Markets in Toronto looked set to open lower on Wednesday as troubles in the euro-zone and a gloomy outlook for company earnings added to worries about stalling global growth.
The S&P/TSX composite index finished Tuesday down 145.42 points, or 1.2%, to 12,273.57. Futures Wednesday dropped 0.1%.
The Canadian dollar gave back 0.06 cents Wednesday morning to 102.19 cents U.S.
Pharmacy chain Jean Coutu Group Inc reported a lower quarterly profit on Wednesday despite higher revenue, but profits were higher after excluding a gain that boosted-year ago earnings.
Aurico Gold agreed to sell its Ocampo mine in Mexico, as well as adjacent exploration projects and a 50% stake in the Orion project, to tycoon Carlos Slim's Minera Frisco for $750 million.
No Canadian economic data was set for release Wednesday.
ON BAYSTREET
The TSX Venture Exchange slipped 17.17 points Tuesday to 1,327.81
ON WALLSTREET
Stock futures were mixed Wednesday as concerns about China's slowing growth increased, amid weak earnings sentiment.
Futures for the Dow Jones Industrials dumped 37 points, or 0.3%, to 13,375, about 30 minutes before the opening bell. Futures for the S&P 500 fell back 0.6 points to 1,435.30, but for the Nasdaq, futures gained 0.25 points to 2,734.25
Late Tuesday, aluminum producer Alcoa cut its forecast for Chinese demand due to its slowing economy. The poor outlook came a day after a report showed Japanese car sales fell unexpectedly -- partly due to worsening Sino-Japanese relations over a territorial dispute concerning a band of islands.
In the U.S., third-quarter earnings continued Wednesday morning with Costco reporting better-than-expected earnings.
Earnings season unofficially kicked off Tuesday with Alcoa and restaurant operator Yum Brands Alcoa's grim forecast pushed shares down slightly in pre-market trading. Yum Brands shares rose 4% in pre-market trading, a day after it reported earnings that beat expectations.
Analysts are expecting third-quarter earnings for the S&P 500 to decline 1.2%, according to S&P Capital IQ. That would be the worst since the third quarter of 2009.
In addition to earnings, investors will get a reading on the health of regional economies when the Federal Reserve releases its Beige Book at 2 p.m. ET. But analysts aren't expecting too many blockbusters.
Asian markets ended the session mixed. The Shanghai Composite gained 0.2%, but the Hang Seng index in Hong Kong shed 0.1% and Japan's Nikkei 225 dropped 2%.
Meanwhile, European stocks were lower in morning trading on fears about the area's ongoing debt crisis. Britain's FTSE 100 fell 0.4%, while France's CAC 40 and the DAX in Germany shed 0.2%.
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