Global indicators were mixed for North American stock markets early Thursday amid earnings reports and merger news.

In M&A news. Xstrata’s $4.6 billion bid for LionOre Mining International is facing competition from Norilsk Nickel, Russia’s largest mining and metals company, which announced today it plans to top the Swiss miner with a $5.3 billion offer, or $21.50 per share.

In today’s economic news, U.S. productivity grew 1.7% during the first quarter despite a steep slowdown in economic activity while labour costs remained in check.

The Institute of Supply Management’s report on the U.S. services sector for April is also due.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US90.27¢, up 0.07 of a cent.

In earnings, news, General Motors reported a first-quarter profit of US$62 million, its second straight quarter in the black but down sharply from a year ago.

In other market news, a report says the six largest banks in Canada are planning to band together and set up a new stock trading platform. The Globe and Mail says the alternative trading system would compete directly with the Toronto Stock Exchange .

Oil prices were little changed Thursday after U.S. government fuel stocks data showed gasoline supplies shrank less than expected, while crude stocks rose. Light sweet crude for June delivery edged up four cents to US$63.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.

Key European indexes were flat in early action.

In Hong Kong, the blue-chip Hang Seng Index rose 293.09 points, or 1.44%, to 20,681.58.

Japanese financial markets are closed Thursday and Friday for Japan’s Golden Week public holidays.

Toronto stocks shot ahead Tuesday, making up much of the losses of the previous two sessions, as investors cheered strong corporate news.

The S&P/TSX composite index rose 172.41, or 1.29%, to 13,578.74

The S&P TSX Venture composite index rose 35.24, or 1.09%, to 3,262.34.

In New York, markets rallied on strong corporate and economic news.

The Dow Jones industrial average gained 75.74, or 0.58%, to 13,211.88, a fresh record high. The Nasdaq composite index gained 26.31, or 1.04%, to 2,557.84, and the S&P500 gained 9.62, or 0.65%, to 1,495.92.