Stocks are looking to rise this morning after telecom firms Nokia Oyj and Nextel Communications Inc. reiterated their existing profit forecasts.

Although investors appear relieved at the absence of profit warnings in the telecom sector, pharmaceutical company Abbott Labs has cut its earnings forecast.

In economic news, industrial capacity utilization rose to 81.7% in the first quarter, up from 80.4% in the fourth quarter of 2001. It was the first increase since the second quarter of 2000, when the rate reached 86.3%. The increase was largely attributable to the manufacturing sector.

It was also reported that the New Housing Price Index rose 0.6% in April from March. Compared with April 2001, the index of contractors’ selling prices increased 3.7%, continuing the rise in year-over-year increases.

In Europe it was reported that industrial production has increased in both Germany and the United Kingdom.. And, European stocks are up on the economic news and Nokia. The FTSE is up three ticks to 4,932. The CAC 40 has gained 62 ticks to 4,087. The DAX is ahead by 72 points to 4,661.

Overnight in Asia, traders had a mixed session. The yen slipped on talk that the Japanese government will continue to sell the currency. The Nikkei finished 79 points higher to 11,449. The Hang Seng dropped 74 points to 11,215.

In business news, it was reported that Inco Ltd. has agreed on a statement of principles with Newfoundland and Labrador for development of the Voisey’s Bay deposits. The site development is to begin in July, with the first concentrate production in 2006. Definitive agreements are expected by September 2002.