Statistics Canada has some good economic news Wednesday morning. The composite leading index gained 0.3% in June. That’s slightly stronger than the growth over the past year.

Six of the index’s 10 components advanced — one more than in May. The recent stock market rebound, reinforced by the housing and services, served as major factors in the increases. The manufacturing component declined.

StasCan is also reporting that total capital spending in Canada on plant, equipment and housing should reach the $212.5 billion mark in 2003. That’s up 2.2% from the February forecast, according to revised intentions of public and private investment. This would represent a 4% increase from 2002, doubling the increase anticipated in first intentions announced in February.

Despite the drop in manufacturing element of the leading indicators index, manufacturing along with conventional oil and gas extraction is providing the strength in capital spending. But, says StatsCan, there is still no sign of renewed spending by the information and communication technology industries. Instead, the public sector and housing are contributing over half of the increase.

Housing investment alone is expected to rise 4.2% to $57.4 billion as a result of increases in the two major components: new housing and renovations. Businesses, governments and institutions are expected to invest $155.1 billion on plant and equipment, compared with $149.3 billion for 2002. This would be an increase of 3.9% from 2002.

On Wall Street, futures trading is indicating a slightly positive open as Q2 reporting season continues. Markets got a big boost yesterday from news that that Saddam Hussein’s two sons were killed in a firefight with U.S. soldiers in Iraq.

Overseas stock markets are mixed. London’s FTSE 100 index is up half of 1%, while the Frankfurt DAX is flat, and the Paris CAC 40 has edged up 0.25%.

Tokyo’s Nikkei average closed up 1.4%, at 9,615.34 overnight, following gains on Tuesday in U.S. technology stocks. In Hong Kong, the Hang Seng lost 1.1%, to 9,900.56.