It could be another rough day in Toronto and New York City if world markets are any indicator.

After big losses on Bay Street and Wall Street yesterday world markets are lower today. Both Asian and European stock markets are down a day after 366 points were wiped off the TSX and 831 were sold off the Dow Jones.

Investors are wary of the IMF’s warning earlier this week that the global economy is set to slow down, China and the United States’ trade war, and the possibility of smaller profit margins and higher interest rates. If U.S. inflation numbers coming later today show high inflation it could lead to rate hikes by the Federal Reserve.

Ahead of this morning’s bell oil is down $1.23 to $71.94 U.S. per barrel, gold is up $13.30 to $1,206.70 an ounce and the loonie is up a fifth of a cent to 76.66 cents U.S.