International economic conditions bode well for North American stock markets early today, while the Canadian dollar traded at a 2005 high after a stable jobs report.

Employment rose a bit in August, but not enough to budge the overall unemployment rate from the 6.8 per cent level recorded in July, Statistics Canada reported. The Canadian dollar opened at 84.77 U.S. cents, up 0.16 of a cent. Yesterday, the loonie had risen 0.46 of a U.S. cent – one day after the Bank of Canada boosted interest rates by a quarter of a percentage point.

Wall Street futures also suggested a strong start to today’s regular trading. Crude oil prices have edged up again, boding well for action on the Toronto Stock Exchange. European indexes showed mixed results in early action.

Yesterday, Toronto stocks were down, with the energy sector ending lower despite a modest increase in the price of oil.

The S&P/TSX composite index finished down 32.82, or 0.30%, to 10,777.23.

Volume was 266 million shares.

Despite data showing U.S. petroleum inventories shrank by a little less than traders expected last week, light sweet crude for October delivery was up 12 U.S. cents to US$64.49 on the New York Mercantile Exchange. The energy index fell 0.19%

Seven of the 10 TSX main sub-groups were down on the day, with the information technology sector giving up 1.22%.

Nortel Networks dropped 13 cents, or 3.37%, to $3.73, while Research in Motion declined 67 cents, or 0.84%, to $78.78.

CanWest Global Communications Corp. said it will spin out its Canadian newspaper and media businesses – excluding the National Post – in a new income fund. CanWest Global shares were down 26 cents, or 1.72%, to $14.89.

Also, CI Financial reported it is pursuing possible conversion into income trust. Its shares jumped $2.60, or 12.09%, to $24.10.

In economic news, Industry Canada reported that both personal and business bankruptcies fell to 6,219 individuals and 518 businesses in July, compared with 7,403 and 625 in June.

Statistics Canada said second-quarter capacity use by industries edged up to 86.7%.

The Canadian dollar was up 0.46 of a U.S. cent to 84.61 cents.

The junior S&P/TSX venture exchange moved ahead 19.82, or 1.02%, to 1,972.27.

On Wall Street, markets dipped as investors took in disappointing economic and corporate news.

The Dow Jones industrial average was down 36.70 points, or 0.35%, at 10,596.80 and the S&P500 Index was down 4.42 points, or 0.36%, at 1,231.94. The Nasdaq Composite Index was down 5.68 points, or 0.26%, at 2,166.35.