North American markets look set to open higher Wednesday despite yesterday’s announcement by the U.S. Federal Reserve that some further rate hikes may be required before the current campaign of interest rate increases comes to an end.

In today’s earnings news, Bombardier Inc. reported a fourth quarter profit of US$86 million and a full-year profit of US$249 million after posting an US$85 million loss in the prior year.

The Canadian dollar opened at US85.28¢.

Crude-oil futures fell below US$66 a barrel Wednesday as traders waited for U.S. oil inventory data expected to show that crude-oil inventories increased but gasoline and distillate inventories declined.

Light, sweet crude for May delivery dropped 32¢ to US$65.75 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

Markets in Europe were mostly positive Wednesday, with the Paris-based CAC 40 up 22.72 points at 5,172.71, Germany’s DAX up 4.84 at 5,895.47 and London’s FTSE 100 gaining 27 points to 5,962.70.

In Tokyo, the Japanese Nikkei rose 248.17 points, or 1.49%, to finish at 16,938.41 points – the highest closing since Aug. 29, 2000.

In Hong Kong, the blue-chip Hang Seng Index fell 111.47 points, or 0.70%, to 15,745.11.

Toronto stocks closed lower Tuesday, as the materials sector dropped off and the markets took in a rate hike from the Fed.

The S&P/TSX composite index fell 29.73, or 0.25%, to 12,048.79.

The Fed increased its key rate a quarter point to 4.75%, its 15-straight hike. In making its announcement, the U.S. central bank suggested it was inclined to keep raising rates to try to prevent the economy from growing too fast. Its next announcement is in May.

The S&P/TSX Venture composite index moved up 19.59, or 0.71%, to 2,790.15.

In New York, markets dropped after the wording of the Fed announcement spooked investors.

The Dow Jones industrial average closed down 95.57 points at 11,154.54.

The Nasdaq Composite Index shed 11.12 points to 2,304.46 and the S&P 500 Index lost 8.38 points to 1,293.23.