TORONTO — North American stock markets were set to plunge again when the trading day begins this morning as global markets sank overnight in the wake of the World Health Organization’s declaration of a coronavirus pandemic.
The futures market pointed to a sharp decline on U.S. stock markets at the open.
In European trading, France’s CAC 40 was down 6.6 per cent, while Germany’s DAX was off 6.8 per cent. Britain’s FTSE 100 was down 5.7 per cent.
The future contract for the Dow Jones Industrial Average slumped 5.2 per cent while the S&P 500’s lost five per cent.
The stock market had been under pressure over concerns about the spread of COVID-19 and its impact on the global economy, but losses picked up this week in the face of a plunge in oil prices as Saudi Arabia intensified its fight with Russia over production cuts it wanted.
Canada’s main stock index crossed into bear market territory Wednesday, down just over 20 per cent from its record high set in February.
This report by The Canadian Press was first published March 12, 2020.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)
The Canadian Press