Toronto's main stock index was set to edge higher at the open on Wednesday after European banks absorbed more than half a trillion euros as part of a European Central Bank effort to stabilize the euro-zone's financial system.
The Canadian dollar hiked 0.67 cents to 101.15 cents U.S.
Among Canadian stocks to watch this morning, trucker firm TransForce Inc. said its fourth-quarter profit rose by a fifth helped mainly by strong performance in its energy services and package and courier segments.
Europe's copper producer KGHM said Canada's Minister of Industry agreed for its takeover of the Canadian rival, Quadra FNX, clearing the last obstacle for the $3-billion deal.
What’s more, publisher Torstar Corp. reported that its earnings rose 77% in the fourth quarter, to $64.3 million or 81 cents a share, although it said that its revenue outlook for 2012 was uncertain.
U.S. index futures were higher with about two hours before markets open, suggesting that stocks will rise at the start of trading.
Futures for the Dow Jones industrial average rose 11 points or almost 0.1% to 13,008 -- meaning that the blue-chip index could move well above the 13,000-point threshold, a level it closed above on Tuesday for the first time since 2008. Futures for the broader S&P 500 rose 1.60 points or 0.1% to 1,373, while Nasdaq futures tacked on 5.25 points, or 0.2%, to 2,637.25
In Asia, Japan's Nikkei 225 was relatively unchanged in overnight trading.
In Europe, the U.K.'s FTSE 100 was down 0.1% and Germany's DAX index was up 0.5% in afternoon trading. While the European Central Bank's three-year loans to banks come as no surprise, the amount forwarded under the plan was slightly higher than observers had been expecting. Observers also caution, though, that the loans merely provide Europe with time to solve its debt crisis, rather than acting as a solution itself.
Meanwhile, the euro-zone's inflation rate retreated to 2.6% in January, at an annual rate, down from 2.7% in December, suggesting that some deflationary pressures are starting to build in the region.
Commodity prices were mixed. Crude oil rebounded slightly after a dip on Tuesday: It rose to $106.80 U.S. a barrel, up 0.3%.
Gold fell to $1,787 U.S. an ounce, down 0.1%.
