North American stocks are expected to open lower Wednesday after Intel announced major job cuts and Ford Motor named a new chief executive.

Here at home, the Bank of Canada is set to announce its latest decision on interest rates before markets open. Economists expect the central bank to leave its key rate unchanged.

There are no major economic announcements from Statistics Canada today.

The Canadian dollar opened at US89.93¢, down 0.02 of a cent.

Intel said it plans to cut 10,500 jobs, or about 10% of its work force, as part of the most significant restructuring at the chip giant since the 1980s. Intel said the restructuring moves, which include sales of underperforming business units, should generate US$2 billion in cost savings in 2007.

In other news, Ford named senior Boeing executive Alan Mulally as its new president and CEO.

In U.S. economic news, business productivity grew at an upwardly revised 1.6% annual rate in the second quarter, the U.S. Labor Department said today in a report that showed worker compensation rising much more swiftly than earlier estimates.

Analysts had expected productivity to show a 1.5% improvement in the period.

The Institute of Supply Management’s nonmanufacturing survey, due for release at 10 a.m., is expected to edge higher to 55.4% in August from 54.8% in July, and the Federal Reserve’s Beige Book report is slated for release at 2 p.m.

Crude-oil prices fell 64¢ to US$67.96 a barrel.

Overseas, Asian and European markets were mostly lower.

Tokyo’s Nikkei 225 index fell 101.87 points, or 0.62%, to 16,284.09 points.

In Hong Kong, the Hang Seng Index fell 180.29 points, or 1%, to 17,258.51.

The German DAX 30 was down 0.2% in late-morning trading.

Toronto stocks finished higher Tuesday, with gains led by mining stocks. The S&P/TSX composite index closed up 53.53 points, or 0.44%, at 12,198.63,

The mining sector itself climbed 2.7%, following news that makes Brazil’s Companhia Vale do Rio Doce the likely winner in the bid for nickel giant Inco Ltd.

The gold sector rose almost 3% with the December bullion contract in New York up $14.30 to US$646.90 an ounce.

The junior S&P/TSX Venture composite index advanced 52.3 points, or 1.89%, to 2,813.59.

In New York, markets were slightly higher with tech stocks in the lead.

The Dow Jones industrials index edged 5.13 points higher, or 0.04%, to 11,469.28.

The tech-heay Nasdaq composite index climbed 12.54 points, or 0.57%, to 2,205.7 while the S&P 500 index was ahead 2.25 points, or 0.17%, to 1,313.25.