New Year's Hangover As Global Stocks Plunge? -- Canadian Commentary

(RTTNews) - Canadian stocks are poised for a rough start to the New Year, taking cues from skittish global markets after discouraging economic news from China.

China's stock trading was halted after a significant fall, while Dow futures plunged 300 points on Wall Street.

China's manufacturing sector continued to contract in December on weak orders and a renewed fall in output, highlighting fears about the global economy.

Toronto's main stock index dropped about 12% in 2015 and early indications point to continued weakness on Bay Street for now.

The S&P/TSX Composite Index dropped 132 points, or 1.01 percent, to 13,009.95 on the final trading day of 2015.

Energy stocks may get a modest lift, however, as crude oil prices rose on tensions between OPEC members Saudi Arabia and Iran.

Saudi Arabia cut diplomatic ties with Iran on Sunday after its embassy in Tehran was attacked in protest over the execution of a Shiite cleric.

Gold stocks may also provide support, as bullion futures were up in early dealing.

In corporate news, CCL Industries Inc. (CCL.B.TO) has acquired Mabel's Labels, Inc. and Mabel's Labels Retail, Inc. for $12 million.