The biggest news for the Canadian market as investors and traders wake up from their Canada Day celebrations is that the World Health Organization has removed Toronto from its list of areas with recent local transmission of SARS.

This could be good news for Toronto’s economy, as summer goes into full swing.

Meanwhile, there are no major economic news releases in Canada or the U.S. today.

On Wall Street, futures are pointing to a positive open Wednesday.

In London, the FTSE is up at midday. The FTSE-100 is up 46.10 points at 4,010.00.

Overningt, Asian stock markets finished higher, sparked continued strength in U.S. financial markets. Tokyo shares surged on heavy buying by both domestic and foreign players, with the Nikkei ending above 9,500 for the first time since September. It added 313.75 points to close at 9,592.24.

Hong Kong shares closed slightly higher also on heavy trading. The Hang Seng Index edged up 25.50 points, or 0.3%, to 9,602.62.