By Commodity News Service
Oct. 11 (CNS Canada) — The following is a glance at the news moving markets in Canada and globally.
– A sharp drop in United States stock markets is causing ripples through markets in Asia and Europe. Markets in Shanghai were down 5.2 per cent, Tokyo was down almost 4.0 per cent and Hong Kong markets fell more than 3.5 per cent.
In Europe, major indexes in the United Kingdom, Germany and France fell more than one per cent. These are seen as the aftershocks from a massive U.S. market correction. The Dow Jones composite fell 3.2 per cent, or 832 points on Wednesday
Futures markets continued to fall early this morning, indicating another possible decline today.
The S&P 500 and the Nasdaq indexes also posted dramatic declines yesterday. Rising interest rates, fears about U.S.-China trade and a determined plan by the U.S. Federal Reserve to maintain the course and steadily increase interest rates are seen as the determining factors.
– Canada’s main stock index the S&P/TSX posted its worst day in more than three years, following the massive selloff in United States markets. The TSX composite closed down 336.65 points at 15,517.40.
– Hurricane Michael, the third-largest storm to hit the mainland in United States history has crashed its way through northwest Florida. Rescue services wait to fully assess the damages caused by the storm that carried 250 km-h winds. At least two people have been killed as the storm now continues on its path into the Carolinas.
– Frank Stronach and his wife, Elfriede, have initiated a lawsuit against their daughter Belinda Stronach seeking more than C$500 million in damages. The suit alleges Belinda Stronach, chair and president of The Stronach Group, which operates horse racetracks, of unlawful actions that work against the best interests of other members of the Stronach family. Belinda Stronach has denied the allegations.