U.S. stock index futures pointed lower Thursday as overseas markets plunged following yesterday’s steep losses on Wall Street.

Here at home, there was some good news on the economic front. Canadian corporations earned $77.3 billion in operating profits in the third quarter of 2008, up 7.6% from the second quarter, Statistics Canada reported today.

Profits in the non-financial sector grew 9.1% to $58.1 billion, while those in the financial sector increased 3.3% to $19.2 billion.

Separately, StatsCan said wholesale sales increased 1.5% to $46.3 billion in current dollars in September. A partial recovery in the automotive sector, which posted a large decline in August, was a significant factor behind the increase in September, the government agency.

The Canadian dollar opened at 79.45¢ US, down 0.38¢ as commodity prices continue to slide.

In commodities news, crude oil dipped below US$52 a barrel, the lowest level in almost two years. Light sweet crude for December delivery was down US$1.32 to US$52.30 a barrel after going as low as US$51.95 in overnight electronic trading on the New York Mercantile Exchange.

In Asia, Tokyo’s benchmark Nikkei 225 average slid 570.18 points to 7,703.04 as data showed exports in October sank 7.7%, the biggest decline since 2001.

Hong Kong’s Hang Seng index fell 4%.

European bourses also fell. The FTSE 100 index lost 1.7% early in the afternoon in London. The German DAX fell 1.6% and the Paris CAC-40 lost 2.3%.

In a stimulative move, the Swiss National Bank cut its key interest rate in half to 1%, its second reduction this month. The decision comes amid expectations that other central banks, including the U.S. Federal Reserve and the Bank of Canada, will also cut rates further.

Bank stocks led the S&P/TSX composite index lower Wednesday after Bank of Nova Scotia said it was taking $595 million in after-tax charges related to the recent market volatility.

The benchmark index closed down 345.17 points, or 3.9%, at 8,490.56, its lowest level since September 2004. Its previous 2008 low was 8,537.34, hit in late October.

The junior S&P/TSX Venture composite index fell 20.16 points, or 2.69%, to 730.09.

In New York, stocks plunged to their lowest in five-and-a-half years on North American automotive executives pleaded for a government handout.

Late in the day, the U.S. Federal Reserve slashed its economic growth forecasts through 2009, helping unleash a wave of selling.

The Dow Jones industrial average tumbled 427.47 points, or 5.07%, to 7,997.28. The S&P 500 fell 52.54 points, or 6.12%, to 806.58. The tech-heavy Nasdaq composite index lost 96.85 points, or 6.53%, to 1,386.42.

IE