Global Markets: Stock markets sink to multi-year lows

Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– North American stock markets plunged on Monday for their worst day in two years after a lackluster United States jobs report and fears of a recession. Nasdaq lost 576.08 points or 3.43 per cent of its value, the S&P 500 erased three per cent or 160.23 points and the Dow Jones nearly fell 1,034 points or 2.6 per cent.  In Japan, the Nikkei 225 index was hit harder, losing 4,451.28 points or 12.4 per cent of its value, its worst day since Black Monday in 1987.

– Venezuela’s attorney general Tarek Saab said on Monday his office will launch a criminal investigation against Maria Corina Machado and Edmundo Gonzalez, opposition leaders who questioned the results of the country’s presidential election held of July 28. Saab said the two will be investigated for “inciting police and military officials to disobey the law” after they published a letter asking security forces to “stand by the people” and recognize that the results were in their favour. President Nicolas Maduro, as well as the opposition, both claimed victory.

– A U.S. federal judge ruled Monday that Google violated the country’s antitrust law with its internet search business and was deemed a monopoly. The company spent billions of dollars in contracts to be the default search engine on smartphones and web browsers, effectively blocking out DuckDuckGo, Microsoft’s Bing and other search engines. The ruling mentioned that Google’s exclusive deal with Apple as well as charging high fees in search advertising reflected its monopolistic power.

– The province of British Columbia issued an emergency alert on Monday morning after water flowing on the Chilcotin River breached a dam created by a landslide last week. The alert urged residents along the banks of both the Chilcotin and the Fraser Rivers to evacuate immediately. The Chilcotin west of the Fraser River was under a flood warning, while the Fraser from the Chilcotin south to the community of Hope was under a flood watch.

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