North American stocks may open higher Wednesday after General Motors posted second-quarter revenue growth well ahead of forecast despite a big loss.

GM reported a wider net loss of US$3.18 billion for the second quarter, as it booked heavy costs related to its push to cut jobs. But the auto maker said revenue rose 12% to a record US$54.4 billion and raised its cost-cutting target.

Japan’s Honda Motor, however, reported a better-than-forecast 30% profit rise.

Methanex posted a second-quarter profit of US$82.1 million, up from US$62.9 million in the same period a year ago.

High oil prices boosted Canadian Oil Sands Trust’s second-quarter profits by 54%, but troubles with its new oilsands upgrader have led to a further drop in annual production forecasts.

In M&A news, Hewlett-Packard said it will pay $4.5 billion to buy business-software maker Mercury Interactive, in the first big acquisition under H-P Chief Executive Mark Hurd.

Crude-oil futures rose 34¢ to US$74.09 a barrel early Wednesday before weekly inventory data.

The Canadian dollar opened at US87.81¢, up 0.19 of a cent.

European stock markets rose. The FTSE 100 in London rose 0.2%.

Asian markets were mixed as investors digested a flurry of earnings reports, with Japanese shares slipping, Hong Kong edging up and India rising sharply.

Tokyo’s benchmark Nikkei 225 index fell 121.17 points, or 0.81%, to finish at 14,884.07 points.

In Hong Kong, the blue-chip Hang Seng Index rose 33.38 points, or 0.2%, to 16,617.24.

The Toronto Stock Exchange’s main index surged 130 points on Tuesday, driven by robust earnings reports.

The S&P/TSX composite index closed up 129.44 points, or 0.97%, at 11,754.60.

Eight of the TSX index’s 10 main groups ended higher.


The junior S&P/TSX Venture composite index climbed 20.76 points, or 0.83%, to 2,521.37.

U.S. stocks finished higher after a late-day rally as a robust profit from AT&T Inc. and a sharp drop in oil prices overcame some worries about the economy.

The Dow Jones industrial average rose 52.66 points, or 0.48%, to end at 11,103.71. The S&P 500 gained 7.97 points, or 0.63%, to finish at 1,268.88. The Nasdaq composite index climbed 12.06 points, or 0.58%, to close at 2,073.90.