By James Langton

(September 9 – 09:00 EST) – The world didn’t end today. Some traders were afraid of Nostradamus’s prediction that it would – an early test run for the Y2K scare. In fact, stocks look set for another a positive open today. The S&P futures are indicating a slight up open on Wall Street. There is optimism in the overseas markets on some strength in tech stocks.

There is no major economic data coming out in North America today. That’s coming tomorrow. But, Canada Mortgage Housing Corp. is reporting housing starts for August at 147,000, essentially unchanged from last month and on target with economists’ expectations.

Over in Japan analysts were pleasantly surprised by the second quarter GDP results. It came in up 0.2%. Most economists were expecting a slight contraction, about 0.2% worth, after the massive first quarter gains (2%).

The news sent the Yen soaring against the U.S. dollar. That constrained the positive reaction in the Japanese stock market. It may be restraining the U.S. futures. The Nikkei finished the day up 36 points.

European markets reacted positively to Japan initially, however the U.K. markets couldn’t hang onto their rally and have now slipped to sit down about two points for the day. Continental markets have done a better job of hanging onto their gains. Paris’ CAC 40 is up about 25 points, and the German DAX has added 15 points.

The strongest overseas market was Hong Kong. Its Hang Seng index closed up 498 points on the strength of the news out of Japan, which bodes well for a continued Asian region recovery. Traders were optimistic about China’s membership bid at the World Trade Organisation, and news of a deal between Cable & Wireless HKT and Cisco Systems Inc. to develop advanced telecommunications in Hong Kong.

In other business news, the miners at Inco’s Thompsn, Manitoba plant have given their union an unexpected strike mandate, sending nickel prices into a tizzy. An actual strike wouldn’t happen until next Tuesday.

Com Dev International is reporting earnings of $1.84 per share in the third quarter, down from a 62¢ loss last year. Coffee retailer, Second Cup Ltd., is reporting a 72¢ per share loss for fiscal 1999, ended June 27, compared with 67¢ per share in profit last year.