Wall Street futures are up despite this morning’s weak report on U.S. durable goods orders. Trading is likely to be quiet ahead of the U.S. Federal Reserve’s interest rate announcement, due out at 14:15 ET. The Fed is widely expected to maintain short-term interest rates at four-decade lows.

Meanwhile earnings season continues and here in Canada before the market opened, Abitibi-Consolidated Inc. and BCE Emergis Inc. both reported quarterly losses. Nova Chemicals Corp. said it narrowed losses in the fourth quarter and Canadian National Railway Co said profits rose. Other companies expected to release results today include Fairmont Hotels., Methanex Corp. and Molson Inc..

There’s no economic data from Statistics Canada today. Instead investors are digesting the latest durable goods orders report. The U.S. Commerce Department is reporting that durable-goods orders were flat in December as a drop in demand for computers and metals offset an increase in motor vehicles.

Orders for durable goods, items meant to last three years or more, was unchanged at $181.44 billion last month, says Commerce. This report followed a 2.3% slide in November, and an increase in the three prior months. Economists had expected a 2.4% increase.

American data on new home sales is due out later this morning.

The Canadian dollar has surrendered much of Monday’s half-cent gain, trading down 0.37¢ at US76.25¢.

In London, the FTSE 100 index is up 0.3% at midday. The bourses in Paris and Frankfurt are up 0.4%.

Japan’s Nikkei stock average closed down 75.56 points, or 0.7%, at 10,852.47. Investors sold export-related issues following the yen’s latest gains against the U.S. dollar. Hong Kong’s Hang Seng index slumped 330.10 points, or 2.4%, to 13,431.78 due to selling of airline stocks and rising worries over bird flu, after China reported its first cases.

On Monday, Toronto’s S&P/TSX composite index closed down 6.74 points, or 0.08%, at 8,588.18 on Tuesday. The Dow industrials fell 92.59 points, or 0.87%, to 10,609.92, giving back most of Monday’s 134-point gain. The Nasdaq composite index gave back all of Monday’s advance and more. It fell 1.75%, or 37.79 points, to 2,116.04. The S&P 500 stock index fell 0.98%, or 11.32 points, to 1,144.05.