Financial markets around the world had their worst day in weeks on Monday, as worries about embattled Chinese property developer Evergrande had investors worried about what the fallout might be.

The Toronto Stock Exchange was off by about 500 points, or about 2.5 per cent, nearing midday, while in New York the Dow Jones Industrial Average fell by 800 points for a similar percentage point drop.

The main catalyst for the gloom was Chinese property firm Evergrande, a real estate developer that appears to be crumbling under a $300 billion US debt load. The company missed an $80 million interest payment