Canada's benchmark S&P/TSX fell 73.90 points, or 1.21%, to 6,026.78.

European markets were lower. In London, the Financial Times-Stock Exchange 100 index fell 24.90 points, or 0.64%, to 3,880.30. In France, the CAC 40 lost 80 points, or 2.7%, to 2,861. And in Germany, the DAX Index declined 113.44 points, or 3.88%, to 2,813.30.

Asian markets finished lower. The Nikkei fell 112.90 points, or 1.25%, to close at 8,936.43, as declines in bank shares drove the index below 9,000 for the first time since 1983. Stocks deepened losses in Tokyo Thursday on worsening sentiment towards the global economy and corporate earnings. Corporate liquidation worries also weighed down the market, as the government may force stricter criteria for non-performing loans.

In Hong Kong, the market declined 125.03 points, or 1.37%, to 8,984.32.