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Loonie drops and markets nosedive on fears of global recession

Contributor
By Contributor
August 5th, 2011

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.

Categories: Business

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