World Stocks, Oil, Euro Slump; EU Debt Crisis is Worsening

The Bears are out today as stocks across the globe dropped precipitously Monday as fears of the European debt contagion spread, and data out of China showing that growth is slowing. On China, Copper fell the most in two weeks, dropping almost 4%. Light Sweet Crude also fell, to nearly US $97/bbl, a drop of 2.84%. Precious metals were mixed; Gold up slightly, silver edging lower.

Asian stocks were hit the hardest, the MSCI World Asian Index dropped 2.2%. European stocks also tumbled; the CAC40, DAX, and FTSE down an average of 1.8%. In North America, the TSX was closed for Victoria Day holiday, while the DOW30, S&P500 were down an average of 1.2%. The Nasdaq suffered the most down 1.72%.