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‘It’s hard to imagine an uglier morning:’ Markets woke up today to two things they hate the most

A trader wipes his face at the stock market in Frankfurt, Germany, Thursday. The EuroStoxx 50 index is doing even worse, down over 3.5 per cent.

Equities tumbling. Silver and gold gaining. Oil plummeting.

“It’s hard to imagine an uglier morning,” writes JPMorgan’s trading desk.

There’s nothing hyperbolic about that statement.

North American markets sank at the open following their global peers as investors broadly retreated from global stocks amid fears of financial instability.

The U.S. benchmark S&P 500 stock index was 1.5 per cent lower and also the FTSEurofirst 300 index of top European shares was down 3.39 percent to the minimum in 2 and a half years.

The Toronto Stock Exchange’s S&P/TSX composite index was down 104.50 points, or 0.86 per cent, at 12,081.22 shortly after the open. Later in the morning, the S&P/TSX fell below 12,000, before nosing back above that much cla. The last time it closed at this level was at July 2013.

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