Indiscriminate selling continues to hit markets

Report prepared by Robert Marck, CFA, MBA, CPA, CMA
Posted with permission TD Wealth

North American equity markets plunged at the open by more than 2% as the selloff on Bay Street and Wall Street continued from last week. Concerns over China’s growth slowing and a potential global slowdown continued to weigh on markets. Earlier in the day, the Asian markets sold-off with commodities and emerging market currencies plunging. The Shangai Composite Index recorded its biggest loss since 2007 with the Hang Seng Index declining 5.2% today. Chinese shares have wiped out this year’s gains, which at one point were over 50% for the year. That being said, after a difficult market open, stocks are finding buyers and Canadian and U.S. indices are beginning to recover.

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