North American stocks are likely to slide Wednesday as crude-oil prices edge close to $75 a barrel.

The Canadian dollar opened at US90.43¢, up 0.05 of a cent one day after the Conservative government unveiled a federal budget that features numerous tax cuts.

Oil prices rose 3¢ to US$74.64 a barrel in early trading amid concerns that Iran could cut supplies because of international pressure to modify its nuclear program. Also contributing to the upward trend were an expected decline in gasoline stocks when U.S. weekly energy data are released later today.

In earnings news, Time Warner said its first-quarter net income rose 59% on strength in its cable-TV division. The world’s largest media company, by market capitalization and revenue, recorded revenue of US$10.46 billion, up slightly from the year-ago period.

BCE Inc. said its first-quarter profit edged up to $477 million, from a year-earlier $474 million, despite an $88 million charge for restructuring.

Torstar Corp. reported sharply lower net profits in the first quarter, while revenues fell slightly, from last year, when the company posted one-time currency gains and other benefits.

Procter & Gamble’s net income rose 37% in the first quarter on 21% growth in revenue, helped by the integration of Gillette, which it acquired last year.

Deutsche Bank’s first-quarter net profit rose 55% and pretax profit hit a record high as its investment-bank operations benefited from favorable market conditions during the period.

Later this morning, data on ISM services for April and March factory orders will be released, and U.S. Federal Reserve Chairman Ben Bernanke is due to speak.

Overseas, European markets headed lower after early gains, while markets in Japan and China were shut for the Golden Week holiday.

In Hong Kong, the blue-chip Hang Seng Index rose 158.94 points, or 0.9%, to 17,026.98, topping 17,000 for the first time since September 2000.

Toronto stocks rose Tuesday, buoyed along by the energy, gold and information technology indices, while the Canadian dollar hit its highest level in 28 years.

The S&P/TSX composite index gained 39.9, or 0.33%, to 12,274.46.

The Canadian dollar gained .55 of a cent to settle at US90.38¢ — its highest close since June 1978.

The S&P/TSX Venture composite index lifted 10.33, or 0.33%, to 3,140.32.

In New York, strong corporate earnings and higher commodity prices boosted markets to multi-year highs.

The Dow industrials rose 73.16 points to 11,416.5, its best close in more than six years. The Nasdaq composite index rose 5.05 points to 2,309.84. The S&P 500 gained 8.02, or 0.61%, to 1,313.21, its best level in more than five years.