Stock trading is likely to be sluggish today with no major economic data releases coming out on either side of the border. Wall Street futures are down slightly.

South of the border, investors will be digesting news from two of the big brokerages. Bear Stearns is reporting that its fiscal fourth-quarter profit surged 51%, topping the Street’s expectations. Total revenue jumped 36% to $1.87 billion from $1.52 billion last year.

Lehman Brothers is reporting that its fourth-quarter earnings rose 157%, rising to $481 million, or $1.71 a share, from $187 million, or 69 cents a share in 2002. Net revenue rose 49%, while investment-banking sales saw a 19% gain.

In Canada, BCE Emergis Inc. expects to report revenues of $390 million to $430 million in 2004, with earnings per share of 22¢ to 30¢. BCE Inc. also confirmed its financial forecasts for 2003, adding that it expects 2004 revenue growth comparable to 2003’s.

Meanwhile, in Wednesday trading, Tokyo’s Nikkei Average fell 219.17 points, or 2.1%, to 10,271.60. Hong Kong shares fell 2.1% as trading volume soared to a 34-month high.

At midday in London the FTSE100 is the only major European index in positive territory. It’s up 11.90 points, or 0.3% at 4344.90. The Paris CAC40 Index is down 19.19 points at 3,467.41. Frankfurt’s DAX is down 20.32 points to 3,845.66.

On Tuesday, Toronto stocks closed higher. The Toronto Stock Exchange’s S&P/TSX composite index closed 55.14 points, or 0.7%, higher at 7,987.25.

The Dow Jones industrial average jumped 106.74 points, to 10,129.56, its highest close since May 23, 2002.

The S&P 500 added 7.09 points to 1,075.13. The tech-heavy Nasdaq composite index added 6.03 points to close at 1,924.29.