Stock futures fell in the U.S. on Wednesday after aluminum maker Alcoa said it planned deep job cuts.

Alcoa said late on Tuesday that it plans the elimination of about 15,000 jobs, more plant closures, and intends sell assets and a 50% cut in capital expenditures to contend with the sustained recession.

Meanwhile a report from ADP and Macroeconomic Advisors released Wednesday showed that the U.S. private sector shed nearly 700,000 jobs last month. The report is viewed by many investors and economists as an important indicator of the U.S. monthly payroll report due Friday/

Here at home, the Canadian dollar opened at US84.4¢, down 0.13 of a cent from Tuesday’s close.

In today’s earnings news, agrichemicals giant Monsanto, wines maker Constellation Brands and, after the close, U.S. retailer Bed Bath & Beyond are scheduled to report results.

In commodities news, crude oil prices slipped 27¢ to US$48.21 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Data on U.S. fuel inventories are due at 10:30 ET.

Traders are keeping an eye on tensions in the Middle East and an escalating gas dispute between Russia and the Ukraine which has crimped gas supplies to much of Europe.

Overseas, Asia markets were mixed, with the Hang Seng dropping 3.4% in Hong Kong, while the Nikkei 225 added 1.7% in Tokyo.

A 70% plunge in shares of Satyam Computer Services Ltd. dragged India’s Sensex down more than 6%. The chairman and managing director Satyam both quit Wednesday after the admission that the company’s profits had been doctored for several years.

In Europe, the FTSE 100 was down1.6% in London.

U.K. retailer Marks & Spencer Group PLC said Wednesday it will cut 1,230 jobs and close 27 of its stores in a drive to reduce costs, after it posted its worst quarterly sales drop in a decade.

Canadian equities continued to climb higher on Tuesday, bolstered by strength in financial stocks and gold companies.

The S&P/TSX composite index gained 186.58 points, or 2%, to finish at 9,472.09.

The financials group led the way with a gain of 3.6%.

The S&P/TSX Venture composite index grew by 38.62 points, or 4.4%, to close at 913.11.

The loonie moved higher by half a cent against its American counterpart, to finish the day at US84.55¢.

Stocks in the United States rebounded from Monday’s losses as investors gained confidence in anticipation of the government’s looming stimulus package.

The Dow Jones industrial average advanced 62.21 points, or 0.7%, to 9,015.1.

The S&P 500 gained 7.25 points, or 0.8%, to 934.7 and the Nasdaq composite rose 24.35 points, or 1.5%, to 1,652.38.

IE