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Loonie drops and markets nosedive on fears of global recession

Keep building that bunker, the global economy is teetering on the brink of another recession as markets took a nosedive Thursday, the Financial Post reports.

A 3.40 per cent drop in the Toronto Stock Exchange was coupled with a $5.30 drop in West Texas Intermediate crude oil to $86.63 U.S. a barrel, while the loonie was off by 1.61 cents, at $1.0228 U.S.

The price of gold, which has been hitting new highs as markets decline, fell victim to profit-taking on Thursday, losing $7.30 to close at $1,659.00 U.S. an ounce.