Wall Street futures trading indicated U.S. stocks were likely to rise on Thursday amid optimism about the G20.

The meeting of G20 leaders officially kicked off in London on Wednesday evening, with U.S. President Barack Obama saying that disputes over government spending plans and efforts to overhaul financial regulation won’t stand in the way of significant action as world leaders attempt to address the global economic downturn.

In Thursday’s economic news, U.S. claims for state unemployment benefits jumped 12,000 to 669,000 last week to a 26-year high while total claims soared to a fresh record.

Here at home, the Canadian dollar opened at US79.97¢, up 0.67 of a cent from Wednesday’s close.

In today’s earnings news, Bombardier reported consolidated net income of US$309 million, or 17¢ a share for the quarter ended Jan. 31, up from year-earlier profits of $218 million, or 12¢ per share.

The company also said it will cut 3,000 jobs from its aerospace division in response to weakening demand for business aircraft in the coming year.

In commodities news, crude oil rose US$2.41 to US$50.80 a barrel in electronic trading on the New York Mercantile Exchange.

Overseas, Japan’s Nikkei stock average rose 4.4%.

European markets were higher as the European Central Bank cut its key rate by a quarter point to 1.25%.

The UK’s FTSE 100 rose 3.1%, Germany’s DAX index rose 4.4%, and France’s CAC-40 rose 4.2%.

Toronto stocks rallied at the start of the second quarter on Wednesday, as U.S. economic data signalled the recession may be easing.

The S&P/TSX composite index rose 221.43 points, or 2.54%, to close at 8,941.82.

All 10 TSX main groups ended higher.

The junior S&P/TSX Venture composite index gained 13.28 points, or 1.39%, to 970.09.

In New York, U.S. stocks climbed as factory and home sales data raised hopes recession is moderating.

Government data showed factory activity in March fell at a slower rate than the month before, while pending home sales rose more than expected in February.

The Dow Jones industrial average soared 152.68 points, or 2.01%, to 7,761.60. The S&P 500 rose 13.21 points, or 1.66%, to 811.08. The Nasdaq composite index added 23.01 points, or 1.51%, to 1,551.60.

IE