Recession fears are taking the lead in the global markets this morning. Yesterday, the Dow dropped nearly 800 points, after Donald Trump threatened major tariffs against China if a trade deal can’t be worked out.

The Wall Street tumble rippled into other markets and is still causing havoc this morning. The Nikkei closed in the red, down 0.5 per cent to 21,919.

Wall Street won’t have an opportunity to recover today, as the markets in the US are closed in recognition of the death of former President George H.W. Bush.

The fear of global economic recession in 2019 is also pounding crude prices, as US oil falls to 53.16 a barrel.

The energy-tied Loonie is dipping to 75.28 cents US.