Wall Street stock futures pointed to a higher open Wednesday, ahead of an interest rate decision from the U.S. Federal Reserve.

There’s little left to cut on the key fed-funds-rate target, at near zero since last December.

It’s also a busy day for corporate earnings, Rogers Communications Inc. posted a drop in first-quarter profit as strong performances from its wireless and cable divisions were offset by weak results at its media division. Rogers said it earned $309 million, or 49¢ a share, down from $344 million, or 54¢ a share, a year earlier.

Talisman Energy Inc. reported net income of $455 million for the quarter ended March 31, a 3% decrease from year-earlier profit of $466 million. Earnings per share remained flat at 45¢. The oil and gas company said lower commodity prices contributed to a slight dip in its profits for the first quarter of 2009.

Wood panel producer Norbord Inc. said Wednesday its financial performance improved during the first quarter. The company reported a loss of US$22 million, or 5¢ a share, during the quarter ended March 31. Norbord said the quarterly loss narrowed from the loss of $31 million, or 21¢ a share, a year ago.

On today’s economic calendar, U.S. first-quarter real GDP shrank a worse-than-expected 6.1% pace, the U.S. Commerce Dept. said Wednesday.

Economists had expected a 5% cent annualized decline.

Here at home, the Canadian dollar opened at US82.89¢, up 0.96 of a cent from Tuesday’s close.

In today’s commodities news, benchmark crude for June delivery was up 33¢ to US$50.25 a barrel by late afternoon in Singapore, in electronic trading on the New York Mercantile Exchange.

In European banking news, Daniel Bouton, the chairman of Société Générale whose reputation was hit by a trading scandal at the bank, said he would resign in the wake of repeated criticism over his performance.

Overseas, the main Asian and European markets posted broad-based gains as fears faded over the economic impact of a possible swine-flu pandemic.

Hong Kong’s Hang Seng gained 401.84 points, or 2.8%, to 14,956.95, and Shanghai’s main index added 2.8% to 2,468.19.

According to an EU survey, business and consumer confidence in the European economy rose in April for the first time in nearly two years.

By mid morning London time, the UK’s FTSE 100 was up 22.12 points, or 0.5%, at 4,118.52, while Germany’s DAX rose 28.53 points, or 0.6%, to 4,635.95. France’s CAC-40 was 24.68 points, or 0.8%, at 3,075.79.

On Tuesday, the Toronto Stock Exchange continued its descent on Tuesday, dragged lower by materials and energy stocks.

The S&P/TSX composite index fell 46.77 points, or 0.5%, to finish at 9,348.03.

The S&P/TSX Venture composite index retreated by 9.88 points, or 1%, to end at 993.1.

Stock markets in New York kicked off the day on a positive note, but shook off gains to finish with modest losses on Tuesday.

The Dow Jones industrial average fell 8.05 points, or 0.1%, to close at 8,016.95.

The S&P 500 index dipped 2.36 points, or 0.3%, to end at 855.16.

The Nasdaq composite index fell 5.6 points, or 0.3%, to 1,673.81.

IE