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Toronto stock futures are lower, and the TSX lost 0.5% to close at 12,694. The index has now been in a bear market for 11 weeks. Crude oil, gold and copper have all fallen sharply as investors have dumped commodities amid worries about the global economy and the prospects for rising interest rates.


Credit Suisse's decision to cut its profit forecasts will likely come as a surprise to investors who have become used to seeing it beat expectations on a regular basis. Credit Suisse analysts had previously forecast adjusted earnings per share of $3.75 in 2019, but they now expect earnings of just $2.80 per share.


The bank said that the outlook for economic activity in Europe is clouded by Brexit negotiations, the uncertainty over trade policy with China and weak growth in emerging markets like Brazil and Turkey. Toronto stocks were among the biggest losers Monday as investors soured on the economy and the credit markets.


The Dow Jones industrial average plunged 1.2% to a new all-time low, while the S&P 500 index fell 1.3% to its lowest level since February 2009, according to FactSet. The Nasdaq composite dropped 1%.


Canada's S&P/TSX composite index lost 1.2%, closing at 15,821 points, down from its peak of 15,918 points on Jan. 10. The index closed at 15,918 on Friday for its first close below that level since early December 2017.


Credit Suisse Group AG analysts warned that more downside is possible to global stocks after the bank cut its global growth forecast by more than a percentage point because of Brexit uncertainty, fearing that "uncertainty and risk aversion will feed through into investor confidence." Toronto stock index futures were sharply lower on Monday as the selloff in global markets intensified. In Europe, shares fell more than 1 per cent after earlier hitting an intraday record. They have lost nearly 5 per cent over the last three weeks.


The U.S. dollar rose against most major currencies following news that China's central bank cut its 2017 economic growth target to 6.5 per cent from 6.6 per cent and said it would extend monetary stimulus through 2018 in a further attempt to rebalance the economy away from rising debt levels.


Credit Suisse has been identified as one of several banks that sold bonds linked to risky mortgage loans assembled by US mortgage giant Fannie Mae and Freddie Mac, which were sold off almost entirely by investors last month amid fears about the housing market and fragile financial system in the United States. Canada's S&P/TSX composite index shed 0.4 per cent to 11,890 on Monday as concerns over the credit rating of Swiss bank Credit Suisse sent investors fleeing stocks around the world.


The impact of Credit Suisse was barely noticeable in Toronto, however, where volumes were down 1.7 per cent from Friday's close.


In New York, however, the Dow Jones Industrial Average fell 2.2 per cent as markets around the world opened sharply lower following a weekend rally that saw major indexes extend their gains for six straight sessions. The Nasdaq Composite also dropped by 2 per cent at its low for 2016.


Credit Suisse shares slumped more than 20 percent on Friday after a report that UBS AG could consider selling its stake in the Swiss bank if it gets enough support from other large global banks.

Toronto stocks are currently falling and losing their place in the market. Customers or traders are also facing guilt while buying the same.

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