Global indicators for stocks were mostly negative early Wednesday, with oil prices up more than US$1 a barrel on increased tension in the Persian Gulf.

Light sweet crude for May delivery on the New York Mercantile Exchange rose US$1.17 to US$64.10 a barrel in electronic trading by midday in Europe.

In today’s economic news, traders are looking ahead to congressional testimony from U.S. Federal Reserve chairman Ben Bernanke about the economy.

Meanwhile, orders for durable goods increased by 2.5% last month to a seasonally adjusted US$206.95 billion, the U.S. Commerce Department said today. Durables, which are goods designed to last at least three years, fell 9.3% in January, revised from a previously estimated 8.7% decrease.

Weekly energy inventory data also are due for release.

Here at home, the Canadian dollar opened at US86.22¢, down 0.21 of a cent.

In today’s earnings news, Bombardier Inc. said its fourth-quarter profit rose to US$112 million from a year-earlier $86 million as new orders produced a record-high backlog.

Bus manufacturer New Flyer Industries Inc. reported quarter double-digit revenue growth in the fourth quarter from its sales of new vehicles and repair parts. But the company ended up with a $22.2 million net loss for the quarter ended Dec. 31 and a $4.9-million net loss for fiscal 2006 and a depleted cash balance on its books at the end of 2006.

Overseas, the UK’s FTSE 100 slipped 0.02%, Germany’s DAX index was down 0.4% and France’s CAC 40 declined 0.33%.

Asian markets sank, hurt by a drop on Wall Street and lingering concerns about the U.S. economy, although Chinese stocks climbed to their sixth record in a row.

Tokyo’s benchmark Nikkei 225 index shed 110.32 points, or 0.64%, to finish at 17,254.73 on the Tokyo Stock Exchange.

In Hong Kong, the blue chip Hang Seng Index fell 152.92 points, or 0.8%, to 19,553.87.

On Tuesday, Toronto stocks moved lower as weakness in the resources sector led the broader market down.

The S&P/TSX composite index lost 84.12 points, or 0.63%, to 13,218.76.

Nine of the 10 TSX main groups moved down.

In its first day of trading on the TSX, Montreal Exchange saw its shares rise $1.15, or 2.56%, to $46.15.

The S&P TSX Venture composite index slipped 6.80 points, or 0.21%, to 3,168.23.

In New York, markets turned lower as investors reacted to weak indicators coming from the real estate sector, including a report of falling home prices and continued concerns over the subprime mortgage sector.

The Dow Jones industrial average lost 71.78 points, or 0.58%, to 12,397.29, the Nasdaq composite index declined 18.20, or 0.74%, to 2,437.43, the S&P500 retreated 8.89, or 0.62%, to 1,428.61.