Source: The Canadian Press

The Toronto stock market could be in for a weak open Friday with investors cautious about the strength of an economic recovery amid a disappointing earnings report from market heavyweight Research In Motion Ltd. (TSX:RIM).

The Canadian dollar was up 0.35 of a cent to 96.16 cents US.

U.S. futures indicated a slightly higher opening as investors showed a mildly upbeat reaction to news that congressional negotiators had agreed on a financial regulation bill.

The Dow Jones industrial futures rose 27 points to 10,126, the Nasdaq futures lost 3.25 points to 1,852.75 while the S&P 500 futures rose 3.7 points to 1,074.2.

BlackBerry maker RIM delivered quarterly earnings of US$768.9 million after the markets closed Thursday, which beat analyst estimates. However, revenue missed forecasts, coming in at $4.24 billion, below the $4.32 billion estimated, but higher than the $3.42 billion a year ago.

RIM’s shares were down about 5% in pre-market trading in New York.

Oil prices were steady with the August crude contract on the New York Mercantile exchange ahead seven cents to US$76.58.

Prices were little changed after lacklustre data Thursday from the U.S. that renewed concerns over a slower-than-expected global economic recovery that may hurt crude demand, said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

“Oil is trading sideways and may continue to do so next week amid the economic uncertainties,” Chu said.

Gold headed higher for a second day as the August bullion contract on the New York Mercantile Exchange climbed $6 to US$1,251.90 an ounce.

The July copper contract was unchanged at US$3 a pound.

American lawmakers agreed early Friday morning on a bill that overhauls the rules that govern banks and investment firms. The bill would regulate banks’ ability to trade in derivatives, which are complex securities that companies and investors often use to hedge against losses. But the rules are less strict than investors had feared.

Some types of derivatives have been blamed for contributing heavily to the collapse of the U.S. housing market and the 2008 financial crisis.

In other corporate news, auto parts giant Magna International (TSX:MG.A) won’t be holding its scheduled vote Monday on a plan to buy voting control of the firm away from founder Frank Stronach. The Ontario Securities Commission ruled late Thursday that shareholders should be allowed to vote on the plan, but was troubled that the information circular provided to them did not have enough information about the deal. It was not immediately clear when a vote could be held, but Magna still has until Aug. 31 until the proposal expires.

Stock markets in Toronto and New York closed sharply lower on Thursday after a disappointing durable goods orders from the government and downbeat forecasts from retailers raised questions about manufacturing and consumer spending.

Investors are waiting to see what news comes out of the G20 meeting being held this weekend in Toronto. The world economy, including Europe’s debt problems, will dominate the talks.

Asian stocks fell, with Japan’s Nikkei 225 down 1.9% as exporters retreated amid concerns about the yen’s ongoing strength against the dollar rand Hong Kong’s Hang Seng index slipped 0.2%.

In Australia, the benchmark was also in the red with commodity and financial names among the day’s big losers as investors took a cautious stance amid uncertainty about what policies new Prime Minister Julia Gillard could implement.

London’s FTSE index dipped 0.17%, Frankfurt’s DAX declined 0.42% and the Paris CAC 40 was down 0.37%.