North American stock markets are expected to open weaker Monday, weighed down by worries about rising interest rates.

All U.S. exchanges, which were closed Friday due to the funeral of former president Ronald Reagan, will be up and running today.

In this morning’s economic news, U.S. consumers snapped up cars, clothing and other merchandise at a brisk pace in May, boosting retail sales after a lackluster showing in April.

The Commerce Department said today that retail sales gained 1.2% last month, more than reversing a 0.6% decline in April. Economists had forecast sales to rise by 1.2%.

Meanwhile, the U.S. deficit in international trade of goods and services expanded to a record-high US$48.33 billion, up from a shortfall of US$46.57 billion in March, the Commerce Department said today.

The March deficit was previously reported at a record US$45.96 billion. Economists had expected a trade gap of US$44.5 billion.

U.S. exports fell by 1.5% to US$93.94 billion in April, while imports climbed 0.2% to US$142.27 billion.

The shortfall with Canada rose to US$5.70 billion.

On this side of the 49th parallel, Statistics Canada reported today that the number of new motor vehicles sold increased for the fourth consecutive month in April. Sales advanced 2.6% compared with March, reaching the highest level of unit sales in the last eight months.

Asian stock markets closed lower overnight worries about higher interest rates and caution over the outlook for the technology sector.

Tokyo’s Nikkei dropped 35.16 points to 11,491.66 points.

In Hong Kong, the blue-chip Hang Seng Index plunged 319.82 points, or 2.6%, to 12,076.57.

A jump in energy stocks led Toronto’s S&P /TSX up 21.14 to 8,366.63 Friday.

The junior S&P/TSX Venture composite index climbed 6.61 to 1,559.55.