Markets sharply lower to start 2016 after China triggers worldwide sell-off

TORONTO - Stock markets got off to a tumultuous start to 2016 as a sharp decline in China triggered a sell-off that spread worldwide.

See Full Article

The Toronto Stock Exchange's S&P/TSX composite index was down 82.80 points, taking the index to 12,927.15, after falling as much as 262 points earlier in the session.

The Canadian dollar ended at 71.73 cents U.S., down 0.52 of a cent from Thursday's close before the New Year's holiday.

In New York, the Dow Jones average closed down 276.09 points at 17,148.94, the broader S&P 500 index declined 31.28 points to 2,012.66 and the Nasdaq lost 104.32 points to 4,903.09.

Fresh political tensions between Saudi Arabia and Iran left traders questioning the outlook for oil prices if supplies are affected.

The February crude contract was originally up but eventually gave way to close 28 cents lower at US$36.76 a barrel, while the February contract for natural gas was unchanged at US$2.33. Gold prices ticked up, with the February contract rising $15 to US$1,075.20 an ounce.



Advertisements

Latest Economic News

  • Asian stocks weak as investors weigh U.S. data, Brexit plans

    Economic CTV News
    HONG KONG -- Asian stocks were listless Wednesday as investors weighed strong U.S. economic reports against uncertainty as Britain readies a formal request to leave the European Union. KEEPING SCORE: Tokyo's benchmark Nikkei 225 index was less than 0.1 per cent lower at 19,194.20 while South Korea's Kospi was flat at 2,163.54. Source
  • Barrick, Goldcorp joining forces to work on projects in Chile

    Economic CTV News
    TORONTO - Two of Canada's biggest gold companies are creating a new joint venture to advance several mining projects clustered in northern Chile. The joint venture will be owned equally by Toronto-based Barrick Gold Corp. Source
  • What makes a cyberattack? Experts lobby to restrict the term

    Economic CTV News
    LONDON -- When U.S. senator John McCain told Ukrainian television that the allegedly Russian-backed breach of the Democratic National Committee's server was "an act of war," Michael Schmitt cringed. Schmitt, a professor of law at the U.S. Source
  • CEO of International Air Transport Association criticizes electronics device ban

    Economic CTV News
    MONTREAL -- The head of the International Air Transport Association says it's difficult to understand how banning electronic devices in carry-on baggage on flights will improve security. In a prepared text of a speech Tuesday, IATA CEO Alexandre de Juniac called on governments to work with the transport industry to ensure passengers aren't separated from their laptops, tablets and other devices. Source
  • Former Valeant CEO suing company over unpaid shares

    Economic CBC News
    Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S., Pearson alleges that Valeant breached his separation agreement by refusing to hand over 580,676 restricted share units and about 2.4 million performance share awards he was granted. Source
  • Cruise line stops port calls at Mexican resort of Acapulco

    Economic CTV News
    MEXICO CITY - The U.S. cruise ship line Holland America says it has halted port calls at Mexico's troubled resort city of Acapulco and will sail to other destinations in the country "due to recent security concerns. Source
  • Home Capital shares dive after company terminates CEO

    Economic CBC News
    Shares of Home Capital Group Inc. traded down more than seven per cent on the TSX on Tuesday, a day after the company said it had terminated its top executive. Home Capital announced Monday after stock markets had closed that that Martin Reid, its president and CEO, was out, effective immediately. Source
  • Elon Musk's latest venture: Brain-computer interfaces

    Economic CTV News
    NEW YORK -- Tech billionaire Elon Musk is announcing a new venture called Neuralink focused on linking brains to computers. The company plans to develop brain implants that can treat neural disorders and may one day be powerful enough to put humanity on a more even footing with future superintelligent computers, according to a Wall Street Journal report citing unnamed sources. Source
  • Former Valeant CEO Michael Pearson sues for breach of contract

    Economic CTV News
    MONTREAL -- Former Valeant Pharmaceuticals CEO Michael Pearson is suing his former employer for breach of contract for failing to deliver more than three million shares and consulting fees. In a lawsuit filed Monday in the U.S. Source
  • Ford investing $1.2B in 3 Michigan plants, adding 130 jobs

    Economic CTV News
    DETROIT -- Ford Motor Co. is investing US$1.2 billion in three Michigan facilities, including an engine plant where it plans to add 130 jobs. U.S. President Donald Trump applauded the move in an early morning tweet. Source