Some good news from the Canadian manufacturing sector will buoy investors this morning, while Wall Street futures point to another positive open for equity markets.

Statistics Canada reported Wednesday that manufacturers’ prices were up 1.3% in July. Unfortunately the positive effect of this increase was dampened by an improved Cnadian dollar. Prices dropped 1.6% on an annual basis, but if the affect of the Canadian dollar is removed, the Industrial Product Price Index would have risen 1%.

From a monthly perspective, higher prices for motor vehicles and other transport equipment (+2.9%), lumber and other wood products (+3.6%) and primary metal products (+2.3%) were the major contributors to the increase in the IPPI. Prices for petroleum products also rose (+1.6%), as well as those for electrical and communication products (+1.7%). However, prices for meat, fish and dairy products were down 2.4% from June.

As expected the Bank of Canada has cut rates by 25 basis points to 2.75%. The markets expected the cut and have already discounted for it.

Tokyo and Hong Kong soared to their highest finishes in 14 months on the back of Wall Street’s gains yesterday. Japan’s Nikkei Stock Average gained 25.61 points, or 0.24%, to 10,715.69.

In Hong Kong, the Hang Seng Index surged 162.42 points, or 1.48%, to 11,102.36, its highest close since June 13, 2002.

In Europe at midday, London’s FTSE 100 is up 1.66% . Frankfurt’s DAX is up 0.06% and Paris’s CAC 40 has gained 0.21%.

At 10:00 ET a report on July construction spending in the U.S. will be released, though it’s likely to be overshadowed by the Federal Reserve’s beige book, a collection of anecdotal reports from business contacts in the Fed’s 12 districts. The Beige Book is due out at 14:00 ET.

On Tuesday, the S&P/TSX composite index rose 56.54 points to 7,566.86.

The Dow Jones industrial average rose 107.45 points, or 1.14%, to 9,523.27. The broader S&P 500 was up 13.98 points, or 1.39%, at 1,021.99. The tech-heavy Nasdaq composite index added 31.03 points, or 1.71%, to 1,841.48.