Stocks are expected to open higher this morning after U.S. retail sales came in a bit stronger than expected in January.

Excluding autos retail sales rose 1.2% in the month, their largest gain since spring of 2000, and showing that the consumer remains strong in the midst of recovery.

In corporate news, Viacom Inc. reported a fourth-quarter loss of just US$42.5 million. Office Depot Inc. has issued positive guidance, suggesting that its next quarterly results may exceed expectations due to stronger sales and cost cuts.

More job cuts are coming at British Airways plc. It is dropping 5,800 jobs, 12% of its workforce, to help save £650 million.

Stocks are up modestly in Europe. The FTSE is up 10 points to 5,145. The CAC 40 has gained two points to 4,340. The DAX has added 17 points to 4,902.

Overnight in Asia, Japanese stocks rose again, adding 90 points to 9,968. In Hong Kong, the Hang Seng remained closed for Chinese New Year celebrations.

In other news, Enserco Energy Service Company Inc. reported its net income for the year was $45.3 million, up from $29.6 million in the fourth quarter of 2000.

Centrinity Inc. announced its net loss for the first quarter was $3.2 million, compared with last year’s first quarter net loss of $6.9 million.