So far it doesn’t look good for European markets looking to break a losing streak.

Coming off four straight days of losses they’ve given up early gains as investors react to Asia’s 17-month low, the IMF’s lowering its growth expectations for this and next year, and economic turmoil in Italy. The initial gains had been powered by oil prices and banking stocks.

The IMF’s dampened outlook comes on the heels of the trade dispute between China and the United states, rising interest rates and weak economic performance in places like Japan and Britain.

The TSX was closed for the Thanksgiving holiday but the Dow Jones was up slightly at yesterday’s close. Oil is up 46 cents to $74.75 U.S. per barrel, gold is up $1.10 to $1,189.70 an ounce, and the loonie is down a fifth of a point to 76.97 cents U.S.