U.S. stock futures pointed to a lower open Thursday, after American International Group reported a worse-than-forecast US$5.36 billion loss on more mortgage-related write-downs after the close of trading Wednesday.

In today’s economic news, the number of U.S. workers filing new claims for unemployment benefits unexpectedly rose last week to a six-year high. Initial claims for unemployment benefits rose 7,000 to 455,000 after seasonal adjustments in the week ended Aug. 2, the U.S. Labour Department said today. That’s the highest level since March 2002. Economists expected a 20,000 decline.

Here at home, Statistics Canada reported that the total value of June building permits fell 5.3% from May to $6.3 billion, as construction intentions decreased in both the residential and non-residential sectors and in several provinces. In constant dollars, the decline was about the same magnitude at 5.5%.

The Canadian dollar opened at US95.46¢, up 0.01 of a cent from Wednesday’s close.

In other earnings news, Toyota Motor reported a 28% profit fall in the April-to-June quarter.

Canadian grocery chain Metro Inc. reported its net income rose to $92.6 million in its latest quarter. The chain also announced a major rebranding initiative that will cost $200 million.

Crude-oil futures regained the US$120 a barrel mark, rising US$2 on supply fears on news that a key oil pipeline supplying crude to Europe could be shut for five weeks following an explosion Tuesday.

Overseas, The European Central Bank and the Bank of England left their key interest rates on hold at 4.25% and 5%, respectively, as both banks consider how to steer their economies between the shoals of mounting inflation and slowing growth.

European bourses shook off early losses to trade higher. The UK’s FTSE 100 was up 0.52%, Germany’s DAX index was up 0.76%, and France’s CAC-40 was up 1.20%.

In Asia, Japan’s Nikkei stock average fell 0.98%.

The benchmark index of the Toronto Stock Exchange climbed sharply higher on Wednesday as resources shares rallied.

The S&P/TSX composite index closed up 211.31 points, or 1.6%, at 13,453.51. Eight of the 10 main TSX sectors ended higher.

The junior S&P/TSX Venture composite index rose 6.02 points, or 0.28%, to finish at 2,148.46.

On Wall Street, U.S. stocks rose as a further drop in oil prices and positive outlook from tech bellwether Cisco Systems overshadowed credit concerns.

The Dow Jones industrial average rose 40.30 points, or 0.35%, to 11,656.07, while the S&P 500 gained 4.30 points, or 0.33%, to 1,289.18.

The tech-heavy Nasdaq composite index added 28.54 points, or 1.21%, to 2,378.37.