Markets are likely to be quiet until the Federal Reserve Chairman Alan Greenspan delivers his assessment of U.S. economic conditions to Congress.
Greenspan is scheduled to make presentations to Congress today and tomorrow.

Investors are hoping for signs that it will be some time before the Fed raises interest rates.

Meanwhile, Wall Street futures are up on news that Comcast, the biggest cable company in America made has made a bid to merger with Walt Disney, in a stock swap that the broadband cable concern says is worth US$54 billion.

In Canada, the only piece of economic data out is the new housing price index, which rose 0.3% in December, down from November’s increase of 0.7%. For the third consecutive month, this index of contractors’ selling prices advanced 5.0% on a 12-month basis. Prices were up in 13 of the 21 urban centres surveyed. Halifax and Kitchener led the way with monthly increases of 1.2%, followed by Calgary (+1.1%), London (+1.0%) and Winnipeg (+0.9%).

In Canadian corporate news, Noranda is reporting that higher nickel and copper prices and improved production produced a $64 million profit in the fourth quarter. That pulled Noranda into a $34 million profit for the full year.

At midday in Europe, London’s FTSE100 Share Index is down 14.70, or 0.3%, 4,390.20. The Paris CAC40 Index has added 2.36 to 3,670.81. Frankfurt’s Xetra Dax Index is up 3.72, or 0.1%, to 4,114.52.

In Japan, the Tokyo market was closed for the National Foundation Day holiday. Hong Kong shares were almost flat as profit-taking continued. The Hang Seng Index edged up 9.1 points, or 0.1%, to 13,524.76.

On Tuesday, the Toronto S&P/TSX composite stock rose 56.31 points to 8,751.51, after a move by OPEC to trim its output by 10% pushed the oil and gas sector up 2.15%.

New York’s Dow Jones industrial average added 34.82 points to 10,613.85. The Nasdaq composite index rose 14.76 at 2,075.33 and the S&P 500 edged up 5.73 points higher at 1,145.54.