North American stock markets look set to open higher Thursday as more quarterly profit reports poured in, while oil prices rose slightly.

Light sweet crude for September delivery rose 14¢ to US$74.08 US a barrel in electronic trading on the New York Mercantile Exchange.

In earnings news, Exxon Mobil reported strong earnings for the second quarter, as higher oil prices and improved refining margins continued to send the industry’s profits through the roof. Net income at the world’s No. 1 oil company jumped 36% to $US10.36 billion.

Other energy companies have also seen robust results. Royal Dutch Shell posted a 40% rise in net profit for the second quarter.

Petro-Canada said it is reducing its full-year production outlook after second-quarter profit rose 37% to $472 million, from a year-earlier $345 million, amid one-time tax gains.

DaimlerChrysler reported that its net profit more than doubled in the second quarter, as an improvement at its Mercedes unit and other businesses outweighed a slump at Chrysler.

Sony said it swung to a net profit in its first quarter, boosted by strong sales of flat-screen television sets and favorable foreign-exchange rates.

Sears Canada Inc.’s second-quarter profit climbed to $18.1 million from $10.9 million in the same quarter last year, even as revenues fell slightly, the retailer reported late Wednesday.

Western Oil Sands Inc. posted a loss of $22.8 million in the second quarter, reversing a profit of $28.7 million in the same period a year ago, as production dropped due to a maintenance shutdown at its joint venture in the Alberta oilsands.

In today’s economic news, the U.S. Commerce Department said June durable-goods orders rose by 3.1% to a seasonally adjusted $216.35 billion. The jump in overall orders surpassed Wall Street’s expectations of a 2% increase.

The U.S. Labor Department said initial jobless claims decreased by 7,000 to a seasonally adjusted 298,000 in the week ended July 22. Economists had projected jobless claims would rise by 6,000.

A report on June new home sales in the U.S. is slated for release at 10:00 ET.

Here at home, Statistics Canada reported that manufacturers remained resilient in their outlook for the third quarter, despite the Canadian dollar reaching levels not seen in almost three decades and increasing oil prices.

A modest improvement in the level of new orders and declining finished product inventories, saw manufacturers slightly more positive about production and employment prospects for the third quarter, the government agency said.

The Canadian dollar opened at US88.21¢, up 0.09 of a cent.

European indexes climbed in early action.

In Asia, Japan’s benchmark Nikkei 225 index rose 295.71 points, or 1.99%, to finish at 15,179.78 points.

In Hong Kong, the blue-chip Hang Seng Index rose 299.53 points, or 1.8%, to 16,916.77.

Toronto stocks rallied again Wednesday as energy and gold issues were helped by higher oil and bullion prices.

The S&P/TSX composite index closed up 124.95 points, or 1.06%, at 11,879.55.

Overall, seven of the 10 TSX main groups ended higher.


The junior S&P/TSX Venture composite index gained 23.71 points, or 0.94%, to close at 2,545. 08.

In New York, U.S. stocks finished little changed after a volatile session.

The Dow Jones industrial average was down 1.20 points, or 0.01%, to close at 11,102.51.

The S&P 500 was down just 0.48 of a point, or 0.04%, at 1,268.40. The Nasdaq composite index was down 3.44 points, or 0.17%, at 2,070.46.