U.S. stock futures were weaker Thursday while Canadian investors digested news that higher gasoline prices boosted consumer inflation in July.

Consumer prices rose 3.4% in July 2008 compared with July 2007, an increase from the 3.1% rise recorded in the 12 months to June 2008, Statistics Canada reported today. Higher gasoline prices continued to exert the strongest upward pressure on consumer prices.

Separately, StatsCan said Canadian corporations earned $69.4 billion in operating profits in the second quarter of 2008, up 2.5% from the first quarter, helped by an increase in commodity prices.

The Canadian dollar opened at US94.59 ¢ on Thursday, up 0.36 of a cent.

South of the border, the number of workers filing new claims for state unemployment benefits fell for a second consecutive week, after hitting six-year high.

Initial claims for jobless benefits fell 13,000 to a seasonally adjusted 432,000 in the week ended August 16, the U.S. Labour Department said today. Economists had expected claims would drop by 15,000.

Light, sweet crude for October delivery was up US$1.37 at US$116.93 a barrel in electronic trading on the New York Mercantile Exchange.

Gold futures rose US$8.30 to US$819.10 an ounce.

Overseas, Asian stock markets closed lower.

The benchmark Shanghai Composite Index shed 3.6% to 2,431.72, and Hong Kong’s Hang Seng Index fell 2.6% to 20,392.06.

In Tokyo, the benchmark Nikkei 225 index lost 99.48 points, or 0.77%, to close at 12,752.21/

On Wednesday, the benchmark index of the Toronto Stock Exchange surged 2%, as energy and resources shares rallied.

The S&P/TSX composite index jumped 286.29 points, or 2.19%, to close at 13,350.14. All 10 of the TSX main groups finished higher.

The junior S&P/TSX Venture composite index gained 18.02 points, or 0.95%, to end at 1,919.75.

In New York, U.S. stocks rose after Hewlett-Packard posted reassuring results and bank shares rebounded.

The Dow Jones industrial average rose 68.88 points, or 0.61%, to 11, 417.43. The S&P 500 gained 7.85 points, or 0.62%, to 1,274.54, and the tech-heavy Nasdaq composite index added 4.72 points, or 0.20%, to 2,389.08.