North american markets are a disaster this morning!
From FP April 23, 2012:
Canadian stocks fell sharply in early trading Monday as concerns over the eurozone’s growth and its commitment to debt reforms held sway over global markets.
Just after the open, the S&P/TSX composite index was down by 153.82 points, or 1.27 per cent, to 11,993.46.
World markets fell in unison after French presidential incumbent Nicolas Sarkozy trailed in the first round of that country’s presidential election to socialist rival Francois Hollande, who has who has promised to renegotiate a European budget pact.
Further concerns about Europe’s commitment to its debt-fighting strategy arose after the Netherlands government failed to agree on budget cuts over the weekend.
And worries about Europe’s ability to avoid recession mounted as German manufacturing shrank at its fastest pace in nearly three years in April.
Data out of China, meanwhile, showed the country’s factory output stabilizing in April but not enough to indicate a return to expansion.
Commodities fell as the prospects for global growth dimmed. U.S. crude oil futures fell $1.09 US to $102.79 a barrel, gold dipped $13.00 US to $1,629.80 US an ounce and copper fell 7.9 cents USto $3.61 US a pound.
The Canadian dollar fell 41 basis points to $1.0034 US.