Stocks are looking at a higher open Wednesday, driven by some supportive overseas news and growing hope for U.S. rate cuts. There is increasing talk of a possible 50 basis point cut to interest rates looming in the U.S., which is cheering traders.

The market is also getting a boost from news that Japan may actually have a plan to clean up its banks’ troubles. It is to force banks to cut bad loans, but the government will not be taking them over.

In Europe, stocks are up after several big name companies, including Unilever, Skandia AB and Alcatel SA said they will be cutting costs to boost earnings. And, Unilever boosted its profit forecast. The FTSE is up 26 points to 3,962. The CAC 40 has gained 67 points to 3,032. And, the DAX has added 43 points to 3,065.

Overnight in Asia, the stocks closed mixed. The Nikkei added 48 points to 8,757. Along with the news on its banks, Toyota also reported stronger earnings. Nevertheless, the Hang Seng dropped 74 points to close at 9,560.

In other business news, Corning is canning 2,200 workers to cut its costs. And, Qwest Communications reported a higher loss.

In local earnings news, Ballard Power reported its net loss for the quarter was $40.2 million, including $3 million of costs related to the integration of XCELLSIS and Ecostar and foreign exchange losses of $9.5 million. Compared to a loss of $20.4 million for the same period in 2001.

Fortis reported that its earnings for the third quarter were $18 million, $6.3 million higher than previous record earnings of $11.7 million for the third quarter of 2001.

Husky Energy Inc. reported net earnings of $173 million in the third quarter of 2002, a 47% increase compared to $118 million in the same quarter of 2001.

CP Ships announced net income for the third quarter 2002 was $17 million, compared to a loss of $9 million.