U.S. stocks were set for a weaker start on Friday, with investors awaiting key economic data giving a reading of consumer sentiment. But another rise in oil prices after OPEC agreed to curb supplies may help Canadian markets.

Crude oil climbed as OPEC decided to rein in about one million barrels of oil daily. NYMEX crude was up 47¢ to US$43 in out-of-hours trading.

The Canadian dollar opened at US81.25¢, down 0.68 of a cent. On Thursday, the loonie continued to drop two days after the Bank of Canada put interest rates on hold, sinking 0.31 of a cent to US81.93¢. The currency has fallen more than two cents US this week.

Wall Street futures suggested a negative start for regular trading and European indices dropped in early action. Asian stock markets closed mostly lower, with prices falling in Tokyo for the second straight session on concerns about Japan’s economic recovery.

Tokyo’s Nikkei Stock Average of 225 issues fell 19.83 points, or 0.18% to 10756.8. The Nikkei slipped as investors grew concerned about the pace of Japanese economic recovery after a slew of weak data.

In Hong Kong, the blue-chip Hang Seng Index fell 107.01 points or 0.8% to 13901.81. The market was dragged down by selective profit-taking for the fourth straight session in the absence of any positive market-moving news, brokers said.

In Cairo, delegates said Friday that OPEC will reduce crude output to target production levels early next year to staving off further declines in the world price. Official approval of that move is still needed by the Organization of Petroleum Exporting Countries.

“Oil is a very volatile market — but I think a lot of people are trying to ascertain how much of this Opec production cut has been priced into commodities and equities — so we may not have as tough a morning as you would expect with this kind of news,” a U.S. analysts said.

Friday’s scheduled events include the release of data on November producer prices and December consumer sentiment.

In Thursday’s markets action, Toronto’s S&P/TSX composite index was up 9.81 points at 9013.55. The TSX Venture Exchange climbed 16.58 points at 1697.88.

The Dow industrials were up 58.59 points at 10,552.82. The Nasdaq was ahead 2.9 points at 2,129.01 and the S&P 500 edged up 6.43 points at 1,189.24.

In business news, ING Groep NV raised $907 million by selling shares of its Canadian insurance unit, the biggest initial public offering of common stock in Canada since 2000. ING Canada Inc., the largest property and casualty insurer in the country, sold 34.88 million shares at $26 each, higher than the initial range of $22 to $25, according to a Canada NewsWire statement.

ING Groep is selling shares of units in Europe, Asia and Australia and using the money to expand its insurance businesses and online banking. ING, the largest Dutch bank, said yesterday it may sell its ING Capital Advisors unit in the U.S. as part of the plan.

ING Canada had $3.4 billion in premiums last year and an 11% market share, according to the sale documents. The company, led by Chief Executive Officer Claude Dussault, has made 11 takeovers since 1988, helping almost double net income in the last four years, to C$150.5 million in 2003.

The company may sell 5.2 million additional shares to meet demand after the sale, which would boost proceeds to $1.04 billion. That would make it the biggest common-share IPO since the $1.2 billion sale by Sun Life Financial Inc. in March 2000. ING is selling about 30% of the Canadian business, including the so-called over allotment option, valuing the unit at $3.47 billion.