Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Canada's main stock index suffered its biggest daily decline in nearly eight months while U.S. markets also tanked amid heightened anxieties about emerging Chinese risks, a global economic slowdown and impending Federal Reserve action.
The S&P/TSX composite index closed down 335.82 points to 20,154.54 after hitting an intraday low of 19,932.19.
In New York, the Dow Jones industrial average was down 614.41 points at 33.970.47. The S&P 500 index was down 75.26 points at 4,357.73, while the Nasdaq composite was down 330.07 points at 14,713.90.
Investors are wary of an economic slowdown in China, with concerns Monday over the potential insolvency of Chinese property developers, particularly Evergrande, said Craig Fehr, investment strategist, Edward Jones.
The fear is that a potential collapse there could send a chain reaction through the Chinese property-development industry and spill over into the broader financial system, similar to how the failure of Lehman Brothers inflamed the 2008 financial crisis and Great Recession.
“All of this is ... coming at the same time that the Fed is looking to dial back some of the stimulus so that's adding a little bit to the indigestion today,” he said in an interview.
Fehr said the market movement isn't a sign of broader change in direction for the North American or global economies. Monday's Canadian election and the U.S. debt ceiling debate likely also contributed to the short-term anxiety, although he said expectations are for the Trudeau Liberals to retain power with a minority government.
Markets have been a victim of their own success with equity markets surging over the past year, approaching a 20 per cent rise before the recent downturn, he said.
Periodic setbacks are normal even for the strongest equity markets and the market hasn't seen the typical annual corrections in at least a year.
“I don't think this is going to snowball into something significantly severe or prolonged. But I do think it's a condition that we've been expecting for some time,” Fehr said.
Monday's market losses evoke more emotion from investors who have been spoiled by the strong gains, but the decreases probably feel worse than they really are, he added.
“The first thing investors can do on a day like this is not take the bait. Put a different way, don't panic.”
All 11 major sectors on the TSX were down on the day, led by health care, energy, industrials, financials and technology.
Health care dropped five per cent as cannabis producer Canopy Growth Corp. loss 7.5 per cent, followed by Aurora Cannabis Inc. down 7.3 per cent and Tilray Inc. off 6.8 per cent,
Energy lost 2.8 per cent on lower crude oil and natural gas prices with Enerplus Corp. and MEG Energy Corp. down 4.8 and 4.7 per cent, respectively.
The November crude contract was down US$1.68 at US$70.14 per barrel and the October natural gas contract was down 12 cents at US$4.99 per mmBTU.
A 23.6 per cent decrease in New Flyer Industries Inc. shares pushed Industrials down 1.8 per cent while Hut 8 Mining Corp. lost 12.3 per cent to drag technologies 1.5 per cent lower.
Lower copper prices pushed materials down even as gold was one of the few assets to gain ground.
The December gold contract was up US$12.40 at US$1,763.80 an ounce and the December copper contract was down 13.2 cents at US$4.11 a pound.
Fehr said it's not unusual for cyclical investments such as energy, industrials and financials to be hardest hit on days like Monday, while the loonie is a cyclical currency that underperforms when the global growth outlook weakens and crude prices fall.
The Canadian dollar traded for 77.95 cents US compared with 78.61 on Friday.
This report by The Canadian Press was first published Sept. 20, 2021.
- With files from The Associated Press.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.