Stock futures are up this morning, indicating a positive open to equity markets today.

However, trading ahead of this afternoon’s decision on U.S. interest rates is typically light.

Nevertheless, some strong corporate news is cheering traders in the pre-market. Providian Financial Corp. beat analysts’ estimates with its latest results.

Also, Halliburton Co. met expectations for its results. Waste Management saw its profit rise 11%.

In economic news, it was reported that U.S. productivity rose at 8.6% in the first quarter, with labour costs down 5.4% in the period. This is the fastest productivity increase in years, although in comes largely at the expense of workers. The number should help the Fed stand pat on rates until the recovery is convincing.

In Europe, stocks are weaker today, with recovery jitters afflicting traders. Recent gainers such as BP plc and Vivendi Universal SA are leading the way down.

The FTSE has dropped 81 points to 5,122. The CAC 40 is down 64 points to 4,303. The DAX is down 40 points to 4,841.

Overnight in Asia, stocks resumed their mixed performance. The Nikkei dropped 235 points to 11,316. The Hang Seng gained 60 points to 11,796.

In M&A news, Microsoft Corp. is buying Navision A/S of Denmark for US$1.3 billion to expand in Europe. Bank of Nova Scotia is said to be shopping its Argentine unit.

In other news, Trizec Properties reported net income of $45.6 million for the quarter, compared to net income of $37.4 million in 2001.

Ultra Petroleum reported earnings of $1,711,436 for the first quarter, compared to $9,885,175 or for the same period in 2001.

Trican Well Service Ltd. says that its net income of $7.4 million was recorded for the quarter compared to net income before goodwill amortization of $14.4 million recorded in the first quarter 2001.

Cognicase Inc. reported net income of $7.2 million as compared to net loss of $4.3 million for the same period in fiscal 2001.

St. Lawrence Cement Group reports its net loss, in line with expectations, was $12.5 million, compared to a net loss of $12.3 million for the first quarter of 2001. The company has historically posted net losses for the first quarter of each fiscal year as a result of the seasonal nature of the construction business in its markets.