With a number of big earnings reports expected on both sides of the border, North American markets got off to a negative start on the day Wednesday.

Toronto’s S&P/TSX composite index was down 42.39 points at opening bell to 9385.26 after finishing slightly ahead Tuesday, rising 11.52 points at 9,427.65. The TSX Venture Exchange, which dropped 7.93 points lower to 1,735.33, was ahead by 0.78.

In New York, the Dow Jones was down 30.00 points at the opening after falling 91.34 points lower to 10,151.13.

In the U.S., Wall Street futures were in the red early Wednesday. Investors there seemed to be grumpily hanging back as they anticipate next week’s Federal Reserve decision on interest rates.

The Canadian dollar opened Wednesday at US80.13¢, down 0.17 of a cent from Tuesday’s close.

Earnings reports from Canadian companies began the day on a mostly positive note.

Saskatoon’s Potash Corp. benefited from healthy growth in potash prices and volumes, posting a record first-quarter of $131.3 million US before market open. Business processing firm CGI Group Inc. also had positive news, as its profits moved gained to $49.6 million in the second quarter on a $214-million upswing in revenues.

Oil and gas trust Pengrowth Energy Trust said its first quarter net income was up 46 per cent to $56.3 million, helped by continued strong oil prices.

News was less rosy for oil giant EnCana Corp., which lost US$45 million in the first quarter on hedging account losses, but that was tempered by higher cash flows and a boosted dividend.

In U.S. earnings, online retailer Amazon.com said Tuesday its profit declined 30% to US$78 million in its first quarter on tax-related charges, despite strong international sales.

European markets were solidly in the red Wednesday. Germany’s DAX dropped 52.51 points to 4,181.25, Britain’s FTSE 100 fell 35.1 to 4,810.40 an the Paris-based CAC 40 was down 42.71 points to 3,950.33.

In Asia, the weak consumer numbers were also a drag on markets. Tokyo’s Nikkei Stock Average of 225 selected issues slipped 30.41 points, or 0.28%, to 11,005.42.

In Hong Kong, the blue-chip Hang Seng Index fell 19.94 points, or 0.14%, to 13,839.64.