Source: The Canadian Press

The Toronto stock market could find lift from rising commodities at the open on Thursday.

The Canadian dollar was slightly lower against a stronger U.S. currency, down 0.14 of a cent to 98.79 cents US.

U.S. markets appeared heading for a higher open as investors wait for data on jobless insurance claims and wholesale inventories. The Dow Jones futures gained 33 points to 11,401, the Nasdaq futures were ahead 10.75 points to 2,199 while the S&P 500 futures climbed 5.5 points to 1,224.

Oil prices were slightly higher after pulling back on Wednesday amid speculation that China may raise interest rates to keep inflation down and news that a decline in U.S. crude inventories was tempered by increases in gasoline and distillates supplies. The January crude contract on the New York Mercantile Exchange rose eight cents to US$88.36 a barrel.

Copper prices also rose with the March contract on the Nymex ahead a penny to US$4.12 a pound while gold prices were slightly higher after two days of declines, with the February contract ahead 30 cents to US$1,383.50 an ounce.

Speculation that Chinese moves to control inflation could slow the economy pushed the TSX down almost 100 points on Wednesday. New York markets have fared better with positive sentiment lingering from a deal to extend Bush-era tax cuts in the U.S.

Weekly jobless claims will grab investor attention later in the morning. The consensus is the claims dropped to 425,000 after a surprise jump last week.

Market sentiment was boosted earlier in Asia, where Japan’s economic growth rate was revised up to an annualized 4.5% in the third quarter and Australian unemployment figures fell.

Japan’s benchmark Nikkei 225 stock average closed 0.5% higher, Hong Kong’s Hang Seng index rose 0.3%,

Australia’s S&P/ASX 200 climbed 0.9% to 4,741.30 amid data showing the unemployment rate fell to 5.2%.

China’s Shanghai Composite Index bucked the trend, losing 1.3% amid continued jitters that interest rates will be raised by the central bank.

London’s FTSE 100 index gained 0.31%, Frankfurt’s DAX was off 0.09% and the Paris CAC 40 gained 0.57%.

In corporate news, yoga retailer Lululemon Athletica Inc. (TSX:LLL) reported that its profits surged in the third-quarter on higher sales, surpassing analyst expectations. The Vancouver-based company’s net profit rose to US$25.9 million or 36 cents a share, compared with earnings of $14.1 million or 20 cents a share for the same year-earlier period. The consensus estimate compiled by Thomson Reuters was for 25 cents net earnings per diluted share.

Third-quarter revenue increased 56% to $175.8 million.

Retailer Dollarama (TSX:DOL) said after the markets closed Wednesday that one of its major shareholders has agreed to sell about half of its holdings in the company for $324.8 million. The Montreal-based retailer, which will not receive any money from the secondary sale of its shares by Bain Capital, said that a syndicate of underwriters would pay $29 per share. Earlier in the day, the company had issued a quarterly earnings report that beat expectations.

Cenovus Energy Inc. (TSX:CVE) said it will invest about $2 billion into its oil sands projects in 2011, with average oil production targeted to rise 2%.