Stock futures pointed to a lower opening for Canada's main stock index as widespread fears of a China-led global economic slowdown panicked investors
The S&P/TSX composite index declined 263.33 points, or 1.9%, to finish Friday and the week at 13,473.67, a level not seen in more than a year and a half.
The Canadian dollar settled 0.37 cents to 75.46 cents U.S. early Monday
Canaccord Genuity cut the rating on Eldorado Gold to hold from buy, saying its flagship asset, Kisladag, was forecast to struggle from declining grades and recoveries.
BMO raised the rating on Transalta to outperform from market perform, harbouring the opinion that a downturn in Alberta power prices combined with disappointment in management performance and concerns over accelerated coal retirements have pressured the stock.
ON BAYSTREET
The TSX Venture Exchange plunged 11.4 points, or 2.1%, Friday to 537.52.
ON WALLSTREET
U.S. stock futures are sharply down on Monday morning as worries about China continue to fuel a global selloff.
Ahead of the opening bell, futures for the Dow Jones Industrials plummeted 592 points, or 3.6%, to 15,875, futures for the S&P slipped 66.75 points, or 3.4%, to 1,904.75, and futures for the NASDAQ sank 206.75 points, or 4.9%, to 3,994.
Many U.S. stocks look poised to start the week deep in the red.
Apple is down more than 4% in pre-market trading, while Netflix is down more nearly 7%. Facebook is trading about 4% lower.
Bank of America has also suffered losses, trading 4% down in pre-markets, and other financial stocks are under pressure.
All major European markets opened down on Monday. London's FTSE 100 plunged 3% after entering correction territory last week. The FTSE is weighted toward resource companies and has been hit by the slowdown in demand from China.
Germany's DAX also fell 3%. China is a crucial market for its automakers.
And it was all misery for other Asian markets again, with all major regional indexes closing in the red. Tokyo's Nikkei 225 ended the session 4.6% down.
The Shanghai Composite closed 8.5% down, wiping out all gains made so far this year. It has now fallen nearly 38% since its June peak. China's smaller Shenzhen Composite lost 7.7%.
Oil prices fell another $1.74 to $38.71 U.S. a barrel
Gold prices went south $1.30 to $1,158.30 U.S. an ounce.
