TSX, U.S. indexes dip as world markets plunge on Chinese manufacturing data

TORONTO - Toronto and U.S. stock markets racked up some losses Thursday amid a contraction in Chinese manufacturing that drove the Japanese market down to levels not seen in more than two years.

The S

On Wall Street, the Dow Jones industrials average fell 12.67 points to 15,294.50, the S

HSBC reported that its preliminary Purchasing Managers Index for China fell to a seven-month low of 49.6 in May from April's 50.4. Analysts had expected a more modest decline to 50.3.

The intraday losses on the markets were greater earlier in the day, but were later minimized by encouraging jobs and housing data in the U.S. and Canada.

In commodities, the July crude contract was down three cents to US$94.25 a barrel, July copper fell eight cents to US$3.30 a pound while June gold bullion surged $24.40 to US$1,391.80 an ounce.