The Toronto stock market was in for a higher open Thursday amid some upbeat economic news from the eurozone and China along with another busy day for corporate earnings in Canada and the U.S.

The Canadian dollar rose 0.07 of a cent to 89.01 cents US.

Better than expected earnings from General Motors and Caterpillar helped push U.S. futures higher with the Dow Jones industrial futures ahead 137 points to 16,562, the Nasdaq futures rose 34.7 points to 3,984 and the S&P 500 futures climbed 14.3 points to 1,939.4.

Buyers were encouraged after financial information company Markit said its composite purchasing managers’ index for the eurozone — a gauge of business activity across the manufacturing and services sectors — rose to 52.2 points in October from 52.0 in September. Anything above 50 indicates expansion.

A major reason for the selloff on stock markets during September and October was worry about the state of the global economy and more particularly if the eurozone was about to slip back into recession.

Also, HSBC’s preliminary version of an index based on a survey of Chinese factory purchasing managers rose to 50.4 from 50.2 in September. HSBC’s chief China economist Hongbin Qu said manufacturing likely stabilized in October but the world’s No. 2 economy continues to show signs of “insufficient” demand.

Among the heavy slate of earnings news Thursday morning, Rogers Communications Inc. (TSX:RCI.B) handed in adjusted earnings of $405 million or 78 cents a share — six cents below estimates. Revenue was $3.25 billion, up slightly from $3.22 billion in the third quarter of 2013, and within estimates.

Potash Corporation of Saskatchewan Inc. (TSX:POT) (NYSE:POT) is reporting $317 million of net income, or 38 cents per share, in the third quarter, which was five cents below estimates. Revenue of $1.6 billion beat estimates of $1.53 billion. Its shares were down 1.1 per cent in pre-market trading in New York amid a weak outlook.

In the U.S., General Motors’ third-quarter profit nearly doubled as strong earnings in North America and China outweighed struggles in Europe and South America. GM posted a net profit of $1.38 billion, or 81 cents per share. Ex-items, earnings were 97 cents a share, beating estimates of 95 cents. Revenue grew two per cent to $39.25 billion, beating expectations of $38.79 billion and its shares were up 2.2 per cent ahead of the open.

Shares in Caterpillar Inc. jumped almost five per cent in pre-market trading as the heavy equipment maker reported third-quarter profit of $1.02 billion or $1.63 a share. Earnings ex-items were $1.72 a share, easily breezing past expectations of $1.33 a share. Caterpillar also posted revenue of $13.55 billion in the period, surpassing street forecasts of $13.37 billion.

North American markets closed sharply lower Wednesday as Toronto and New York gave back a chunk of gains collected over the previous few days, with the TSX down 236 points and the Dow down 154 points.

But analysts have warned that there is no assurance that markets have found a bottom in the course of this correction and volatility will be a fact of life for awhile yet.

Prices were mixed on commodity markets with December crude ahead $1.03 to US$81.55 a barrel after data showing U.S. inventories much higher than expected last week and a higher U.S. currency pushed oil prices to a two-year low.

December copper gained two cents to US$3.04 a pound while December bullion fall $10.10 to US$1,235.40 an ounce.