North American stocks are expected to open lower Wednesday amid growing investor concern about inflation in the United States.

The Federal Reserve Bank of Dallas president, Richard Fisher, said Tuesday that inflation is near the “upper end” of the Fed’s comfort zone and that the economy’s growth is slowing.

In today’s U.S. economic news, the ISM services survey for September is due at 10:00 ET. Economists forecast a decline in the reading to 60.3 from 65.0.

There are no major economic releases from Statistics Canada this morning.

The Canadian dollar opened at US85.29¢, down 0.03 of a cent. On Tuesday, the loonie dropped 0.54 of cent as the price of crude retreated.

Crude-oil futures rose 3¢ to US$63.93 a barrel in early trading Wednesday.

In today’s business news, Intrawest Corp. has sold most of its majority interest in the Mammoth Mountain ski resort in California to an American firm in a US$365 million deal.

Overnight in Asia, the Japanese Nikkei 225 index declined 48.95 points, or 0.36%, to finish at 13,689.89 on the Tokyo Stock Exchange.

In Hong Kong, the blue-chip Hang Seng Index fell 221.18 points, or 1.4%, to 15,161.03.

Toronto stocks dropped Tuesday, as investors reacted to a significant slide in the price of crude oil.

The S&P/TSX composite index finished down 120.57, or 1.09%, to 10,960.62.

Light, sweet crude for November delivery settled at US$63.90, down $1.57, on the New York Mercantile Exchange. The TSX energy sector shed 3.35%

The junior S&P/TSX venture exchange finished down 4.29, or 0.20%, to 2,170.63.

In New York, investors continued to be concerned over inflationary pressures and the Federal Reserve continuing to raise interest rates.

The Dow Jones industrial average fell 94.37, or 0.9%, to 10,441.11, the S&P 500 index lost 12.23, or 1%, to 1,214.47, and the Nasdaq composite index dropped 16.07, or 0.75%, to 2,139.36.