By James Langton

(April 11 – 09:00 ET) – All indications suggest that stocks will resume their rally at today’s market open. Stock futures in the United States continue to point to an up open, driven by bargain hunters. Techs such as Cisco Systems Inc. and Lucent Technologies Inc., are poised to lead the way higher.

The positive feeling towards tech stocks was confirmed this morning when Europe’s biggest designer of semiconductors, ARM Holdings plc, reported that its first-quarter profit rose 16%.

European stocks have generally rallied following an initial negative reaction to the news that the European Central Bank kept its rates unchanged. The bank’s move surprised most analysts, who had predicted at least a 25 basis point cut. The euro is down on the fear that the move will stunt economic growth in the region, although it also telegraphs the confidence of the ECB to some market watchers.

Stocks are up in the wake of the ECB’s inaction. In London, the FTSE is more or less flat at 5,803. In Paris, the CAC 40 has gained 49 points to 5,380. The DAX is up 59 points to 5,973.

Stocks in Asia wholeheartedly joined the rally last night. Also the news that DBS Group Holdings Ltd. of Singapore is bidding for Hong Kong’s Dao Heng Bank Group Ltd. gave a boost to shares. Japan’s Nikkei added 555 points last night to close at 13,175. In Hong Kong, the Hang Seng finished up 493 points to 12,706.

In other M&A news, Societe Generale SA of France is buying pension manager TCW Group Inc. for more than US$1.3 billion.

In economic news, Canada’s New Housing Price Index rose 0.3% from January to February. The index was 2.4% higher in February 2001 than it was in February 2000.

In other news, Gildan Activewear Inc. announced today that, having had a chance to review the lawsuit filed against it by Fruit of the Loom Inc., it will “defend the lawsuit vigorously and expects to be vindicated”.Gildan also says it doesn’t anticipate that the lawsuit will have a material adverse effect on its business or its financial condition.

TLC Laser Centres is reporting better than expected results. Net earnings per share before one-time restructuring charges came in at 3¢, up from an 8¢ a share loss reported in the same period a year ago and the 35¢ a share loss reported last quarter.

Precision Drilling Corporation also sees better than expected results. It says that “indications are that the strong activity experienced in the quarter will result in higher than expected revenue and earnings growth”. Earnings per share for the first quarter are expected to be at, or slightly above, $1.44, up 55% compared to the same period last year. This is also 16% higher than the current consensus estimate of $1.24 a share.