Canada's main stock index declined 2.4% to its lowest levels in seven weeks on Monday, hit by a drop in oil prices that took down oil and gas shares and sluggish data from Asia that raised concerns about the global economy.
The S&P/TSX composite index descended 340.65 points, or 2.4%, to finish Monday at 14,133.05
The Canadian dollar removed 0.25 cents to 87.17 cents U.S.
The benchmark TSX index has shed nearly 10 percent since hitting a record high in September.
The Toronto stock market's energy sector, which has been a casualty of the bloodbath, gave back 6.2% . It is down nearly 40% since the middle of June.
Financials, the index's most heavily weighted sector, lost ground, with Bank of Nova Scotia giving back 3 percent to $64.18, and Toronto-Dominion Bank losing 2.3% to $53.01.
In the oil and gas group, Canadian Natural Resources Ltd fell 3.7% to $35.76, and Encana declined 5.3% to $15.94.
The materials sector, which includes mining stocks, was dow, as First Quantum Minerals dived 6.6% to $16.75.
In corporate news, Precision Drilling Corp said it expected capital spending to be lower in 2015, sending its shares down 6.6% to $6.40.
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 slid 16.02 points to 685.97
All but one of the 14 TSX subgroups remained negative by noon, as energy tumbled 6.2%, while metals and mining lost 3.9% and materials, slid 2.3%.
The only bright spot came in health-care, 0.3% more robust.
ON WALLSTREET
U.S. stocks fell on Monday, with benchmarks not far from record highs, as investors considered the pros and cons of the falling price of energy and oil companies were under pressure as crude dropped to another five-year low.
The Dow Jones Industrials sank 55.52 points to 17.903.27, with McDonald's, Chevron and Exxon Mobil leading blue-chip losses that extended to 16 of 30 components.
The S&P 500 dipped 9.08 points to 2,066.29, with energy and materials falling hardest and utilities and telecommunications faring best among its 10 major industry groups.
The NASDAQ Composite Index faded 27.86 to 4,752.90.
McDonald's fell 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 $2.51 to $63.33 U.S.
Gold prices gained $2.20 at $1,192.60 U.S.
