Stocks are likely to idle at the start of trading, as investors look ahead to more reports on corporate earnings. There are no major economic releases from Statistics Canada this morning.

American consumers spent slightly less than expected in December, says the U.S. Commerce Department, but Commerce revised its November numbers with the result showing the American retailers benefited from a reasonable holiday shopping season.

Personal spending rose 0.4% in December. Analysts had been expecting a 0.5% gain. The department said personal income rose 0.2% after climbing 0.3% in November – in line with expectations.

The bad news is that the personal saving rate dipped to 1.3% in December from 1.5% in November, the lowest rate since December 2002.

The next item of economic data is due out at 10:00 ET, when the Institute for Supply Management’s manufacturing index and the U.S. Commerce Department’s construction spending data will be released. Economists forecast the ISM manufacturing index is to rise to 64.0 in January, the strongest reading in 20 years after December’s revised 63.4. The expectation for December construction spending is up 0.7% after November’s 1.2% gain.

In Toronto, traders will continue to watch tech stocks after Nortel Networks Corp surged to become the most valuable company on the TSX on Friday. It rose 18.5% to $10.38. However, analysts are cautioning investors not to get carried away with the hype.

On a lighter note Wiarton Wille, the ground hog, saw his shadow this morning; that mean’s six more weeks of winter for Canadian investors.

And later today, Prime Minister Paul Martin’s government will deliver its first speech from the throne, which opposition parties predict will contain little more than vague “pre-election promises.”

In Europe, shares are higher as talk of asset sales hoisted Swiss drug company Roche, but Vodafone kept a lid on gains due to concern the mobile phone giant may make a costly U.S. acquisition. London’s FTSE has added 0.13% to 4,397.2 points. Frankfurt’s DAX is up 0.48% at 4,077.83. The Paris CAC is up 0.88% to 3,670.88 points

In Asia, Tokyo’s Nikkei stock average closed seven points lower at 10,776.73. Fear that the deaths of two Vietnamese sisters meant the flu virus was now passing between people hit stocks in Hong Kong. The Hang Seng Index finished down 2%.

On Friday, the Toronto S&P/TSX composite index closed up 72.03 points, or 0.85%, at 8,521.39. The Dow Jones industrial average closed down 22.22 points, or 0.21%, at 10,488.07. The S&P 500 Index fell 2.98 points, or 0.26%, to 1,131.13. The Nasdaq composite index slid 2.08 points, or 0.10%, to 2,066.15.