifferent economic data.

On the data front, the U.S. Producer Price Index was unchanged on the headline in December, while the core rate dropped 0.3%. It was also reported that business inventories rose 0.2% in the U.S. in November. However, sales also increased so there’s not much fear of a big inventory buildup. Neither of these reports is much of a market mover.

In Canada, a sharp drop in passenger car sales was reported for November, which accounted for almost all of the 4.7% decline in new motor vehicle sales compared with October. Despite this weak spot, total cumulative sales for the first 11 months of 2002 were still much higher than sales for the same period of 2001.

On the earnings front, Bank of America reported that its earnings rose 27% last quarter.

Brokerage processor, ADP, cut its forecasts. There’s also talk of weakness in chip sales after Intel reported last night that its capital spending will be lower this year.

On these signs of business weakness, stocks are down in European. The FTSE has dropped 23 points to 3,922. The CAC 40 is down eight ticks to 3,165. The DAX is off 10 points at 3,088.

Overnight in Asia, stocks rallied though. The Nikkei gained 59 points to 8,612. Goldman Sachs Group Inc. revealed that it will invest US$1.3 billion in Japan’s second-largest bank, Sumitomo Mitsui Financial Group Inc. In Hong Kong, the Hang Seng added 77 points to 9,873.

In other business news Labopharm Inc. reported its third quarter net loss was $4.2 million, compared to $1.7 million for the third quarter last year.

Wheaton River Minerals Ltd. announced that it has entered into a letter of intent to acquire Rio Tinto’s 25% interest in the low cost Bajo de la Alumbrera gold-copper mine in Argentina and 100% interest in the Peak gold mine in Australia for US$210 million. The acquisition will transform Vancouver-based Wheaton River into the 8th largest Canadian gold producer. One of the terms of the transaction will permit Wheaton River to defer the payment of up to US$70 million of the US$210 million total purchase price for up to 24 months. BMO Nesbitt Burns Inc. and Griffiths McBurney & Partners acted as financial advisors to Wheaton River in connection with this acquisition.