As expected, the Bank of Canada lowered its overnight lending rate by 50 basis points to 2.25% this morning.

Nevertheless, markets are looking down this morning. The rate move was priced in, and overseas influences are weighing on stocks.

Nokia Oyj, the world’s biggest cellphone maker, said it forecasts15% sales growth next year. This is below some expectations, and it is hitting the telecom sector.

The Nokia forecast is weighing on U.S. futures and European stocks. The FTSE is down 24 points to 5,278. The CAC 40 has dropped 16 points to 4,548. The DAX is off 54 points to 5,060.

Overnight in Asia, stocks were mixed. The Nikkei dropped 115 points to 10,949. The Hang Seng gained 130 points to 11,262.

In earnings news, Air Canada is reporting a $598 million loss for the third quarter.

Canadian 88 reported a loss of $174.1 million and $154.8 million for the three and nine month periods respectively, reflecting the impact of the $245 million capital asset write down taken during the third quarter.

Plaintree Systems Inc. says its net loss for the second quarter was $1,288,426 compared to $706,474 for the comparable period of the preceding year.

Cell-Loc Inc. reported its net loss for the quarter was $3.3 million.