Stock futures climbed Thursday, as traders await details on U.S. President Bush’s plan to help subprime borrowers.

Bush is set to announce a plan to aid struggling homeowners avoid losing their properties.

Meanwhile, the Organization for Economic Co-operation and Development said a recession in the United States is unlikely even though tighter credit conditions and slowing housing markets worldwide will drag down the global economy in 2008.

U.S. retailers were posting mixed sales gains for November after two months of weak results. Wal-Mart Stores reported a 1.5% increase in U.S. same-store sales. Costco Wholesale beat expectations, posting a stronger-than-expected 9% rise in November same-store sales.

Here at home, the value of Canadian building permits remained above the $6 billion mark for the sixth month in a row in October, thanks to marked gains in commercial and institutional intentions and strong demand for multi-family units. Municipalities issued building permits worth $6.7 billion, up 6.8% from September, Statistics Canada reported today.

The Canadian dollar opened at US$98.27¢ this morning, down about one-fifth of a cent from Wednesday’s close.

In today’s earnings news, Royal Bank of Scotland Group Plc said it expects writedowns of nearly US$2.6 billion because of the subprime mortgage crisis in the United States.

On the interest rate front, The Bank of England cut its key interest rate for the first time in two years by a quarter percentage point to 5.5% from 5.75%. The European Central Bank, meanwhile, held its benchmark rate unchanged at 4%.

Overseas stock markets were stronger, with the Nikkei 225 rallying 1.7% in Tokyo and the FTSE 100 up 0.6% in London.

Toronto stocks soared higher in a broad-based rally on Wednesday on signs of an improving U.S. economy.

The S&P/TSX composite index shot up 154.92 points, or 1.14%, to 13,734.54.

The junior S&P/TSX Venture composite index slipped 2.22 points to 2,692.22.

In New York, stocks rose sharply after strong economic data calmed recession fears and helped halt a two-day sell-off.

The Dow Jones industrial average finished up 196.23 points, or 1.48%, at 13,444.96. The S&P 500 closed up 22.22 points, or 1.52%, at 1,485.01. The Nasdaq composite index added 46.53 points, or 1.78%, to 2,666.36.