Stock futures pointed to a lower opening for Canada's main stock index on Wednesday on persistent fear over the health of the global economic recovery.
The S&P/TSX composite index lost 190.68 points, or 1.3%, to close Tuesday at 14,145.97, with futures off 0.4% Wednesday.
The index hit an eight-month low on Tuesday, dropping more than 11% from last month's record high, as plunging international oil prices took domestic energy producers down with them.
The Canadian dollar dropped 0.61 cents to 87.91 cents U.S. early Wednesday.
Canada's second-largest pension fund, Caisse de depot et placement du Quebec, is set to make a big foray into Mexico following an initial $100-million investment in real estate, according to two sources familiar with the matter.
CIBC cut the target on Amica Mature Lifestyles to $7.75 from $8.00, with a sector perform rating
National bank Financial cut the target price on HudBay Minerals to $10.50 from $12.00.
ISI Group started coverage on Precision Drilling Corp. with a buy rating and $14.00 price target.
Economically speaking, home prices for September were set to roll in this morning from the Canadian Real Estate Association.
ON BAYSTREET
The TSX Venture Exchange dropped 23.96 points Tuesday to 803.17.
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ON WALLSTREET
Investors are preparing for a slew of big earnings announcements Wednesday. But futures do not look encouraging.
Ahead of the opening bell, futures for the Dow Jones Industrials let go of 111 points, or 0.7%, to 16,144. Futures for the S&P 500 fell 16.5 points, or 0.9%, to 1,858.25, and futures for the NASDAQ jettisoned 29 points, or 0.8%, to 3,782.75.
Bank of America and BlackRock will report quarterly results before the opening bell. American Express, eBay and Netflix will report after the close.
Markets are also ready to react to Intel earnings. Shares are rising by about 1.5% pre-market after the company reported a 12% jump in quarterly income compared to last year.
Shares in the U.K. pharmaceutical giant Shire dropped like a rock this morning -- down by as much as 29% -- following indications that U.S. drugmaker AbbVie may ditch its $55-billion U.S. takeover of the company.
AbbVie said Tuesday that its board of directors is taking another look at the deal after the Obama Administration introduced measures last month to make it harder for American companies to reduce their tax bills by merging with foreign firms and moving abroad.
The U.S. Census Bureau will report monthly retail sales this morning.
At 2 p.m. ET, the Federal Reserve will release its Beige Book, which is a compilation of anecdotal information about the state of the U.S. economy.
On the other side of the ponds, European markets were lower. Asian markets mostly closed with gains.
Shares in Toyota edged slightly higher in Japan despite the automaker's announcement of major recalls covering more than 1.75 million cars. The company's stock has declined by 7% since the start of the year.
Oil prices dropped 54 cents to $81.30 U.S. a barrel
Gold prices faded five dollars to $1,229.30 U.S. an ounce.
