The trading week has started with a blow from the East as Chinese investors were spooked by weakness in the economy and opted to sell equities. Most other Asian markets followed suit and the ripple effect spread to Europe and North America as the day continued. Toronto and New York both ended the day with triple-digit losses. The markets were already lined up to be cautious ahead of the latest two-day meeting of the Federal Reserve which starts Tuesday and concludes with the usual announcement and press conference Wednesday. Investors will be looking for a clear sign of interest rate rises with most analysts still betting on a September increase.
The S&P/TSX Composite Index closed down 184.9 (1.30 per cent)
The NYSE closed lower (Dow down 127.9 / 0.73 per cent)
Oil is trending lower (Brent $52.84, WTI $46.98 at 4.35pm)
Gold is trending higher
The loonie is valued at U$0.7666 (at 4.35pm)