Canada's main stock index fell more than 1% on Monday, extending Friday's losses, as weighty financial names and resources fell sharply, hurt by sliding commodity prices.
The S&P/TSX composite index plummeted 202.16 points, or 1.5%, to pause for noon hour Monday at 13,176.41
The Canadian dollar fell 0.17 cents at 74.84 cents U.S.
The struggles in the resource sector hurt the Canadian economy and in turn the fortunes of Canadian banks.
Royal Bank of Canada fell 1.1% to $71.12 to lead losses, while the overall financial sector retreated 1.1%.
TransCanada Corp was another weighty loser, sliding 2.4% to $42.59.
Potash Corp stumbled 3.3% to $26.57, while First Quantum Minerals plunged 11.7% to $4.83.
ON BAYSTREET
The TSX Venture Exchange slid 7.38 points to 534.12
All but two of the 14 TSX subgroups were lower Monday morning, with metals and mining bruised 8.9%, materials down 3.8% and health-care weaker by 3.2%
The two gainers were consumer staples, up 0.2%, and telecoms, eking up 0.02%.
ON WALLSTREET
U.S. stocks traded about 1% lower Monday as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment.
The Dow Jones industrial average plunged 222.55 points, or 1.4%, to 16,092.12, with Goldman Sachs the greatest weight on the index.
The S&P 500 faltered 34.48 points, or 1.8%, to 1,896.86, below the psychologically key level of 1,900 for the first time since Aug. 26.
Materials and health-care each declined more than 2.5% to weigh on the index.
The NASDAQ index lost 96.71 points, or 2.1%, to 4,589.79.
Apple briefly fell more than 1.5% despite news that it sold more than 13 million units of the new iPhone 6s and 6s Plus models in a record first weekend of sales.
New York Fed President William Dudley said the central bank will likely raise rates this year, Dow Jones reported. He noted international events have created uncertainty about the U.S. outlook.
Chicago Fed President Charles Evans is also scheduled to speak later in the day.
Ahead of Friday's key employment report, August personal income data showed an increase of 0.3% in personal income and a 0.4% increase in consumer spending, roughly in-line with estimates.
August pending home sales showed a decline of 1.4%, missing expectations of a slight gain.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.10% from Friday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices loosed $1.10 a barrel to $44.60 U.S.
Gold prices slid $12.10 to $1,133.50 U.S. an ounce.
