Stock futures pointed to a higher open for Canada's main stock index on Wednesday
The S&P/TSX composite index plummeted 147.19 points or 1%, to end Tuesday at 14,390.43, with Wednesday futures up 0.2%.
The Canadian dollar retreated 0.13 cents to 87.52 cents U.S. early Wednesday.
Magna International Inc reported a 47% jump in third-quarter earnings, boosted by strong demand in North America.
Pacific Rubiales Energy Corp said on Tuesday that it expected to produce between 81,200 and 87,300 barrels of oil equivalent per day next year from its assets in Colombia and Peru, a 22% rise over 2014.
RBC raised the price target on Linamar Corp. to $65 from $59, with a sector perform rating.
Falling oil prices will lead to lower capital spending in Western Canada next year, observers say, as both oil sands and light oil producers look to cope with less cash coming in the door.
ON BAYSTREET
The TSX Venture Exchange dipped 14.98 points Tuesday to 751.12
ON WALLSTREET
Futures were higher on U.S. stock markets as Republicans won the balance of power in both the Senate and the House of Representatives.
This gives the GOP control of Congress and the power to pin down President Obama during his last two years in office. Many investors expect that the Republican takeover of the Senate will lead to more pro-business policies, and benefit the energy and financial sectors.
Ahead of the opening bell, futures for the Dow Jones Industrials picked up 91 points, or 0.5%, to 17,396. Futures for the S&P 500 gained 11.50 points, or 0.6%, to 2,017, and futures for the NASDAQ hiked 26.50 points, or 0.6%, to 4,170.
Time Warner, Tim Hortons and Mondelez International are set to post quarterly results before the opening bell.
Tesla Motors, CBS, News Corp and Whole Foods will report after the close.
Shares in TripAdvisor are getting pummeled pre-market -- down 12% -- after the travel website reported worse than expected earnings Tuesday.
Competitor Priceline also took a beating in the market earlier this week after issuing a weak forecast.
On the economics side, the ADP national employment report for October will be published this morning. This comes just ahead of Friday's highly anticipated monthly jobs report from the U.S. government.
European markets were all rising in early trading.
A standout performer was British grocery chain Marks and Spencer. The company reported better than expected earnings and shares shot up by 8%.
Shares in Japanese automaker Nissan got a 2% boost after it reported better than expected quarterly results. The weaker yen has helped, making it cheaper for foreigners to buy its cars.
Meanwhile, Asian markets ended with mixed results, though the moves were not particularly dramatic.
Oil prices dropped six cents to $77.13 U.S. a barrel
Gold prices plummeted $27.40 to $1,140.30 U.S. an ounce.
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