Canada’s main stock index dropped to a one-month low on Friday, with energy shares leading the selloff, as fears intensified that major central banks’ aggressive rate-hike trajectory could lead to a globalrecession.

The Toronto Stock Exchange’s S&P/TSX composite index fell 0.62% to 19,478.36, set for a second consecutive weekly loss.

Wall Street’s main indexes were also reeling from the Federal Reserve’s hawkish tone at its policy meeting on Wednesday, when the U.S. central bank raised interest rates by 50 basis points and signaled that rate hikes were far from over.

“Interest rates are impacting the American and Canadian stock markets to a significant degree,” said Thomas Caldwell, Chairman at Caldwell Securities. “When America gets the sniffles, we (Canada) get pneumonia.”

Globally, stocks extended losses as the European Central Bank and the Bank of England followed suit with a 50-bps rate hike on Thursday and said there were more to come.

Energy stocks were the top drags, falling 2.7%, as crude oil prices slumped more than 3%. Healthcare stocks tumbled 2.7%.

The TSX index has shed 8.4% so far this year, while the U.S. benchmark S&P 500 lost 18.7%.

Among single stocks, Enghouse Systems scaled to the top of the index, gaining 8.9% after the software company beat fourth-quarter profit estimates.

First Quantum Minerals extended losses, down 8.9%, even as the miner said it is doing everything possible to support its operations in Panama after it was ordered to pause operations at its flagship copper mine.