Dear Friends,

Tangents: Happy Autumnal Equinox!🍂
Carolann is away from the office today; I will be writing the newsletter on her behalf.

Today is the Autumnal equinox – two moments in the year when the Sun is exactly above the Equator and day and night are of equal length; also, either of the two points in the sky where the ecliptic (the Sun’s annual pathway) and the celestial equator intersect. 🍂 
Fall begins in the northern hemisphere today.

September 22, 1832: During his HMS Beagle voyage, Charles Darwin discovers a large number of fossils at Punta Alta in Argentina
September 22, 1862 :US President Abraham Lincoln issues the preliminary Emancipation Proclamation, threatening to free all enslaved people in the rebel Southern states if those states fail to rejoin the Union by January 1, 1863
September 22, 1896: Queen Victoria surpasses her grandfather King George III as the longest reigning monarch in British history
September 22, 2001 Congress approved $15 billion to help an airline industry reeling from the Sept. 11 terrorist attacks. Go to article

1,600-year-old coin hoard found in complex tunnel system under Galilee dates to last Jewish rebellion against Romans
Archaeologists found a 1,600-year-old coin hoard dating to the final Jewish revolt against Romans.

Fireworks in Himalayas spark outrage, forcing outdoor brand Arc’teryx to apologize
The sight of a multi-colored fireworks exploding in the foothills of the Himalayas has sparked a furious environmental backlash, prompting a local government investigation in China and forcing global outdoor apparel brand Arc’teryx to issue an apology.

Here are the 30 best gifts for coffee lovers, handpicked by coffee geeks.
Some coffee drinkers simply enjoy their morning cup, but this gift guide is for coffee lovers. I’m talking about the kind of enthusiasts who wax poetic about single-origin beans by day and crave White Russians by night.

Britain’s First-Ever TV Ad
On this day 1955 Commercial television begins in the UK with the launch of ITV, which soon airs the first advert on UK TV for Gibbs SR toothpaste

Inle Lake, Myanmar
Inntha people row their traditional boats past pagodas in southern Shan state
Photograph: Thein Zaw/AP

Paris, France
Waiters and waitresses, dressed in their work uniforms, compete in the traditional ‘Course des cafes’ (the cafes’ race), a 4km race in which competitors carry a tray with water, coffee and a croissant
Photograph: Alain Jocard/AFP/Getty Images
Malatya, Turkey
Purebred Arabian horses seen from above at the Sultansuyu Agricultural Enterprise
Photograph: Okan Coskun/Anadolu/Getty Images
Market Closes for September 22^nd, 2025

Market Index	Close	Change
Dow Jones	46381.54	+66.27
		+0.14%
S&P 500	6693.75	+29.39
		+0.44%
NASDAQ	22788.98	+157.50
		+0.70%
TSX	29958.98	+190.62
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	45493.66	+447.85
		+0.99%
HANG SENG	26344.14	-200.96
		-0.76%
SENSEX	82159.97	-466.26
		-0.56%
FTSE 100*	9226.68	+10.01
		+0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.199	3.200
CND. 30 Year Bond	3.664	3.651
U.S. 10 Year Bond	4.1467	4.1274
U.S. 30 Year Bond	4.7625	4.7438

Currencies

BOC Close	Today	Previous
Canadian $	0.7234	0.7254
US $	1.3823	1.3785

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6313	0.6130
US $	1.1802	0.8473

Commodities

Gold	Close	Previous
London Gold Fix	3663.15	3643.70
Oil
WTI Crude Future	62.68	63.57

Market Commentary:
On this day in 1985, finance ministers and central bankers of the U.S., France, Germany, Japan and the U.K., meeting at the Plaza Hotel in New York City, announced coordinated measures to reduce the foreign-currency value of the U.S. dollar, which was near all-time highs. The “Plaza Accord” worked, as the dollar began a decade-long decline, spurring U.S. exports and creating a windfall for U.S. investors in foreign stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.6%, or 190.62 to 29,958.98 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 2.7%.
Endeavour Silver Corp. had the largest increase, rising 15.9%.
Today, 140 of 213 shares rose, while 72 fell; 5 of 11 sectors were higher, led by materials stocks.

Insights
* This year, the index rose 21%, heading for the best year since 2021
* This quarter, the index rose 12%, heading for the biggest advance since the second quarter of 2020
* This month, the index rose 4.9%
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 34.8% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 18.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.75t
* 30-day price volatility rose to 6.75% compared with 6.67% in the previous session and the average of 9.02% over the past month

Index Points
Materials | 116.3428| 2.4| 44/7
Financials | 38.7099| 0.4| 12/12
Energy | 32.0211| 0.7| 33/6
Information Technology | 26.7924| 0.9| 7/2
Utilities | 6.0898| 0.6| 10/4
Health Care | -0.1725| -0.2| 2/2
Real Estate | -0.8462| -0.2| 8/11
Communication Services | -2.5055| -0.4| 0/5
Consumer Discretionary | -2.9209| -0.3| 5/4
Industrials | -5.0088| -0.1| 17/11
Consumer Staples | -17.8766| -1.8| 2/8
Shopify | 48.3200| 2.7| -22.9| 42.0
Barrick Mining | 40.3800| 7.4| 90.2| 119.6
RBC | 23.1700| 1.2| 2.0| 18.6
RB Global | -6.6220| -3.1| 44.3| 22.3
Canadian Pacific Kansas | -8.2290| -1.2| -1.1| -0.9
Constellation Software | -30.1900| -4.9| 48.9| -5.5
(MT Newswires)
The Toronto Stock Exchange on Monday posted its 17th record finish in 22 sessions as artificial intelligence was very much top to the fore in North America news and views, but Rosenberg Research and National Bank were divided on what impact AI is already having on their respective investment theses.
Despite mixed commodity prices, the resources-heavy S&P/TSX Composite Index closed up 190.62 points, or 0.6%, at 29,958.98, with the Battery Metals Index up near 3.2%, and both Energy and Base Metals up near 1.4%.
In contrast no sector fell as much as even 0.5%, while Information Technology was little changed.
In contrast, U.S. equity indexes were higher as technology stocks rallied there, with the Nasdaq Composite gaining 0.7%, boosted by news around AI.
One of the big news stories of the day is that U.S. chipmaker and tech bellwether Nvidia (NVDA) plans to invest up to US$100 billion in startup OpenAI under a new agreement.
Only days ago, Nvidia had committed US$5 billion to Intel (INTC) while it is also partnering to invest up to 11 billion British pounds in the U.K.
The AI news updates come as David Rosenberg and Edward Campbell at Rosenberg Research published a note that said, “structural forces like AI, decarbonization, and demographics are becoming bigger drivers of change than the traditional business cycle”.
Among key takeaways in their note, Rosenberg and Campbell said for much of the modern era, investors relied on the business cycle as their compass, timing expansions, recessions, and central bank pivots.
They added: “That signal is now fading, as structural ‘mega-forces’ are reshaping markets in ways cycles alone cannot explain”.
According to Rosenberg and Campbell, these forces include AI and automation, decarbonization, geopolitical realignment, demographic shifts, and digital finance.
“These are not passing winds, but tectonic shifts, redirecting capital and redefining winners and losers,” the duo said, before adding: “In this new regime, cycles are ripples atop deeper tides, and the edge lies in mapping long arcs of change rather than calling the next storm”.
But in another AI related note, National Bank noted Constellation Software (CSU.TO) hosted a Q&A panel session on AI with President Mark Leonard and four of the company’s AI specialists to discuss the impact of AI on the company.
What’s clear from the session is that Constellation is engaged in AI, but the company has not seen a clear, positive or negative, impact on its business, the bank said.
“Overall,” National Bank added, “while the session was informative to addressing how Constellation is approaching AI, there was nothing material to change our investment thesis.
In our view, the company is taking a pragmatic approach to AI much like they’ve done with everything else that’s made them successful.
For Constellation, that means there’s nothing conclusive to say on the topic of AI at this point.”
Constellation shares closed down near 5% on the TSX.
Of commodities, gold traded at a record high late afternoon on Monday, continuing to run up on expectations around further interest-rate cuts, a weak dollar and strong safe-haven demand.
Gold for December delivery was up $74.70 to US$3,780.50 per ounce, rising above the Sept.16 record close of US$3.725.10.
But West Texas Intermediate oil slipped again, falling for a fourth session as the market focuses on rising supply and slowing autumn demand even as geopolitical worries continue to limit losses.
WTI crude oil for October delivery closed down $0.04 to settle at US$62.64 per barrel, while November Brent oil was last seen down $0.06 to US$66.62.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders defied calls for a breather after a $15 trillion stock rally from April lows, with Nvidia Corp. boosting optimism on artificial intelligence after pledging to invest as much as $100 billion in OpenAI.
Tech led gains in the S&P 500, with the US equity benchmark hitting its 28th record this year.
The world’s largest chipmaker rallied about 4%.
Its investment is intended to help OpenAI build data centers with a capacity of 10 gigawatts of power using Nvidia’s advanced AI chips to train and deploy OpenAI’s models.
At a time when equities are yet again at all-time highs on the back of strength in big tech, investors should be “responsibly bullish,” according to Tony Pasquariello at Goldman Sachs Group Inc.
“Do I love the positioning setup and tactical risk/reward?
I don’t,” he wrote. “Do I think you should be stepping in front of the US mega cap tech freight train? I don’t.”
Action was relatively muted in the bond market, with US yields slightly higher ahead of this week’s key inflation gauge and a trio of Treasury auctions.
The dollar halted a three-day gain.
The crypto world got hit. Gold rose to a record.
Several Fed officials are set to speak at public events, including Chair Jerome Powell on Tuesday.
In his first policy speech since joining the Fed, Governor Stephen Miran laid out his argument for aggressively lowering interest rates.
Meantime, Fed Bank of St. Louis President Alberto Musalem noted he sees limited room for cuts amid elevated inflation.
His Cleveland counterpart Beth Hammack said officials should be cautious to avoid overheating the economy.
Investor focus is likely to shift to the Fed’s tolerance of sticky inflation in 2026, and away from worries about a weaker labor market, according to Morgan Stanley’s Michael Wilson.
“Should the administration’s intention to ‘run it hot’ play out next year while the Fed cuts rates, revenue and earnings growth could come in much stronger than expected,” he wrote.
Goldman Sachs Group Inc.’s chief US equity strategist, David Kostin, boosted his three-month price target for the S&P 500 to 6,800 on Friday.
He also lifted six- and 12-month estimates to 7,000 and 7,200, respectively.
The gauge traded near 6,700 on Monday.
“During the past 40 years, the S&P 500 has generated a 15% median 12-month return when the Fed resumed cutting rates against a backdrop of continued economic growth,” he noted.
Stocks have been bucking the historical September weakness so far, thanks to an extremely favorable setup with Fed rate cuts, strong earnings, solid economic growth and muted inflation, according to Rick Gardner at RGA Investments.
“The stock-market’s strength is making it tougher to put new money to work, as valuations are rising, which makes it all the more important for investors to be selective and bottoms up,” he said.
History shows that rallies similar to the one the market has seen this year are difficult to derail.
Since 1950, the S&P 500 has advanced by roughly 5.5% on average in the final four months of the year when it has notched at least 20 records by late August, as it did this year, according to Sam Stovall at CFRA Research.
Those gains could come with a few bumps in the road, Stovall said.
Still, “while another retreat in stocks may be looming, traders haven’t expended all of the market’s fuel yet,” he said.
Pockets of exuberance are appearing as equity positioning in the US keeps climbing, Deutsche Bank’s Parag Thatte said.
Yet it isn’t close to extremes that would suggest lopsided risks of reversal, he added.
“Of course, there are reasons to be mindful, given the current high valuations compared to long-term averages,” said Mark Haefele at UBS Global Wealth Management.
“After such a strong recent run, a period of consolidation should not come as a surprise, in our view.”
Still, his base case calls for the S&P 500 to reach 6,800 by June 2026.
And in a bull case, he sees the index hitting 7,500.
There was no sign of seasonal weakness in the first three weeks of September, but with the Fed’s rate cut in the rearview mirror, the market will be searching for fresh sources of momentum, according to Chris Larkin at E*Trade from Morgan Stanley.
“In the short term, if economic data comes in soft, it may need to be in a ‘Goldilocks’ zone — soft enough for the Fed to continue cutting, but not weak enough to fuel recession concerns — for the market to avoid excessive volatility bumps,” he said.
The Fed’s preferred gauge of underlying inflation likely grew at a slower pace last month, offering policymakers some breathing room to address weakness in the US labor market.
A report on Friday is forecast to show the personal consumption expenditures price index excluding food and energy rose 0.2% in August, compared with 0.3% in July.
On an annual basis, the so-called core measure is seen holding at a still- elevated 2.9%.
“August PCE is likely to show gradual tariff passthrough into goods prices and moderating services inflation,” said Oscar Munoz at TD Securities.
“Personal income and spending likely moderated.”

Corporate Highlights:
* Oracle Corp. would provide security and help oversee the re- creation of a new US version of TikTok’s algorithm under a deal taking shape to sell the popular Chinese-owned app to a consortium of American investors, a White House official said.
** Oracle promoted two executives, Clay Magouyrk and Mike Sicilia, to the joint role of chief executive officer. Safra Catz, who has led the company since 2014, will become the executive vice chair of the board.
* Walt Disney Co. said Jimmy Kimmel Live! will return to the air on Tuesday, ending a suspension imposed following controversial remarks its ABC late-night host made about the assassination of Republican activist Charlie Kirk.
* ASML Holding NV’s recent rally got a fresh boost on Monday as Morgan Stanley joined the ranks of the stock’s bulls, signaling that the chip-equipment maker may at last show a major uplift from artificial intelligence demand.
* Pfizer Inc. will pay $4.9 billion for the obesity startup Metsera Inc. in a bid to catch up to rival drugmakers after failing to compete with its own weight-loss medications.
* CVS Health Corp. subsidiary Omnicare Inc. has filed for bankruptcy after the pharmacy-services provider was ordered to pay $949 million over claims it improperly dispensed prescription drugs to individuals in long-term care.
* T-Mobile US Inc. is promoting Chief Operating Officer Srini Gopalan, to the top job, teeing up a new era for the US’s second-largest wireless carrier as it competes for customers in a market that now also spans home internet and satellite service.
* Walmart Inc. will start delivering refrigerated prescriptions to homes as the world’s largest retailer looks to expand the reach of its pharmacy and deliveries.
* Exxon Mobil Corp. plans to move forward with its seventh oil project in Guyana after receiving required regulatory approvals, according to a statement.
* MetLife Inc. expects third-period income from its private equity and real estate investments to meet its quarterly target for the first time this year, according to a filing Monday.
* Keurig Dr Pepper Inc. sank after the owner of Canada Dry and Snapple brands was hit with its only sell rating from BNP Paribas Exane.
* Compass Inc. agreed to buy Anywhere Real Estate Inc. in a deal that would create a combined company with a roughly $10 billion enterprise value, cementing Compass’s status as the largest residential brokerage in the US.
* ODP Corp., owner of the Office Depot retail chain, is being acquired by private equity firm Atlas Holdings for about $1 billion.
* Newly formed Strive Inc. agreed to acquire Semler Scientific Inc. in a deal that combines two publicly traded Bitcoin treasury companies.
* Porsche AG scaled back its electric-vehicle plans, correcting an expensive strategy that’s depressed its margins and is dragging down parent Volkswagen AG.
* Roche Holding AG’s experimental drug giredestrant helped patients with a form of advanced breast cancer live longer without the disease worsening in an advanced trial.
* BBVA SA raised the value of its takeover bid for Banco Sabadell SA by about 10%, a last-ditch effort to get a deal over the line that’s been delayed by regulatory reviews and government opposition for more than a year.
* Samsung Electronics Co. jumped after reports it’s won approval from Nvidia Corp. for the use of advanced memory chips, which marks a breakthrough for the Korean technology leader.
* BYD Co. fell after a report that Warren Buffett’s investment firm offloaded its stake in the Chinese electric-vehicle maker.
What Bloomberg Strategists say…
“The balance of risks heading into a big week filled with Federal Reserve speakers tilts toward pricing for additional interest-rate cuts — a scenario that will put a floor under stocks.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index rose 0.8%
* The Russell 2000 Index rose 0.6%
* Nvidia rose 3.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1799
* The British pound rose 0.3% to $1.3516
* The Japanese yen rose 0.1% to 147.74 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $112,198.11
* Ether fell 7.6% to $4,137.7
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.15%
* Germany’s 10-year yield was little changed at 2.75%
* Britain’s 10-year yield was little changed at 4.71%
* The yield on 2-year Treasuries advanced three basis points to 3.60%
* The yield on 30-year Treasuries advanced two basis points to 4.77%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 1.7% to $3,747.97 an ounce

Have a wonderful evening everyone.

Be magnificent!
As ever,

Shab
” Sunlight is said to be the best of disinfectants.”– Hon Louis Dembitz Brandeis

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828