North American markets are expected open mixed as oil prices stay below US$60 a barrel ahead of a key U.S. inventory report.

Crude-oil prices fell 10 cents to US$59.61 a barrel in early trading Wednesday. A weekly petroleum inventories report due later today is expected to show an increase in crude and product stocks.

In economic news, data on September U.S. wholesale inventories are due at 10:00 ET. Economists expect a 0.3% rise in inventories.

There are no major economic releases from Statistics Canada today.

In today’s earnings news, brokerage Canaccord Capital said its net income grew by 150% in the second quarter of fiscal 2006 to $15.7 million on strong capital markets.

After the bell today, tech bellwether Cisco Systems is expected to show a modest gain in first-quarter profit and issue a cautious forecast.

In financial news, U.S. insurance giant American International Group said it will have to restate results again amid errors in areas in which it has already disclosed weaknesses, such as derivatives and tax accounting. AIG believes third-quarter results have been understated by US$500 million.

Overseas, European stock markets wobbled between gains and losses, while Japan’s Nikkei 225 ended a slight losing run with a 0.3% gain at 14,072.20.

On Tuesday, Toronto stocks declined as indications that the housing market might be cooling placed investors in a bearish mood.

The S&P/TSX composite index finished down 64.96 points , or 0.61%, to 10,616.22.

Canada Mortgage and Housing Corp. said the seasonally adjusted annual rate of housing starts in October was 206,700, down from 229,600 units in September.

In corporate news, Magna International Inc. reported an increase in third-quarter profit to $159 million from $132 million a year earlier. Shares fell $2.53, or 2.99%, to $82.05.

The junior S&P/TSX Venture composite index edged up 2.54 points, or 0.13%, to finish at 2,032.87.

In New York, investors sold on a forecast of lower sales from home builder Toll Brothers, raising fears of a decline in consumer spending.

The Dow Jones industrial average fell 46.51 points, or 0.44%, to 10,539.72, after four days of gains. The S&P500 index slipped 4.22, or 0.35%, to 1,218.59, and the Nasdaq composite index lost 6.17, or 0.28%, to 2,172.07.