Canada Shares Tumble
Canada's benchmark TSE 300 closed with a loss of 36.6 points to 8091.8, but this was off its 8036 low. The US$5.40 drop in gold (thus retracing over two-thirds of Friday's US$7.40 rally) was offet by the $0.71 bounce in crude oil. Indeed the Oil & Gas subindex lead eight of the 14 subindices higher. The continued decline in key stock Nortel (down another 55 cents) meant the Industrials lead the other six subindices lower. Standard & Poor's will look for a rally attempt on Tuesday, after Monday afternoon's partial recovery and very bullish 60-minute patterns.
European markets ended lower. In London, the Financial Times-Stock Exchange 100 index lost 90.10 points, or 1.51%, to 5,860.50. In Germany, the DAX Index was off 24.47 points, or 0.40%, to 6,162.74. In France, the CAC 40 shed 21.46 points, or 0.39%, to 5,418.47.
Asia markets finished lower, on the heels of weak GDP data and Friday's earnings warning from network-equipment maker Juniper Networks. The Nikkei lost 203.74 points, or 1.52%, to 13,226.48. In Hong Kong, the market lost 133.40 points, or 0.97%, to 13,675.49.