Canadian Shares Tumble
Canada's benchmark TSE 300 index lost 88.9 points Friday to close at 7594.1. The sharp declines in the Dow Industrials and Nasdaq Composite were heavy weights. Also, this morning both the Canaian and U.S. employment reports came in weaker than expected, causing even more concerns about the state of the North American economies and corporate profits. On the week the TSE 300 was down 142 points (1.8%). S&P says bearish technicals and fundamentals argue for continued losses next week.
European markets ended lower on earnings warnings from U.S. tech companies. Also weighing: The European Central Bank's Vice President Noyer said the bank is unlikely to lower interest rates for the region as long as inflation is a worry. In London, the Financial Times 100 fell 70.40 points, or 1.27%, to 5,479.20. Germany's DAX Index tripped 137.09 points, or 2.29%, at 5,862.10. In France, the CAC 40 lost 124.47 points, or 2.43%, to 4,999.36.
Asian equity markets ended with losses. In Japan, the Nikkei 225 Index ended down 301.22 points, or 2.39%, to finish at 12,306.08. Hong Kong's Hang Seng index lost 208.05 points, or 1.58%, to 12,999.48.