North American stocks look set to climb at Wednesday’s open as European indices hit 3 ½ year highs in morning trading.

Crude-oil prices rose Wednesday ahead of the U.S. government’s weekly report of its petroleum supply, which was expected to show dips in stocks of heating fuel. February light sweet crude rose 24¢ to US$58.33 a barrel on the New York Mercantile Exchange on its first day of trading as the front-month contract.

The U.S. economy grew at a 4.1% annual rate in the third quarter, the U.S. government said today. That’s a slightly weaker pace than an earlier estimate suggested.

Economists had called for the report to show that gross domestic product grew at a 4.4% annual rate, up slightly from the previous reading of 4.3%, and the 3.3% growth logged in the second quarter.

U.S. corporate profits after taxes fell by 4.3%.

Here at home, Statistics Canada said retail sales bounced back after two months of sluggish sales, advancing 0.6% in October to $31.0 billion, mainly on the strength of the auto sector.

The Canadian dollar opened at US85.33¢, up 0.09 of a cent.

In earnings news, ATI Technologies said its financial first-quarter profit sank to US$7.7 million, from US$63.7 million a year earlier, as revenue dropped 4%. But the company is forecasting revenue growth of 8% to 12% in the second quarter.

U.S. power generator Calpine Corp., which also has operations in Canada and Mexico, has filed for bankruptcy-court protection as it grapples with more than US$17 billion in debt. Some of its subsidiaries and affiliates in Canada now intend to file for protection under the Canadian Companies’ Creditors Arrangement Act, according to Calpine Power Income Fund of Calgary.

European indexes hit 3 1/2-year highs in morning trading.

Overnight in Asia, the Japanese Nikkei 225 index jumped 316.31 points, or 2.02%, to 15,957.57 points after briefly topping 16,000.

In Hong Kong, the blue-chip Hang Seng Index rose 52.25 points, or 0.3%, to 15,221.42.

Toronto stocks closed higher Tuesday, as the energy sector pulled the market forward despite losses in the information technology sector.

The S&P/TSX composite index gained 26.35, or 0.24%, to 11,180.63.

Hudson’s Bay Co. gained 14¢, or 1%, to $14.65 after Jerry Zucker’s Maple Leaf Heritage Investments Acquisition Corp. said it has signed a confidentiality agreement to examine the books of the retailer, in which it is the biggest stockholder. Heritage’s expiry date of its $832-million offer has been extended until the end of January from the end of this year.

The S&P/TSX Venture composite index finished down 14.52 points, or 0.68%, to 2,128.20.

On Wall Street, stocks fell in a volatile session, with a sharp decline in General Motors Corp. dragging down the Dow Jones industrial average.

The Dow closed down 30.98 points at 10,805.55, the S&P 500 ended off 0.30 point at 1,259.62 and the Nasdaq Composite fell 0.32 point to 2,222.42.

General Motors experiencing a drop of 5.7% to US$18.65, after J.D. Power and Associates said it was losing market share to its Asian rivals.