TSX plunges 300+ points as oil hits 3-year low + MORE Dec 9th

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TORONTO — The Toronto stock market plunged over 300 points Monday, registering its steepest one-day drop since April 2013, as energy stocks were pounded amid weak Chinese trade data and a report suggesting oil has a long way to go before finding a bottom.
The S&P/TSX composite index closed off the worst levels of the session when it was down almost 500 points, ending the session down 329.53 points or 2.3 per cent to 14,144.17 on top of a slide of almost two per cent last week.
“We’re going to continue to see volatility in oil prices and it’s going to react to near-term economic data and it will take us some time to work through the supply and demand imbalances that are in the energy market right now,” said Colum McKinley, Canadian equities manager at CIBC Asset Management.
Oil prices have tumbled nearly 40 per cent since mid-summer on lower demand and a glut of supply, due in large measure to increased production in the U.S. Prices have also been depressed by OPEC’s decision to leave production levels unchanged and a move by Saudi Arabia last week to cut prices…

It’s Tuesday – but you could be excused for having a case of the Mondays. Despite strong housing numbers, another drop in oil prices has brought the TSX, and the loonie, down with it. And while US markets nudged downwards yesterday, the glow of American jobs numbers continues, though the slumping in the popularity of donuts could tell a different story.
The day ahead
The TSX fell to a year and a half low. The S&P/TSX composite index closed down 330 points, or 2.3%, at 14,144.17. It hasn’t been a good couple of weeks for Canadian markets, as falling oil prices cut down energy stocks and took the shine off the country’s biggest banks, who reported lackluster profits last week. The index is still on track to finish the year up from last, but energy companies are no doubt short on holiday cheer as they ponder how low oil is going to go.
In the US, the S&P 500 fell slightly, but they’re still riding high after a record-breaking day on Friday. Markets in Asia and Europe are down so far this morning…

Canadian producers cut investment as economic effects of sagging crude prices start to take toll on economy

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