Global indicators were mostly negative for North American stock markets Tuesday morning after a 9% plunge in Chinese stocks overnight.

The biggest drop in China’s benchmark stock index in a decade sent ripples through other Asian markets, in the latest sign of the emerging global importance of the country’s economy and financial system.

A day after the Shanghai Composite Index hit a new record high, it plunged 8.8% on Tuesday to 2771.79, on what analysts said were widespread efforts by investors to cash in on big gains and avoid any government attempts to cool the markets.

Shanghai’s weakness carried over to other Asian markets. In Hong Kong, the Hang Seng Index lost 1.8% Tuesday to 20,147.87.

Japan’s Nikkei 225 ended 0.52% lower to 18119.92, as property shares fell back on concerns they may have outpaced fundamentals after recent strong gains.

Here at home, the Canadian dollar opened at US86.15¢ US, down 0.01 of a cent.

In market news, New York Stock Exchange parent NYSE Group Inc. has tapped Goldman Sachs Group Inc. trading executive Duncan Niederauer as its president and co-chief operating officer. The announcement came late Monday.

Oil prices rose Tuesday mid forecasts that U.S. inventory data due this week will show a decline in gasoline and stockpiles.

Light sweet crude for April delivery gained 10¢ to US$61.49 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

Toronto stocks moved higher Monday, setting a fresh all time record, as higher resource prices continued the exchange’s recent upward momentum.

The S&P/TSX composite index gained 60.93 points, or 0.46%, to 13,404.46.

Eight of the 10 TSX main groups closed up.

The financials sector moved up 0.45% ahead of earnings reports this week from CIBC, Bank of Montreal and Royal Bank.

The S&P/TSX Venture composite index gained 44.6 points7, or 1.38%, to 3,274.64.

In New York, markets moved lower on higher energy prices.

The Dow Jones industrial index lost 15.22, or 0.12%, to 12,632.26, the Nasdaq lost 10.58, or 0.42%, to 2,504.52, and the S&P500 gave up 1.82, or 0.13%, to 1,449.37.