Stocks look set to open higher today after a strong jobs report in Canada, and a lukewarm one in the United States

In the U.S., payrolls increased by 58,000 in March, but the unemployment rate also rose to 5.7%.

While the report of job gains is encouraging, a small gain reported earlier was subsequently revised away. Nonetheless, economists see these numbers as supportive of a mild recovery, and hopefully a cautious Fed.

In Canada, the picture was unambiguously strong. Employment surged 88,000 in March, bringing gains over the first quarter to 170,000, the largest quarterly increase since 1987. The unemployment rate in March fell 0.2 percentage points to 7.7%. Gains were seen on both sides of the ledger, with part-time employment increasing by 48,000 in March, and full-time employment rising by 40,000.

At the same time, some of the tension in the Middle East is abating as U.S. Secretary of State Colin Powell heads to the region to try to mediate. Oil prices are easing as a result.

In earnings news, Minnesota Mining & Manufacturing Co. beat its first-quarter profit forecast. But, aluminum giant Alcoa Inc. saw its profit slide 46%.

In early trading, European stocks are mostly positive this morning. The FTSE has gained 22 points so far to 5,231. The CAC 40 is down two points to 4,536. The DAX has gained 24 points to 5,279.

Overnight in Asia, markets finished the week cautiously lower. The Nikkei shed 44 points to 11,335. The Hang Seng dropped three points to 10,831.

In M&A news today, SNC-Lavalin, has acquired Société Boplan, an engineering firm with about 100 employees based in five sites in western France.

Trilon Financial’s independent directors have unanimously recommended its proposed merger with Brascan for $17 per share.

Finally, BCE Emergis has said that it will cut 20% of its workforce, or 550 jobs.