The Canadian Press

The Toronto stock market could find early lift from the commodity sector as strong manufacturing data boosted hopes for global economic recovery.

But market performance will likely be held back by tech sector heavyweight Research In Motion Ltd. (TSX:RIM) after the BlackBerry maker missed expectations in the latest quarter.

RIM earned US$710.1 million or $1.27 per share for the quarter ended Feb. 27 compared with a profit of US$518.3 million or 90 cents per diluted share a year ago. Revenue in what was the company’s fourth quarter totalled US$4.08 billion, up from US$3.46 billion.

Analysts had expected earnings of $1.28 per share and revenue of $4.31 billion. RIM stock was down about 5% in pre-market trading in New York.

The Canadian dollar rose 0.42 of a cent to 98.86 cents US.

New York futures were positive as manufacturing data from around the world reinforced optimism about the global economic recovery.

The Dow Jones industrial futures gained 52 points to 10,849, the Nasdaq futures were ahead 5.75 points to 1,961.5 while the S&P 500 gained 5.2 points to 1,170.4.

Oil prices extended a two-month rally to rise above $84 a barrel Thursday, with the May crude contract ahead 85 cents to US$84.62.

Oil prices have jumped from $69 a barrel in early February on investor expectations that a gradual recovery in the U.S. economy this year will eventually boost crude consumption.

So far, however, demand remains sluggish. The Energy Information Administration said crude inventories rose by 2.9 million barrels last week, slightly more than analysts expected.

Metal prices also advanced with the June bullion contract on the New York Mercantile Exchange ahead $3.60 to US$1,116.90 an ounce. May copper added four cents to US$3.59 a pound.

Manufacturing surveys for the eurozone, Britain and China all outperformed expectations — in the case of the eurozone, manufacturing activity was at a 40-month high in March.

“European numbers added further weight to the hopes that the global economic recovery is gathering momentum,” said Jane Foley, research director at Forex.com in London.

In Japan, the closely watched Tankan report showed companies’ confidence rose for a fourth straight quarter — in fact, it was the most upbeat Tankan survey since before Lehman Brothers’ collapse in September, 2008.

Taken together, the reports suggested international trade was on the mend and contributed to a growing belief the global economy can avoid slipping back into recession.

Investors will be looking to see if the monthly U.S. manufacturing survey from the Institute for Supply Management, due later in the day, is equally rosy.

The TSX will also likely find early support from Bombardier Inc. (TSX:BBD.B). The transportation giant reported its net income fell to US$179 million in the latest quarter from $312 million a year earlier. The fourth-quarter profit, reported in U.S. currency, amounted to 10 cents per share — a penny below analyst estimates. Revenue of US$5.35 billion, down slightly from a year ago, met estimates and its shares were up about 2% in New York.

Markets closed lower on Wednesday amid disappointing U.S. jobs survey from the private payrolls firm ADP, which suggested that official government figures Friday will come in below expectations

Traditionally, the nonfarm payrolls data set the market tone for a week or two but this month’s figures will be released as many traders head off for the Easter break. All major stock indexes in Europe, Canada and the U.S. are closed for Good Friday, suggesting that most of the initial reaction to the payrolls data will be seen in the currency markets.

Before the ADP report, the consensus in the markets was for a net gain in payrolls of around 170,000 jobs in March, but analysts are now less confident that the U.S. economy created that many jobs.

Earlier in Asia, Japan’s benchmark Nikkei 225 stock average gained 1.4% while Hong Kong’s market index rose 1.4%.

London’s FTSE 100 index gained 0.58%, Frankfurt’s DAX was up 0.88% while the Paris CAC 40 rose 1.08%.

In other earnings news, troubled insurer Kingsway Financial Services Inc. (TSX:KFS) is reporting a quarterly net loss of $75.5 million, or $1.46 per diluted share. Kingsway, which focuses on non-standard automobile insurance in the United States, said that both its gross and net premiums written in the fourth quarter of 2009 dropped by 30% and 33%, respectively, compared to the year-ago period.