The Toronto stock market appeared set for a negative open Thursday as commodity prices continued to weaken over worries about the pace of the global economic recovery.

The Canadian dollar slipped below parity with the U.S. currency, down 0.22 of a cent to 99.99 cents US. Traders looked ahead to the presentation of the federal government’s budget after the markets close.

U.S. futures were also weak with the Dow Jones industrial futures down 29 points to 13,024, the Nasdaq futures fell 5.75 points to 2,762.25 and the S&P 500 futures declined 3.5 points to 1,396.7.

North American stock markets have fallen for the past two days as a flurry of economic data raised concerns about the American economy.

U.S. economic indicators have mostly surpassed expectations this year, particularly with regard to the jobs market, and that has supported stocks. However, markets have stalled this week on weak readings in consumer confidence and the Federal Reserve Bank of Richmond’s measure of regional manufacturing.

And on Wednesday, traders were further dismayed with data showing that although durable goods orders increased by 2.2% last month, that was still lower than the three per cent pace that was expected.

Traders have also become more bearish on the Chinese economy, which has been a major pillar in supporting the recovery from the 2008 financial crisis and recession.

The growing Chinese economy has been of special benefit to the resource-heavy TSX because of its huge appetite for oil and metals. Higher commodity prices have supported resource stocks on the Toronto market.

But a marked deterioration in Chinese economic indicators has compounded worries while weak global consumption, along with rising cost of labour, energy and raw materials, is weighing on Chinese manufacturers.

So after enjoying strong gains on stocks during the start of the year, investors appeared ready to lock in those profits by selling before the end of the financial quarter on Friday.

Oil prices continued to lose ground after data released Wednesday showed a much bigger than expected increase in U.S. crude inventories last week. The May crude contract on the New York Mercantile Exchange declined 28 cents to US$105.13 a barrel.

Copper prices were unchanged after falling ten cents over the last two sessions. China is the world’s biggest consumer of the metal, which is viewed as an economic bellwether because it is used in so many applications.

Bullion prices were little changed after falling $27 on Wednesday, off a dime to US$1,657.80 an ounce.

European bourses also lost ground with London’s FTSE 100 index down 0.75%, while Frankfurt’s DAX lost 1.12% and the Paris CAC 40 declined 0.93%.

In Asia, Japan’s Nikkei 225 index fell 0.7% and Hong Kong’s Hang Seng tumbled 1.3%.

Mainland Chinese shares spiralled downward amid dwindling hopes that monetary policy will be loosened to offset the economic slowdown. The benchmark Shanghai Composite Index lost 1.4% and the Shenzhen Composite Index lost 1.6%.

In corporate news on the TSX, Sprott Inc. (TSX: SII) said its fourth quarter net income fell 95% to $4.6 million, or three cents per share, from $108.6 million, or 72 cents per share, a year earlier. Revenue fell 84% to $38.1 million.

Ithaca Energy Inc. (TSX:IAE) said fourth-quarter after-tax profits fell to $13.4 million, or five cents per share, from $17.7 million, or seven cents per share, a year earlier. Revenue was $54.9 million from $34.3 million.