Source: The Canadian Press

The Toronto stock market looked to open higher as investors were encouraged by U.S. corporate earnings, particularly a strong report from chip giant Intel which showed companies are starting to spend again on technology.

U.S. futures also indicated a positive start to the session after Intel said Tuesday its net income in the first quarter nearly quadrupled over last year to US$2.4 billion or 43 cents a share, much better than the 38 cents a share that had been expected. Intel also beat revenue expectations.

The Dow Jones industrial futures rose 42 points to 11,005, the Nasdaq futures jumped 10.75 points to 2,012 while the S&P 500 futures were ahead 5.1 points to 1,198.2.

The Canadian dollar was back at parity with the U.S. dollar, rising 0.51 of a cent to 100.32 cents US.

The Toronto market should also find lift from higher commodity prices as the May crude contract on the New York Mercantile Exchange rose 73 cents to US$84.78 a barrel after losing ground for the past five sessions.

The June bullion contract on the Nymex advanced $6 to US$1,159.40 an ounce while May copper was unchanged at US$3.61 a pound.

In Canada, Corus Entertainment Inc. (TSX:CJR.B) reported that quarterly revenue beat expectations, rising 6% from a year ago to $192.7 million.

But the Toronto-based company’s second-quarter net income missed expectations — falling to $14.6 million, or 18 cents per diluted share — down about 50% from $29 million or 36 cents per share a year earlier. Analysts had expected net income of 32 cents a share.

Two other U.S. earnings reports also raised hopes the economy is improving.

J.P. Morgan Chase & Co. said its quarterly profit rose 57% to US$3.3 billion as strong trading revenue helped the bank offset continuing losses on consumer loans. JPMorgan earned 74 cents a share, easily topping analysts’ expectations of 64 cents.

And CSX, the third largest U.S. railroad, said Tuesday first quarter earnings ran up 20% from a year ago to US$306 million, or 78 cents per share in the quarter, breezing past analyst expectations of 69 cents a share.

Economic reports due out Wednesday are expected to show the U.S. economy is continuing to heal. Economists polled by Thomson Reuters forecast retail sales likely grew 1.2% in March, following a 0.3% rise in February.

A separate report is expected to show inflation remained benign last month.

Earlier in Asia, Singapore’s main stock index led gainers, advancing 1.6% after the government said the economy grew an annualized 32% in the first quarter.

South Korea’s index jumped 1.5%, Australia climbed 0.9%, Japan rose 0.4% while Hong Kong was little changed.

China’s benchmark stock index gained 0.2% ahead of Thursday’s first estimate of Chinese economic growth in the first three months of the year.

London’s FTSE 100 index gained 0.83%, Frankfurt’s DAX was up 0.92% while the Paris CAC 40 rose 0.93%.

In other corporate news, Canwest Global Communications Corp. (TSXV:CGS), which is restructuring under court protection from creditors, said Tuesday it lost $46.1 million in its latest quarter, compared with a loss of $1.44 billion or $8.08 per diluted share a year ago. At that time, the company recorded an $895-million charge to goodwill and a $185-million charge to intangible assets.

Etruscan Resources Inc. (TSX:EET) reported Tuesday a profit in its latest quarter as revenue grew by more than 35%.

The oil drills of four companies in Venezuela, including Canada’s Precision Drilling Trust (TSX:PD.UN), have been partially paralyzed by workers demanding pay raises, but the government says the protests haven’t affected oil production.