North American stocks will likely open mixed Thursday as crude oil prices continue to retreat.

North American markets plummeted Wednesday, as oil prices declined, inflation worries increased and investors scaled back their exposure to the markets after recent highs.

Crude-oil futures slipped 73¢ to US$62.06 a barrel in early trading Thursday on signs of ebbing demand.

Meanwhile, U.S. retailers reported tepid September sales, as many consumers stayed away from the shopping mall due to high energy costs and the economic impact of Hurricane Katrina.

In economic news, the U.S. Labor Department said initial jobless claims rose by 21,000 to 390,000, after seasonal adjustments, in the week that ended Oct. 1. Economists had expected the claims to fall by 6,000.

Here at home, Statistics Canada said contractors took out their highest level of building permits on record in August, as investment intentions by governments and businesses went through the roof.

Municipalities issued a record $5.4 billion in building permits, up 10.2% from July, and set a new record for non-residential permits.

In earnings news, graphics chipmaker ATI Technologies Inc. said today its fourth-quarter loss swelled to US$104 million after an inventory writedown totalling US$67 million. The loss for the quarter ended Aug. 31 amounted to 41¢ a diluted share and compared with a profit of US$61.2 million or 24¢ a share a year earlier/


Overseas, Asian and European equity markets fell. Japan’s Nikkei 225 plunged 2.4%, or 330.38, to end at 13359.51, following North American markets lower.

In London, the FTSE 100 index was down 1.1% in morning trading as investors worried about U.S. inflation and the European Central Bank and the Bank of England held interest rates steady.

The Dow industrials fell 123.75 points, or 1.19%, to 10317.36, its lowest level in three months. The Standard & Poor’s 500-stock index slid 18.08, or 1.49%, to 1196.39, and the Nasdaq Composite Index declined by 36.34, or 1.7%, to 2112.27.

On Wednesday, the S&P/TSX composite index tumbled 212.57 points , or 1.94%, to 10,748.57, as oil prices declined.

The junior S&P/TSX venture exchange fell 46.54 points, or 2.14%, to 2,124.09.

In New York, U.S. stocks were lower for a second day amid concerns over inflation and slowing economic growth.

The Dow Jones industrial average tumbled 123.75 points, or 1.19%, to 10,317.36, the S&P 500 index fell 18.08, or 1.49%, to 1,196.39, and the Nasdaq composite index fell 36.34, or 1.7%, to 2,103.02.