North American markets look headed for a higher start Friday morning despite a rise in crude-oil prices.

Crude-oil prices were up $1.07 to US$64.34 a barrel in early trading Friday.

There are no major economic releases from Canada or the United States today.

The Canadian dollar opened at US82.2¢, up 0.13 of a cent. On Thursday, the loonie fell 0.36 of a cent.

After the bell Thursday, Gap posted a 39% jump in net income after a big gain for the fiscal second quarter. But with its fashions still well off the mark, the retailer slashed its earnings forecast for the year.

In other business news, U.S. federal prosecutors have filed fraud charges against media executive David Radler and a lawyer for Hollinger International, the newspaper company formerly controlled by Conrad Black, for allegedly diverting US$32 million from shareholders through a series of phoney business deals. Radler, Hollinger lawyer Mark Kipnis and Ravelston Corp. Ltd., the private Toronto company that controlled Hollinger’s former global publishing empire, were each charged Thursday with five counts of mail fraud and two of wire fraud.

Overnight in Asia, stock markets retreated. The Nikkei 225 index dropped 15.64 points, or 0.1%, to finish at 12,291.73.

In Hong Kong, the Hang Seng index lost 109.48 points, or 0.7%, to 15,038.61.

Toronto stocks fell sharply Thursday dragged down by weakness in the heavyweight banks group and lower oil prices, which hit energy shares. The S&P/TSX composite index closed down 109.42 points, or 1.04%, at 10,391.30.

All of the TSX’s 10 subgroups ended lower, led by an 1.43% drop in the financial services sector.

Bank of Nova Scotia dropped 61¢ to $41.30 on a newspaper report that the bank’s proposed investment in the Bank of Punjab has fallen apart. Scotiabank had announced plans in February to buy a minority stake in the Indian bank

Shares of GMP Capital Inc. charged ahead $3.60, or 12.57%, to $32.25, after the brokerage holding company said it had unanimous approval from its board to convert itself into an income trust.

The energy group was off 0.84% as crude oil prices closed up 10¢ at US$63.35 a barrel, steadying somewhat after the sharp pullback in the previous session.

The junior S&P/TSX Venture composite index added 2.49 point, or 0.13%, to finish at 1,891.32.

On Wall Steet, U.S. stocks closed broadly lower on with further warnings of slowing spending at retailers.

The broad S&P 500 Index dropped 1.22 points, or 0.10%, to 1,219.02. The tech-heavy Nasdaq composite index dropped 9.07 points, or 0.42%, to 2,136.08.

The Dow Jones industrial average managed a gain of 4.22 points, or 0.04%, to 10,554.93. However, the bulk of its gain came from one stock, tobacco company Altria Group Inc, which surged 3.7% after investors got word of a possibly favorable legal development.