Stocks are expected to open higher Wednesday. Futures trading is positive so far this morning, as is trading among the European bourses.

The cautious optimism may be a reaction to the stance taken by the U.S. Federal Reserve, yesterday. Walking delicately as the American economy continues to show fragility, the Fed stuck to the status quo and held its key interest rate at a 41-year low. In fact, the central bank’s policymakers raised the possibility of further rate declines if business conditions don’t improve.

This approach to monetary policy runs contrary to the Bank of Canada’s, which has been hawkish about inflation. The gap between the Canadian and American economies continues to drive up the loonie, which is edging towards US72¢ this morning. The dollar has gained almost 4¢ since the beginning of April.

The latest report on American wholesale sales is due out later this morning, but investors are more likely to look to the jobless numbers coming out tomorrow and Canada’s employment report, which is due out on Friday.

Here in Canada, investors are examining the impact of an announcement by BCE chief executive, Michael Sabia, that Bell Canada will be reorganized into three business groups. The possibility of executive lay-offs has also been raised.

In Asia, Tokyo stocks rose for a fifth straight session. The Nikkei average added 26.21 points to 8,109.77 on hopes that government measures will lift stock prices that have hit 20-year lows in recent weeks. Hong Kong’s Hang Seng index added 11.83 points to 8,901.05.

In Europe at midday, London’s FTSE 100 index is up 31.1 points to 4,037.5. The German DAX is flat and the Paris CAC40 has edged up 0.4%.