Affected by factors such as the prospect of a global economic recession and the plunge in international oil prices, on the 23rd local time, the S&P/TSX Composite Index of the Toronto Stock Exchange of Canada fell 521.70 points to close at 18480.98 points, a decrease of 2.75%. This was the lowest level for the Canadian stock index since July.
After the Federal Reserve raised its benchmark interest rate on the 21st in an attempt to reduce inflation, the economic community generally believes that this will drag down the economy and the global economy may enter a recession. The Fed’s rate hike was also cited as a factor affecting the sharp decline in the Canadian stock market.
While the stock index fell, the Canadian dollar fell to 73.61 cents against the U.S. dollar, the lowest level in more than two years.