North American stock markets plunge following weak data from Germany and China

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TORONTO — Canada’s main stock index posted a triple-digit decline in late-morning trading as U.S. stock markets also plunged following weak economic data out of Germany and China.

The S&P/TSX composite index was down 261.91 points at 16,088.93 following a report that Germany’s economy shrank in the spring and data from China that showed factory output, retail spending and investment weakened in July.

In New York, the Dow Jones industrial average was down 597.34 points at 25,682.57. The S&P 500 index was down 65.73 points at 2,860.59, while the Nasdaq composite was down 197.45 points at 7,818.91.

The Canadian dollar traded for 75.13 cents US compared with an average of 75.55 cents US on Tuesday.

The September crude contract was down US$2.40 at US$54.70 per barrel and the September natural gas contract was down 0.3 of a cent at US$2.14 per mmBTU.

The December gold contract was up US$13.80 at US$1,527.90 an ounce and the September copper contract was down 3.35 cents at US$2.59 a pound.

 

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

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