Markets ride Greek hopes up

Global stocks – including those here in Canada -- were set to post modest gains on Wednesday morning, ahead of a light day for U.S. economic news but with big hopes that Greek policy makers will agree on terms to accept euro zone bailout funds.

The S&P/TSX Composite Index took a hit Tuesday, dropping 47.43 points on its second straight downward day, to 12, 512.42

The Canadian dollar eked up 0.06 cents to 100.6 cents U.S.

Stocks to watch this morning include WestJet Airlines Ltd, which reported stronger-than-expected quarterly earnings and said its employees had endorsed its plan to start a regional carrier using turboprop aircraft to serve smaller markets.

ATS Automation Tooling Systems Inc. said its quarterly profit rose more than six fold helped by a strong growth in its transportation business.

In earnings news, Agrium Inc. reported that its fourth-quarter earnings rose 43% over last year, rising to $193 million or $1.20 a share.

TMX Group, which operates the Toronto Stock Exchange, reported that its quarterly profit fell 21%, to $52.7 million or 70 cents a share.

U.S. index futures were higher with about half an hour before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up 21 points or 0.2% to 12,852. Futures for the S&P 500 were up 1.7 points, or 0.1%, to 1,346.40, and those for the tech-rich Nasdaq were ahead 4.75, or 0.2%, to 2,534.

In Europe, the U.K.'s FTSE 100 was up 0.1% and Germany's DAX index was up 0.6% in afternoon trading. In Asia, Japan's Nikkei 225 rose 1.1% in overnight trading.

Commodities were mixed. Crude oil rose 0.9%, to $99.30 U.S. a barrel. However, gold was relatively unchanged at $1,748 U.S. an ounce.