North American markets look set to climb at the open Wednesday, helped by Time Warner’s strong earnings and a decline in oil prices.

Time Warner’s net income rose 80% in the third quarter, bolstered by growth in the company’s cable and networks divisions.

Crude-oil prices fell 32¢ to US$59.53 a barrel early Wednesday as mild weather in the northeastern U.S. curbed demand for heating oil.

There are no major economic releases from Statistics Canada today.

Overseas, the Nikkei 225 ended up 0.2% at 13894.78, and European markets were mixed. London’s FTSE 100 slipped 0.1% recently.

In other earnings news, Nortel Networks slashed its third-quarter loss to US$105 million from a year-earlier US$259 million.

BCE Inc.said its third-quarter profit jumped to $441 million from $82 million a year earlier, when there was a huge restructuring charge.

Talisman Energy Inc. said its third-quarter profit more than tripled to $430 million, from a year-earlier $122 million, on higher fuel prices and record-high production.

Rockwater Capital Corp. said its net earnings grew to $2.5 million for the quarter from $500,000 in the third quarter of 2004.

Overseas, the Japanese Nikkei 225 ended up 0.2% at 13,894.78, and European markets were mixed. London’s FTSE 100 slipped 0.1% recently.

On Tuesday, Toronto stocks ended slightly higher as gains in the energy sector were soffset by market caution arising from the U.S. Federal Reserve’s decision to continue raising its key rate.

The S&P/TSX composite index finished up 7.43 points, or 0.07%, to 10,390.75.

The junior S&P/TSX Venture composite index finished down 8.05 points, or 0.40%, to 1,985.51.

In the U.S., the Fed announced it was be increasing its funds rate to 4%, a quarter point increase, and suggested it wasn’t ready to abandon its current hawkish direction. This was the 12th consecutive time the Fed decided to lift the key rate a quarter point.

The Dow Jones industrial average finished down 33.3 points at 10,406.77, the Nasdaq composite index fell 6.25 points to 2,114.05 while the S&P 500 index was off 4.25 points at 1,202.76.