The S&P/TSX composite index tumbled 199.39 points, or 1.4%, to open the week at 14,274.31
The Canadian dollar removed 0.01 cents to 87.32 cents U.S.
The slide in oil prices will probably cut Canadian economic growth by a third of a percentage point in 2015, not the quarter point the Bank of Canada estimated in late October, bank Governor Stephen Poloz told the media on Friday. Energy giants suffered; for example, Imperial Oil doffed $1.68, or 3.2%, to $50.55.
National Bank Financial cut the price target on Bank of Nova Scotia to $73.00 from $78.00. Scotiabank shares fell $1.35 to $64.85.
CIBC cut the price target on National Bank of Canada to $55.00 from $56.00. National shares demurred 27 cents to $49.43
On the economic slate, Statistics Canada reported that The total value of building permits was $7.5 billion in October, edging up 0.7% from September. The increase came mainly from higher construction intentions in British Columbia, Alberta and Saskatchewan.
Moreover, Canada Mortgage and Housing Corporation reported this morning that the national rate of housing starts increased to 195,620 units last month on a seasonally adjusted basis from 183,659 in October.
CMHC said British Columbia led the country in growth in housing starts, followed by Quebec, Ontario and Atlantic Canada. However, there was a decline in urban starts in the Prairie region.
ON BAYSTREET
The TSX Venture Exchange gave back 5.76 points to 696.23
ON WALLSTREET
U.S. stocks mostly fell on Monday, with benchmarks retreating from records, as trade numbers from China came in below expectations and oil companies were knocked by the falling price of crude.
The Dow Jones Industrials sank 8.23 points to 17.950.06, while the S&P 500 dipped 1.07 points to 2,074.70, and the NASDAQ Composite
Index inched up 4.84 to 4,785.60.
McDonald's fell in early New York trading after the fast-food chain reported global comparable sales declined 2.2% last month. Merck & Co. said it would acquire Cubist Pharmaceuticals in a deal valued at $9.5 billion U.S.
Chinese overseas shipments climbed 4.7% from a year earlier in November, the customs administration said.
Separately, Japan's economy contracted more than anticipated in the third quarter.
Oil prices dipped $1.45 to $64.39 U.S.
Gold prices gained $4.60 at $1,195.00 U.S.
