Wall Street futures are up this morning and markets are expected to get off to their first positive start in several sessions. There is good news on U.S. consumer spending and GDP, however, initial jobless claims are up slightly.

The U.S. gross domestic product increased in October through December at a 4.1% annual rate, the Commerce Department is reporting this morning. That’s half its torrid 8.2% pace in the third quarter, but still positive. Spending by consumers rose at a 3.2% annual rate, higher than an earlier estimate of 2.7%.

Consumer spending on durable goods such as cars increased 0.7%. Spending on nondurable goods such as food and clothing rose by 5.4%. Business spending advanced by 10.9%. Equipment and software spending climbed at 14.9%.

Meanwhile, the U.S. Labor Department is reporting that initial jobless claims rose by 1,000 to a 339,000 last week.

Here at home, Statistics Canada is reporting that national net worth reached $4.0 trillion by the end of the fourth quarter 2003, or $124,700 per person, up from $123,000 in the previous quarter. National net worth grew 1.6% in the fourth quarter, at a faster pace than in the previous quarter. The decline in net foreign debt was a major factor, says StatsCan.

This quarter the decline in net foreign debt was largely driven by a sharp increase in Canadian direct investment assets abroad, whereas in the third quarter, it reflected principally non-resident sales of Canadian bond liabilities. Notably, says StatsCan, this followed two quarters of significant currency appreciation driven increases in net foreign debt in the first half of the year.

StatsCan is also reporting that Canadian companies felt the negative fallout from last year’s sharp increase in the Canadian dollar against its U.S. counterpart almost immediately, according to a new study, which examines the recent sharp shift in Canada’s “terms of trade” and the impact on the economy.

The terms of Canada’s international trade, defined as the ratio of our export prices to import prices, shifted in favour of importers at the expenses of exporters.

Employment fell in factories, and investment income from abroad contracted when converted into Canadian dollars.

However, recent experience in the United States suggests that a rising dollar also has positive effects, partly by putting downward pressure on prices which deflate the import bill for consumer and investment goods, freeing up income for more spending, and stimulating investment in high-tech and other productivity-enhancing goods.

At midday in Europe, London’s FTSE100 Share Index is up 0.9% at 4,348.7, while in Paris the CAC40 Index has gained 1.4% to 3,566.54. Frankfurt’s Xetra Dax Index is up 1.9% to 3,795.30.

Tokyo stocks rose as traders bought into issues expected to benefit from stronger economic growth in Japan. The Nikkei Stock Average closed up 165.92 points, or 1.46%, at 11,530.91. Hong Kong’s Hang Seng Index fell 157.92 points, or 1.25%, to 12,520.21.

In news after markets closed Wednesday, Inco has been hit with the largest single fine in its history — a $375,000 penalty for breaking health and safety laws — in the July 2001 death of a veteran employee. The nickel company was fined in court after admitting to its role in the death.

On today’s business calendar TD Bank Financial Group is holding its annual meeting in Edmonton.

On Wednesday, North American markets closed mixed. Resource stocks dragged Toronto’s S&P/TSX composite index down 53.67 points to 8,420.85.

In New York, the Dow Jones industrial average slid 15.41 points to 10,048.23. The Nasdaq composite index rose 7.68 at 1,909.48. The S&P 500 index fell 2.62 points to 1,091.33 amid continued concerns over terrorism and the lack of employment growth in the U.S.