Global indicators were mostly negative for North American stock markets early Wednesday after the previous day’s index gains, and ahead of today’s interest rate decision by the Bank of Canada.

The central bank is expected to leave its key overnight rate at 4.5% amid economic uncertainty related to the credit crunch.

The Canadian dollar opened at US94.79¢, down 0.5 of a cent after rising 0.61 of a cent Tuesday.

South of the border, today’s economic news includes the release of the Beige Book, which offers anecdotes from the U.S. Federal Reserve’s 12 regional banks.

In Europe, the Organization for Economic Cooperation and Development said that economic prospects in the U.S., Europe and Japan have become less buoyant and more uncertain.

In M&A news, Canadian Pacific Railway Ltd. said it will buy the Dakota, Minnesota & Eastern Railroad Corp. and its subsidiaries for US$1.48 billion in cash, gaining access to the coal-rich Powder River Basin in Wyoming.

Business software firm Cognos reported it has struck a deal to acquire analytics specialist Applix Inc. of Westborough, Mass., for $339 million.

In earnings news, sporting goods retailer The Forzani Group Ltd. said plans to pay out a fourth-quarter dividend after second-quarter profit jumped to a record $5.4 million from a year-ago $1.9 million.

In other business news, toymaker Mattel announced its third recall of toys made in China, this one for its signature Barbie brand.

Automakers reported higher Canadian sales for August as new models helped move more cars off dealer lots and into consumers’ driveways, with Ford of Canada leading the pack in growth as overall sales rose 8.7% over the same month last year.

Crude-oil futures rose 8¢ to US$75.16 a barrel. December-dated gold futures slipped $3.10 to US$688.40 an ounce.

Overseas, Asian markets ended mixed, with Japan’s Nikkei 225 falling 1.6%, marking its third straight loss.

European shares were weak in early trading. The German DAX 30 index lost 0.7% and the U.K.’s FTSE 100 index fell 0.6%.

Toronto stocks moved higher Tuesday, with strength in the resource sectors powering ahead the wider market.

The S&P/TSX composite index gained 94.75 points, or 0.69%, to 13,755.23.

The energy index gained 1.56%.

The materials sector gained 1.10%, while the gold sub-sector gained 1.83%.

The S&P/TSX Venture composite index rose 27.47 points, or 1.04%, to 2,675.28.

In New York, positive earnings reports alongside increasing investor confidence that the U.S. Federal Reserve would lower rates at its next meeting led to a strongly positive session on the key U.S. markets.

The Dow Jones industrial average gained 91.12 points, or 0.68%, to 13,448.86, the Nasdaq composite index shot ahead 33.88, or 1.30%, to 2,630.24, and the S&P500 rose 15.43, or 1.05%, to 1,489.42.