Canada's benchmark S&P/TSX fell 68.39 points, or 1.04%, to 6,541.97.

Europe markets finished lower. Though the rate cut by the ECB provided some small glimmer hope for economic growth in 2003, investors turned bearish. In London, the Financial Times-Stock Exchange 100 index finished down 16.20 points, or 0.40%, to 4,032.40. In Germany, the DAX lost 96.01 points, or 2.89%, to 3,224.74. In France, the CAC 40 Index fell 41.80 points, or 1.31%, to 3,158.04.

Asia markets finished mixed. In Japan, the Nikkei 225 index finished down 89.16 points, or 0.99%, to close at 8,917.57, amid a cautious mood on tech and bank stocks. In Hong Kong, the benchmark Hang Seng index ended down 14.15 points, or 0.14%, to close at 10,009.88.