The Canadian Press

The Toronto stock market appeared to be heading for a slightly higher open amid economic optimism, following positive news from the United States and Europe.

U.S. futures also pointed to a positive open after a report Monday showed upbeat consumer spending figures while in the United Kingdom, official data showed the country emerged from recession at a faster pace than previously estimated.

U.K. economic output estimates for the fourth quarter were revised upward for a second time, to 0.4% on the quarter from 0.3% previously and 0.1% in the initial estimate.

“The economic climate seems to be stabilizing,” said analysts at Credit Agricole CIB in London in a research note.

The Dow Jones industrial futures gained 12 points to 10,841, the Nasdaq futures were up 5.5 points to 1,965.75 and the S&P 500 futures rose two points to 1,170.8.

Most commodity prices moved slightly higher, with the May crude contract on the New York Mercantile Exchange ahead 23 cents to US$82.40 a barrel.

The May copper contract on the Nymex added a cent to US$3.55 a pound while gold dipped 30 cents to US$1,110 an ounce.

The Canadian dollar rose 0.22 of a cent to 98.19 cents US.

The TSX gained 72 points on Monday as oil and metal prices ran up sharply amid a weaker U.S. dollar and data showing that U.S. consumer spending, which accounts for three quarters of the world’s largest economy, rose for a fifth consecutive month in February, by 0.3%.

Later in the morning, investors will take in the U.S. Conference Board’s latest reading on consumer confidence. Economists believe the index likely rose to 50 in March from 46 in February.

While the expected reading would indicate growth, it is far from signalling a healthy economy. A reading above 90 means the economy is on solid footing.

Concerns about the debt crisis in Greece remained even after the country managed to raise euro5 billion (US$6.74 billion) on Monday. While the issue showed Greece could raise money, the bids were not particularly high — totalling 7 billion euros — and the interest rate it will have to pay on the money is still excessive, at 5.9%, underscoring market mistrust.

In Asia, Japan’s Nikkei 225 stock average rose 1% and Hong Kong’s Hang Seng index rose 0.7%.

London’s FTSE 100 index moved dipped 0.03%, Frankfurt’s DAX was up 0.1% while the Paris CAC 40 was flat.

In corporate news, Yellow Media Inc. (TSX:YLO.UN) has an agreement to buy the Canpages business in a $225-million deal that will combine two of Canada’s biggest publishers of advertising directories and local web search engines. Yellow Media will pay $75 million in cash and issue $150 million worth of promissory notes to an investor group led by private equity firm HM Capital Partners.

Honda Canada says it will start up a second shift and add 400 jobs at its No. 2 assembly plant in central Ontario early next year, the second major automaker in less than a week to announce they’re revving up their Canadian production.

General Motors of Canada announced last week that it will recall more than 700 laid-off employees at two of its Ontario plants, most of them in Oshawa. GM Canada is adding a third shift to one of its plants in Oshawa next fall and adding jobs at a CAMI plant in Ingersoll, Ont., this summer.

Bombardier Aerospace (TSX:BBD.B) has signed a memorandum of understanding with Chinese leasing company CLC Leasing Co. The transport giant will offer pre-delivery payment financing, delivery financing and leasing solutions to customers of its CSeries, Q400 and CRJ aircraft.

CoolBrands International Inc. (TSX:COB) said Monday it lost $832,000 in its latest quarter compared with a profit of $470,000 a year ago. The company said the loss amounted to two cents per share in its most recent quarter compared with a profit of a penny per share a year earlier.