North American stock markets declined Monday morning as more data pointed toward a slowdown within China’s economy, stoking fears about the outlook for global growth.
In Toronto, the S&P/TSX composite index was down 178.5 points or 1.33 per cent an hour into trading.
U.S. stocks dropped in early trading Monday, as well, following European stocks lower amid ongoing worries about the outlook for global growth.
The Standard & Poor’s 500 index slipped 26 points, or 1.4 per cent, to 1,904 as of 10:13 a.m. Eastern time. The Dow Jones industrial average lost 186 points, or 1.1 per cent, to 16,128. The Nasdaq composite slumped 79 points, or 1.7 per cent, to 4,607.
The stock market is on track for its worst quarterly performance in four years.
VW falls
Volkswagen shares were down 8.2 per cent as German prosecutors opened an investigation against the company’s former CEO, Martin Winterkorn, to establish what his role was in the emissions-rigging scandal. The investigation aims to determine who was responsible for selling vehicles with manipulated emissions data, prosecutors in Germany said in a statement.
MORE: German prosecutors open fraud investigation into disgraced ex-VW boss
In Europe, France’s CAC-40 slid 2.6 per cent while Germany’s DAX fell 1.7 per cent. The FTSE 100 index of leading British shares was 2 per cent lower.
Benchmark U.S. crude was down 60 cents to $45.08 a barrel on the New York Mercantile Exchange. Brent, which is used to price international oils, shed 77 cents to $48.50 a barrel in London.
WATCH: Chinese President Xi Jinping arrived in Washington on Tuesday to meet with five U.S. governors to discuss clean technology and economic development.
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