North American stocks may get off to a slow start Thursday ahead of a key report on U.S. manufacturing sentiment.

At 10:00 ET, the Institute of Supply Management’s May poll of U.S. manufacturers is expected to slow to 55.8% from 57.3%. Any figure above 50% points to economic expansion.

The equivalent poll of euro-zone manufacturing sentiment rose to 57.0 from 56.7, its highest level since August 2000, reinforcing expectations that the European Central Bank will lift its key interest rate by at least a quarter-point at next week’s meeting.

Here at home, Statistics Canada said employment in Canada increased for a 13th consecutive year in 2005, the longest stretch of employment gains since the large-scale increases of the 1960s and 1970s. Over the last 13 years, employment growth has averaged 2.0% per year, according to a new report on Canada’s labour market.

The Canadian dollar opened at US90.37¢, down 0.42 of a cent.

Also on the U.S. economic calendar are weekly jobless claims and nonfarm labor productivity, followed by pending home sales and construction spending.

Most U.S. retailers posted sales gains for May, but some troubling signs emerged as consumers grappled with high gasoline prices after spending freely in April. Department stores surged, with Nordstrom, Federated and J.C. Penney posting strong gains. Same-store sales at Wal-Mart rose 2.3%, less than expected, while Target jumped up 5.7%.

Auto sales also are due for release. Manufacturers will post their May U.S. sales Thursday, with analysts expecting a steady month for the overall industry as the Japanese again wrestle market share away from struggling domestic manufacturers.

In Caracas, Venezuela, President Hugo Chavez is hosting a meeting of the Organization of Petroleum Exporting Countries. Expectations are that the cartel will leave its production quota of 28 million barrels of oil a day unchanged. Crude-oil futures slipped 77 cents a barrel to US$70.52 in electronic trading ahead of weekly U.S. supplies figures due out later in the morning.

In company news, Sun Microsystems late Wednesday said it would cut between 4,000 and 5,000 jobs over the next six months in a move that could save it US$500 million annually.

Tundra Semiconductor Corp. is paying $14 million in cash and stock for Silicon Logic Engineering Inc. of Eau Claire, Wis.

Xceed Mortgage Corp. said today it is increasing its dividend for the fourth-straight quarter even as second-quarter profit slipped to $3.3 million from a year earlier $3.4 million with stiffer competition.

Overseas, the Bank of China’s $9.7 billion initial public offering was well-received, with the stock rising more than 15% in Hong Kong trading. The Hong Kong market ended lower overall, while Japanese stocks advanced slightly.

In Tokyo, the Nikkei 225 index rose 36.41 points, or 0.24%, to finish at 15,503.74 points.

In Hong Kong, the blue-chip Hang Seng Index fell 212.62 points, or 1.3%, to 15,645.27.

Moderate losses were seen in European stock markets.

Toronto stocks closed higher Wednesday, with a rebound in resource stocks, and despite a drop in the financials index.

The S&P/TSX composite index gained 39.11, or 0.33%, to 11,744.52.

Seven of the 10 TSX main sub-groups were up on the session.

The S&P/TSX Venture Exchange index moved up 8.90 points, or 0.31%, to 2,835.10.

In New York, markets were up despite worries over inflation, interest rates and a possible slowdown in the economy.

The Dow Jones industrial average rose 73.88 points to 11,168.31. The Nasdaq composite rose 14.14 points to 2,178.88. The S&P 500 Index gained 10.25 points to 1,270.09.