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TSX slumps to lowest level in more than a year as bond market flashes warning sign of recession

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The Toronto Stock Exchange's main stock index has given up all of its gains for 2023, as investors head for the exits as the realization that high interest rates are going to stick around settles in.

After topping 20,600 points as recently as mid-September, the TSX is flirting with the 19,000-point mark on Tuesday.

The benchmark Canadian stock index is one of many around the world caught up in a wave of selling that's been prompted by the prospect of a global economy showing signs of slowdown. Consumers have felt the pinch of high interest rates mostly in the mortgage market, where variable rate loans have skyrocketed. But businesses have felt it, too, as their cost of borrowing has gone up at a time when consumers are showing there's a limit to how many price increases they're willing to pay for goods and services.

Bonds have sold off as investors move their money from older ones that pay little to new ones with higher coupons. That sell-off has pushed yields on government debt to its highest level in years.

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