The Toronto stock market was lower Wednesday while traders take in strong U.S. bank earnings and a cut in the World Bank’s global growth forecast for this year.The S&P/TSX composite index lost 38.19 points to 12,603.78 while the TSX Venture Exchange slipped 2.84 points to 1,228.95.The Canadian dollar was down 0.17 of a cent to 101.45 cents US as the greenback strengthened on worries about the impasse over raising the U.S. debt ceiling while traders awaited the Fed’s latest U.S. regional economic analysis.The Federal Reserve’s so-called Beige Book comes out mid-afternoon.U.S. indexes were mixed with the Dow Jones industrials down 25.65 points to 13,509.24 amid more problems for aircraft maker Boeing, the Nasdaq edged up 5.69 points to 3,116.47 while the S&P 500 index slipped 0.34 of a point to 1,472.The lacklustre action on markets came after the World Bank on Tuesday projected that the global economy will expand by 2.4 per cent in 2013, down from a forecast of three per cent growth in June.“Overall, the global economic environment remains fragile and prone to further disappointment, although the balance of risks is now less skewed to the downside than it has been in recent years,” the World Bank said in its twice-yearly report.Meanwhile, there was good news from the American banking sector.JPMorgan Chase, the country’s biggest bank by assets, says its fourth-quarter earnings shot up 55 per cent over the year to US$5.3 billion or $1.40 a share, after paying preferred dividends. That blew away the $1.16 expected by analysts polled by FactSet.JPMorgan’s revenue also beat expectations, rising 10 per cent over the year, to $24.4 billion, after stripping out an accounting charge. However, the stock was off four cents to US$46.31.But Goldman Sachs ran ahead 2.42 per cent to US$138.87 after the U.S. investment bank reported that fourth-quarter net income nearly tripled to US$2.89 billion or $5.60 a share, much higher than the $3.71 that analysts had expected. Net revenue of $9.24 billion beat expectations of $7.98 billion.Boeing stock fell 3.18 per cent to US$74.49 as Japan’s two biggest airlines grounded all their Boeing 787 aircraft for safety checks after one was forced to make an emergency landing in the latest blow for the new jet.The 787, known as the Dreamliner, is Boeing’s newest and most technologically advanced jet. But since its launch, which came after delays of more than three years, the plane has been plagued by a series of problems including a battery fire and fuel leaks.The base metals component led TSX decliners, down 1.27 per cent as the World Bank report raised demand concerns, pushing March copper on the New York Mercantile Exchange down two cents to US$3.62 a pound.Sid Mokhtari, market technician at CIBC World Markets noted that the report would not have come as a complete surprise to markets.“We have to assume that the market tends to price a lot of stuff in ahead of time so by the time it gets published by the World Bank, you would think the majority of those assumptions were priced in,” he said.“Having said that, the dominant behaviour of the commodities are still on the weaker side. We have to see better data out of China, which has been the case (recently) and maybe another round of better sentiment out of Europe.”Teck Resources (TSX:TCK.B) shed 71 cents to $36.26.February crude was up 56 cents at US$93.84 a barrel and the energy sector was down 0.29 per cent. Suncor Energy (TSX:SU) gave back 26 cents to C$33.66.The gold sector was off 0.34 per cent while February bullion declined $5.90 to US$1,678 an ounce. Kinross Gold Corp. (TSX:K) faded eight cents to C$9.48.The financials sector was off 0.3 per cent with Sun Life Financial (TSX:SLF) down 21 cents to $27.62.The TSX tech sector was the only positive group after Research In Motion (TSX:RIM) said the Visa credit card system has approved the smartphone company’s method for handling secure mobile payments. The green light from Visa is a step towards offering global support for any device equipped with the BlackBerry maker’s mobile-payments technology and its shares were 54 cents or 3.78 per cent higher to $14.81.In other corporate news, Canadian autoparts giant Magna International Inc. (TSX:MG) says it expects between US$31.3 billion and US$32.7 billion of sales globally this year. Magna says it expects about half of its total 2013 revenue will come the sale of parts to North American manufacturing operations.Magna estimates automotive manufacturers will produce 15.3 million vehicles in North America this year and 12 million in Europe. Its stock added 26 cents to C$51.44.Also in the background was increasing nervousness about a fight brewing in Washington over raising the U.S. debt ceiling so that the government can keep borrowing money to pay its bills. The U.S. Treasury says it will run out of money to pay all the government’s obligations sometime in February or March if Congress doesn’t raise the current $16.4 trillion limit on borrowing.Republican lawmakers say they will demand major spending cuts in exchange for any agreement to raise the debt limit. But President Barack Obama has said he won’t negotiate on the debt limit.In economic news, U.S. factory production rose 0.8 per cent last month compared with November, lifted by more output of autos, electronics and business equipment. That followed a 1.3 per cent rise in November, which reflected a rebound from Superstorm Sandy.European bourses were mixed as London’s FTSE 100 index lost 0.22 per cent, Frankfurt’s DAX inched up 0.05 per cent and the Paris CAC 40 was up 0.34 per cent.