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Canada markets not immune to global woes -minister

Mon Jan 21, 2008 5:57pm EST

OTTAWA, Jan 21 (Reuters) - Canadian financial markets are reflecting global economic concerns but the country's economic fundamentals are strong, a spokesman for Finance Minister Jim Flaherty said on Monday after the Toronto Stock Exchange's main index plunged 4.75 percent.

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"The Department of Finance and Minister Flaherty are aware of the market developments in Canada and elsewhere and are watching closely," said David Gamble, a spokesman for the department.

"Global equity markets are reacting to growing concern about the U.S. and global economies in the wake of the U.S. housing crisis."

"Canada's equity markets are not immune to this pressure," Gamble said. "Nevertheless, Canada's economic fundamentals remain solid."

He noted that unemployment remains near a record low, the country's fiscal position is strong and Canadian financial institutions are sound. (Reporting by Louise Egan; Editing by Peter Galloway)

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