News Update

Toronto Stock Fell

Toronto stock fell with the global sell-off in equities resulting bankruptcy of American investment bank Leman Brothers Holdings Inc., and sales of Merrill Lynch.

The S&P/TSX composite index plunged about 400 points or over 3% at the opening bell led lower by Canadian Imperial Bank of Commerce (CM/TSX). CIBC.

Bank of Canada issued a statement on recent market developments. The Bank of Canada is closely monitoring global market developments. The Bank welcomes the initiatives of the Federal Reserve System to provide support to U.S. financial markets.

The Bank will provide liquidity as required to support the stability of the Canadian financial system and the functioning of financial markets.