TORONTO – The Toronto stock market headed for a positive session Thursday amid rising commodity prices and easing concerns about the Federal Reserve’s readiness to cut back on a key stimulus program.

The Canadian economic calendar is empty. But traders will look to the U.S. for data on consumer spending, unemployment benefit applications and pending home sales.

On the corporate front, Aimia (TSX:AIM), the company that runs the Aeroplan customer loyalty program says it’s prepared to replace CIBC (TSX:CM) as its bank credit card partner at the end of this year unless it matches contractual terms offered by TD Bank (TSX:TD). CIBC says it’s reviewing the proposed terms to see if it will exercise its right of first refusal and that it will continue the Aeroplan business as usual in the meantime.

The Canadian dollar advanced 0.28 of a cent to 95.71 cents US.

New York futures advanced as the Dow Jones industrial futures gained 62 points to 14,886, the Nasdaq futures ran ahead 15 points to 2,898 while the S&P 500 futures climbed 8,5 points to 1,604.

The TSX closed lower Wednesday, in large part because telecoms sold off in the wake of a report that American telecom Verizon Communications could be set to compete with the established Canadian players in the wireless business.

And gold stocks sustained sharp losses as speculation about when the Federal Reserve may ease up on its monthly bond purchases pushed bullion prices to three-year lows.

On a more positive note, data showing weaker than expected U.S. growth in the first quarter raised hopes the Fed is in no hurry to cut back on its US$83 billion of bond purchases each month. Figures showed the U.S. economy grew at only a 1.8 per cent annualized rate in the first quarter, instead of the previous estimate of 2.4 per cent.

The mood was further improved Thursday as interbank lending rates in China continued to ease after a pledge earlier in the week by authorities to shore up banks facing cash shortfalls.

The central bank had allowed rates that banks pay to borrow from each other to soar last week, part of an attempt by Beijing to clamp down on massive credit in the informal lending industry.

Fears of a credit crisis in the world’s second-biggest economy had contributed to a selloff in global markets that ended when policymakers in China softened their stance with the promise to provide “liquidity support” if needed.

Commodity prices improved Thursday with the August crude contract on the New York Mercantile Exchange up 31 cents to US$95.81 a barrel.

Gold prices stabilized with the August contract on the Nymex ahead $1.90 to US$1,231.70 an ounce. Gold prices have deteriorated steadily this year as the precious metal loses its appeal as a hedge against inflation and deteriorating currencies.

July copper rose one cent to US$3.05 a pound.

Earlier in Asia, Japan’s Nikkei 225 jumped three per cent, Hong Kong’s Hang Seng gained 0.5 per cent, South Korea’s Kospi surged 2.9 per cent while Australia’s S&P/ASX 200 added 1.7 per cent.

European bourses were positive as London’s FTSE 100 index gained 0.28 per cent, Frankfurt’s DAX was ahead 0.07 per cent and the Paris CAC 40 rise 0.2 per cent.