Month: March 2022

Dear Friends,

Tangents:  Happy St. Patrick’s Day!  St. Patrick, patron saint of Ireland, dies this day in 461, according to legend, and now his feast day is celebrated widely in Ireland and around the world.
From around 1700, between nine and ten million Irish-born people emigrated as a result of The Great Famine in the 1840s – a result of the potato disease that killed the crop most Irish depended on to survive with many going to Britain and the USA.  Today, mor Irish people live outside of Ireland than in Ireland.

You’ve got to do your own growing no matter how tall your grandfather was. –Irish Proverb.

On March 17, 1942, Gen. Douglas MacArthur arrived in Australia to become supreme commander of Allied forces in the southwest Pacific theater during World War II. Go to article »
Rudolph Nureyev, dancer, b. 1938.
Nat “King” Cole, b. 1919

Be good to your mentors.

The Eiffel Tower is now 20 feet taller.  France’s iconic landmark has grown with the addition of a new antenna. 

Here’s who is presenting at the Oscars so far:  We’re ready for all the red carpet action! Lady Gaga was recently added to the list of A-list celebrities presenting at the March 27 ceremony.

Saharan dust turns skies orange over Europe.  A ski resort looks like a desert after being transformed by a thick plume of dust. Check out these stunning images.

PHOTOS OF THE DAY.

A staff member carries beer as people celebrate St. Patrick’s Day at McSorely’s Old Ale House in New York City, March 17^th.
CREDIT: REUTERS/Andrew Kelly

Britain’s Prince Charles and Camilla, Duchess of Cornwall, visit the Irish Cultural Centre to celebrate the centre’s 25th anniversary in the run-up to St. Patrick’s Day, in London, March 15.
CREDIT: Arthur Edwards/Pool

Finnian Tully, 5, New Jersey with his mom Mairead Tully, take part in the Saint Patrick’s Day Parade on 5th Avenue in New York City, March 17.
CREDIT: REUTERS/Andrew Kelly

Market Closes for March 17^th, 2022

Market Index	Close	Change
Dow Jones	34480.76	+417.66
		+1.23%
S&P 500	4411.67	+53.81
		+1.23%
NASDAQ	13614.78	+178.23 +1.33%
TSX	21771.22	+302.39
		+1.41%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26652.89	+890.88
		+3.46%
HANG SENG	21501.23	+1413.73
		+7.04%
SENSEX	57863.93	+1047.28
		+1.84%
FTSE 100*	7385.34	+93.66 +1.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.191	2.180
CND. 30 Year Bond	2.405	2.392
U.S.    10 Year Bond	2.1706	2.1902
U.S. 30 Year Bond	2.4642	2.4566

Currencies

BOC Close	Today	Previous
Canadian $	0.7919	0.7886
US $	1.2628	1.2682
Euro Rate 1 Euro=		Inverse
Canadian $	1.4009	0.7138
US $	1.1094	0.9014

Commodities

Gold	Close	Previous
London Gold Fix	1913.20	1913.65
Oil
WTI Crude Future	102.98	95.04

Market Commentary:
On this day in 1821, on one of the quietest days in Wall Street history, the market was open, but not a single share of stock changed hands. Only three days earlier, trading volume was also zero.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.4%, or 302.39 to 21,771.22 in Toronto.
The move was the biggest since rising 1.7% on Feb. 25.
Shopify Inc. contributed the most to the index gain, increasing 5.0%.
Lightspeed Commerce Inc. had the largest increase, rising 15.9%.
Today, 212 of 238 shares rose, while 24 fell; all sectors were higher, led by energy stocks.
Insights
* In the past year, the index had a similar or greater gain six times.   The next day, it advanced four times for an average 0.5% and declined twice for an average 0.5%
* This quarter, the index rose 2.6%
* So far this week, the index rose 1.4%, heading for the biggest advance since the week ended Feb. 4
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 9.3% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Nov. 16, 2021 and 17.9% above its low on March 25, 2021
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility little changed to 13.23% compared with 13.22% in the previous session and the average of 13.57% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 88.8514| 2.6| 32/0
* Materials | 71.8219| 2.5| 49/4
* Information Technology | 46.2089| 3.3| 13/3
* Financials | 42.4128| 0.6| 21/6
* Industrials | 16.1454| 0.6| 29/1
* Consumer Staples | 14.6811| 1.8| 9/2
* Utilities | 8.9238| 0.9| 15/0
* Real Estate | 7.1605| 1.2| 22/1
* Consumer Discretionary | 3.1081| 0.4| 10/4
* Health Care | 2.7456| 2.0| 8/0
* Communication Services | 0.3145| 0.0| 4/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 30.6800| 5.0| -15.4| -52.4
* Nutrien | 19.2300| 4.1| 4.0| 30.4
* Suncor Energy | 13.6000| 3.6| -59.3| 24.3
* Telus | -0.7480| -0.2| -32.9| 9.4
* Descartes Systems | -1.0590| -1.9| 11.0| -9.3
* Canadian National | -1.3370| -0.2| -31.3| 3.8
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in a volatile session, while the dollar fell and Treasuries wavered a day after a bond-market indicator flashed concern the economy could buckle under the weight of the
Federal Reserve’s most aggressive rate-hike campaign in two decades.
Oil topped $100 a barrel.
The S&P 500 notched its biggest three-day rally since November 2020.
Equities rebounded after Bloomberg News reported JPMorgan Chase & Co. processed funds that were earmarked for  interest payments due on dollar bonds issued by Russia and sent the money on to Citigroup Inc.
The implied probability of a default by Russia within the year inched lower, according to credit-default swap pricing.
Earlier in the day, stocks dropped as Moscow poured cold water on reports of progress in Ukraine peace talks.
Russia’s ability to make payments on its debt is being closely watched by global markets.
There’s been concern about the possibility of creditors not getting the cash in dollars within the 30-day grace period starting Thursday, which would mark the first default on foreign-currency bonds since the
Bolsheviks repudiated the czar’s debts in 1918.
Kremlin spokesman Dmitry Peskov said the nation has all the resources it needs to avoid a default.
The U.S. House of Representatives voted overwhelmingly to end regular trade relations with Russia in a move that would allow the U.S. to sharply raise tariffs on Russian goods entering the country.
President Joe Biden and China’s leader Xi Jinping will speak about Russia on Friday.
Secretary of State Antony Blinken told reporters on Thursday that Biden will make clear to Xi that the U.S. will impose “costs” if China backs Russia.
“Sentiment continues to be driven almost entirely by geopolitics, with the market quick to forget or ignore  everything else,” wrote Fawad Razaqzada, an analyst at ThinkMarkets. “As we saw yesterday, the markets have been eager to rally on any positive news… but then sells off as investors realize that the two sides remain far apart in terms of a ceasefire and end of the war.”
For Jim Paulsen, chief investment strategist at Leuthold Group, the rally in stocks may be related to technical factors and also the fact that the Fed met market expectations by starting its rate-hiking cycle on Wednesday.
“It was clearly like a sell-on-the-rumor, buy-on-the-news,” Paulsen said. “The fact the Fed came out and finally said, ‘we’ve lifted rates’ is like a buy-signal after six months of waiting for it. So there’s some sense of relief that the Fed’s in the game and we don’t, in some sense, have to worry so much about that issue.”
If history is any guide, stock investors shouldn’t be too concerned about the Fed’s decision to tighten policy.
Between June 2004 and June 2006, officials raised rates 17 times, with the S&P 500 posting gains of about 12% in the span.
The 2015-2018 monetary tightening period was even more positive for risk assets as the index surged about 21%.
Still, Bridgewater Associates’ Karen Karniol-Tambour says markets are betting on a “magical scenario” where economic expansion continues even as the Fed raises rates to combat inflation.
“If you look at history, that looks pretty unlikely,” the firm’s co-chief investment officer for sustainability said in a Bloomberg Television interview.
Mortgage rates in the U.S. soared, surpassing 4% for the first time in almost three years.
Production at U.S. factories rose in February by the most in four months, indicating firmer momentum in a manufacturing sector still challenged by supply constraints and higher costs.
New home construction rebounded to the strongest pace since 2006, suggesting builders had greater success navigating material and labor constraints in the month.
Elsewhere, the Bank of England raised its key interest rate for the third successive policy meeting, taking borrowing costs back to their pre-pandemic level and warning the war in Ukraine may push inflation well above 8% later this year.
Officials led by Governor Andrew Bailey tempered the outlook by saying that a further tightening of policy “might be” appropriate in the coming months — a softening from the wording in February, when
they said such a move was “likely.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.1097
* The British pound was little changed at $1.3153
* The Japanese yen was little changed at 118.66 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.20%
* Germany’s 10-year yield was little changed at 0.38%
* Britain’s 10-year yield declined six basis points to 1.56%
Commodities
* West Texas Intermediate crude rose 8.7% to $103.35 a barrel
* Gold futures rose 1.4% to $1,936.70 an ounce
–With assistance from Sunil Jagtiani, Andreea Papuc, Robert Brand, Michael Msika, Vildana Hajric and Isabelle Lee.

Have a lovely  evening.

Be magnificent!
As ever,

Carolann

Those who cannot change their minds cannot change anything. -George Bernard Shaw, 1856-1950.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
2003: Vice President Dick Cheney predicted on NBC’s “Meet the Press” that American troops would be “greeted as liberators” by the Iraqi people.  Go to article »
2023: Declassified US intelligence report says Russian President Vladimir Putin authorized efforts to aid re-election of  Donald Trump.  The declassified report represented the  most comprehensive intelligence assessment of foreign efforts to influence the 2020 vote.
James Madison, 4^th President, b. 1751.

Starbucks is planning to phase out its iconic cups.  Enjoy the holiday-themed cups while they last! The coffee chain is aiming to eliminate all disposable cups by 2025.

High fashion meets functional footwear.  Manolo Blahnik and Birkenstock. This is a collab we weren’t expecting — but gladly welcome. Take a look at the new collection

Superyachts have been detained in Spain and denied fuel in Norway.

Gardening is a “psychological lifeline” in a time of crisis.

According to the English psychiatrist Sue Stuart-Smith, author of “The Well-Gardened Mind,” it was no accident that the pandemic caused a run on seeds.

 

“People tend to see gardening as a hobby — an activity — but I think it’s primarily a relationship,” Stuart-Smith told the Times’s gardening columnist, Margaret Roach. “I do a bit, and then nature does her bit, and then I respond,” she said.

But not too much of a relationship, as Sigmund Freud understood: “He drew attention to the fact that flowers have neither conflicts nor emotions. Much of the peacefulness we can experience in the presence of plants derives from this quality,” Stuart-Smith said.

A Stone Age woman who lived 4,000 years ago is leaning on her walking stick and looking ahead as a spirited young boy bursts into a run, in a stunning life-size reconstruction now on display in Sweden.
Although her likeness is new — it debuted last month in an exhibit about ancient people at Västernorrlands Museum — researchers have known about this woman’s existence for nearly a century. During the construction of a road in the hamlet of Lagmansören in 1923, workers found her skeletal remains buried next to the remains of a child, likely a 7-year-old boy. Full Story: Live Science (3/16) 

Why have we stopped making geniuses?
PHOTOS OF THE DAY

Woman wear traditional dresses during the annual Las Falles commemoration of Saint Joseph
CREDIT: Biel Aliño/EPA

The sky above Plaza Nueva is tinged orange as sand and dust blows across the Mediterranean Sea from the Sahara
CREDIT: Carlos Gil Andreu/Getty Images

Children attend the preview of Van Gogh Alive, an immersive, multi-sensory art experience in Festival Square
CREDIT: Jeff J Mitchell/Getty Images

Market Closes for March 16^th, 2022

Market Index	Close	Change
Dow Jones	34063.10	+518.76
		+1.55%
S&P 500	4357.86	+95.41
		+2.24%
NASDAQ	13436.55	+487.93 +3.77%
TSX	21468.83	+280.99
		+1.33%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25762.01	+415.53
		+1.64%
HANG SENG	20087.50	+1672.42
		+9.08%
SENSEX	56816.65	+1039.80
		+1.86%
FTSE 100*	7291.68	+115.98 +1.62%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.180	2.192
CND. 30 Year Bond	2.392	2.474
U.S.    10 Year Bond	2.1902	2.1455
U.S. 30 Year Bond	2.4566	2.4779

Currencies

BOC Close	Today	Previous
Canadian $	0.7886	0.7833
US $	1.2682	1.2767
Euro Rate 1 Euro=		Inverse
Canadian $	1.3993	0.7147
US $	1.1034	0.9063

Commodities

Gold	Close	Previous
London Gold Fix	1913.65	1954.05
Oil
WTI Crude Future	95.04	96.44

Market Commentary:
On this day in 1999, the Dow Jones Industrial Average crossed 10,000 for the first time. The index has come a long way since then—closing at 33544.34 Tuesday.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks rose the most since Feb. 25, amid a broad rally in all sectors except for energy and materials.
The S&P/TSX Composite rose for the second day, climbing 1.3%, or 280.99 to 21,468.83 in Toronto.
Shopify Inc. contributed the most to the index gain and had the largest percentage move, increasing 12% and adding $10 billion in market value.
Information technology stocks were the best performing group in the Index as 9 of 11 sectors gained; 184 of 238 shares rose, while 50 fell.
Insights
* In the past year, the index had a similar or greater gain six times. The next day, it advanced four times for an average 0.5% and declined twice for an average 0.5%
* This quarter, the index rose 1.2%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.1% in the same period
* The S&P/TSX Composite is 1.5% below its 52-week high on Nov. 16, 2021 and 16.3% above its low on March 25, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility rose to 13.22% compared with 12.61% in the previous session and the average of 13.58% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 105.7783| 1.5| 26/2
* Information Technology | 97.8831| 7.4| 16/0
* Industrials | 47.3352| 1.9| 27/3
* Consumer Staples | 19.6897| 2.5| 9/2
* Consumer Discretionary | 19.2210| 2.8| 14/0
* Real Estate | 12.6003| 2.1| 22/1
* Health Care | 6.0275| 4.6| 8/0
* Communication Services | 2.5645| 0.2| 5/2
* Utilities | 0.3861| 0.0| 8/7
* Energy | -7.5436| -0.2| 22/10
* Materials | -22.3850| -0.8| 27/23
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 64.1800| 11.6| 15.5| -54.7
* Brookfield Asset
* Management | 18.2600| 2.7| 15.6| -9.4
* Couche-Tard | 16.8100| 6.1| 35.6| -4.1
* Enbridge | -5.7080| -0.7| 3.6| 13.0
* TC Energy | -8.5470| -1.8| -26.2| 15.7
* Nutrien | -20.9200| -4.3| 28.0| 25.3
US
By Rita Nazareth
(Bloomberg) — Stocks rallied after Federal Reserve Chair Jerome Powell struck a more positive tone on the prospects for economic growth as the central bank raised interest rates for the first time since 2018. Bonds retreated.
After briefly dropping, the S&P 500 rebounded as Powell said the “economy is very strong” to handle tighter policy while adding that the probability of a recession is “not particularly elevated.”
Treasury yields rose, led by rates at the front end of the curve.
Swaps linked to Fed policy announcement dates at one stage indicated at least 75 basis points of hikes would take place over the coming two meetings, suggesting one of the anticipated moves from the central bank might be bigger than the standard size of 25 basis points.
The Fed raised rates by a quarter percentage point Wednesday and signaled hikes at all six remaining meetings this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount.
The central bank said it would begin allowing its $8.9 trillion balance sheet to shrink at a “coming meeting” without elaborating.
Powell said officials had made good progress this week in nailing down their plans and could be in a position to begin the process at their May meeting.
“The Fed finally made it official — no surprises there,” said Mike Loewengart, managing director of investment strategy at E*TRADE from Morgan Stanley. “That said, the Fed raising rates means a vote of confidence that the economy is in shape enough to weather tighter policies.”
For Guggenheim Partners Chief Investment Officer Scott Minerd, the Fed is in an “inflation panic” as it begins to tighten monetary policy in response to inflation.
The central bank has paid too much attention to financial markets at the expense of its job to control money supply and manage its balance sheet, he said during an interview on Bloomberg Television.
“The Fed has largely abandoned monetary orthodoxy,” he added. “It’s trying to be too cute in how it’s managing this.”
Traders also monitored the latest geopolitical developments.
Ukrainian President Volodymyr Zelenskiy delivered an emotional address to the U.S. Congress while President Joe Biden offered hundreds of millions of dollars’ worth of new weaponry and called Russian President Vladimir Putin a “war criminal.”
After talks between Russia and Ukraine, a Kremlin spokesman said that a neutral Ukraine with its own army could be a possible compromise in the current crisis, while Kyiv said it needed firm security guarantees in any outcome.
Here are some key events to watch this week:
* Bank of England rate decision, Thursday
* ECB President Christine Lagarde, Executive Board member Isabel Schnabel, Governing Council member Ignazio Visco and Chief Economist Philip Lane speak at a conference, Thursday
* Bank of Japan rate decision, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.7%
* The Dow Jones Industrial Average rose 1.5%
* The MSCI World index rose 2.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.8% to $1.1046
* The British pound rose 0.9% to $1.3154
* The Japanese yen fell 0.3% to 118.60 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.17%
* Germany’s 10-year yield advanced six basis points to 0.39%
* Britain’s 10-year yield advanced five basis points to 1.63%
Commodities
* West Texas Intermediate crude fell 1.6% to $94.86 a barrel
* Gold futures were little changed
–With assistance from Emily Barrett, Sunil Jagtiani, Robert Brand, Vildana Hajric, Emily Graffeo, Jennifer Bissell-Linsk and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. –Booker T. Washington, 1856-1915

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: The Ides of March.
44 B.C. Roman dictator Julius Caesar was assassinated by a group of nobles that included Brutus and Cassius. Go to article »
1767: Andrew Jackson, 7^th US President, b.
1917: Czar Nicholas II of Russia abdicates his throne.
2019: more than 1.5 million students participate in climate change protests around the world as part of Fridays for Future, a movement started by Swedish environmental activist Greta Thunberg.

Ford will ship Explorers without all the parts — and add them later.  Well, having most of a car is better than no car at all, right?

The Rolling Stones announce new ‘Sixty’ tour.  The legendary band isn’t done rocking yet! They’ve scheduled 14 shows this summer in celebration of their 60th anniversary.

Holes the size of city blocks are forming in the Arctic seafloor.  Sounds like a deep issue… Scientists say this is the result of a frozen layer of Earth’s surface thawing underneath the seabed.

World’s oldest mummy found in Portugal Roughly 60 years ago, an archaeologist snapped photos of several skeletons buried in 8,000-year-old graves in southern Portugal. Now, a new analysis of these previously undeveloped photos suggests that the oldest human mummies don’t hail from Egypt or even Chile, but rather Europe.  More than a dozen ancient bodies were found in Portugal’s southern Sado Valley during excavations in the 1960s, and at least one of those bodies had been mummified, possibly to make it easier to transport before its burial, researchers said after analyzing the images and visiting the burial grounds.
Full Story: Live Science (3/14) 

A Russian oligarch’s $700 million superyacht wants to reunite with its $600 million superyacht cousin.

PHOTOS OF THE DAY

FRANCE-WEATHER-ENVIRONMENT. This photograph taken on March 15, 2022 shows sand from Sahara that fell overnight covering the snow, in Piau-Engaly ski ressort, southern France. – Orange cars, dusty subway corridors, a blocked and yellowish horizon: a thin layer of sand from the Sahara fell on March 14, 2022 night in Madrid and a good part of Spain, before going up towards France.
CREDIT:  Bastien Arberet/AFP/Getty Images

Newly born spring lambs on Nethermorton Farm at Moreton Morrell College in Warwickshire
CREDIT: Jacob King/PA

Racegoers arrive for day one of the Cheltenham festival
CREDIT: Mike Egerton/PA

Market Closes for March 15^th, 2022

Market Index	Close	Change
Dow Jones	33544.34	+599.10
		+1.82%
S&P 500	4262.45	+89.34
		+2.14%
NASDAQ	12948.62	+367.40 +2.92%
TSX	21187.84	+7.06
		+0.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25346.48	+38.63
		+0.15%
HANG SENG	18415.08	-1116.58
		-5.72%
SENSEX	55776.85	-709.17
		-1.26%
FTSE 100*	7175.70	-17.77 -0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.192	2.158
CND. 30 Year Bond	2.474	2.425
U.S.    10 Year Bond	2.1455	2.1330
U.S. 30 Year Bond	2.4779	2.4710

Currencies

BOC Close	Today	Previous
Canadian $	0.7833	0.7800
US $	1.2767	1.2821
Euro Rate 1 Euro=		Inverse
Canadian $	1.3987	0.7149
US $	1.0955	0.9129

Commodities

Gold	Close	Previous
London Gold Fix	1954.05	1978.70
Oil
WTI Crude Future	96.44	103.01

Market Commentary:
On this day in 1933, the New York Stock Exchange reopened after closing for two weeks during President Franklin D. Roosevelt’s bank holiday. Pent-up investors busted loose in a bullish stampede, whooping and hollering as they propelled the Dow Jones Industrial Average to its biggest one-day percentage gain yet on record, a 15.3% leap to close at 62.10.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian information technology stocks led a rally in Toronto on Tuesday as oil and commodities fell.
The S&P/TSX Composite edged up to 21,187.84.
Shopify Inc. contributed the most to the index gain, increasing 7.6%.
Lightspeed Commerce Inc. had the largest percentage increase, rising 8.5%.
Today, 125 of 239 shares rose, while 110 fell; 4 of 11 sectors were higher, led by information technology stocks.
Consumer staples and energy posted the biggest declines.
Insights
* This quarter, the index was little changed
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 5.4% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on Nov. 16, 2021 and 14.8% above its low on March 25, 2021
* The S&P/TSX Composite is little changed in the past 5 days and fell 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility fell to 12.61% compared with 13.01% in the previous session and the average of 13.58% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 43.8286| 3.4| 11/5
* Financials | 6.9933| 0.1| 16/12
* Consumer Discretionary | 5.5603| 0.8| 11/3
* Health Care | 0.4028| 0.3| 6/2
* Industrials | -0.7298| 0.0| 19/12
* Utilities | -0.9757| -0.1| 8/6
* Real Estate | -1.4353| -0.2| 9/13
* Materials | -2.3324| -0.1| 34/18
* Communication Services | -5.0126| -0.5| 1/6
* Consumer Staples | -16.0277| -2.0| 3/8
* Energy | -30.4135| -0.9| 7/25
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 38.9300| 7.6| -33.3| -59.4
* TD Bank | 11.7700| 1.0| 0.7| 3.0
* Royal Bank of Canada | 9.7900| 0.7| -12.6| 4.3
* Nutrien | -10.5500| -2.1| 34.5| 30.9
* Manulife Financial | -11.6100| -3.4| -13.4| 1.7
* Suncor Energy | -14.7000| -3.7| -28.2| 19.9

US
By Rita Nazareth
(Bloomberg) — Stocks rallied as oil tumbled and a widely watched manufacturing-gauge came in much weaker than expected, easing fears about more aggressive Federal Reserve tightening that could stifle economic growth.
Beaten-down tech shares led gains in the S&P 500, with the Nasdaq 100 outperforming after a plunge of more than 20% from a record.
West Texas Intermediate crude sank below $100 a barrel amid signals that Iran nuclear talks may resume, paving the way for more oil supply to come into the market while intensifying lockdowns in China introduced risks to global demand.
Treasury two-year yields were little changed ahead of the Fed’s policy decision.
Prices paid to U.S. producers rose strongly in February, underscoring inflationary pressures that will likely set the stage for the Fed’s first rate hike since 2018 on Wednesday.
Still, officials will have to balance curbing higher prices without crashing the economy into a recession.
A separate report Tuesday showed New York state manufacturing activity weakened considerably in early March as orders fell and delivery times lengthened.
Ukraine and Russia will resume talks on Wednesday as a key adviser to Ukrainian President Volodymyr Zelenskiy called the negotiations “difficult and viscous,” but acknowledged there is room for compromise. President Joe Biden will travel to Brussels next week to meet with NATO allies and take part in a summit of European Union leaders as Russia presses on with its invasion of Ukraine.
Comments:
* “Tentative optimism about Ukraine cease-fire talks and tumbling energy prices have shifted focus away from growth concerns back onto inflation and central bank policy,” wrote Mark Haefele, chief investment officer at UBS Global Wealth Management. “While the war in Ukraine adds to the uncertainty, we expect the Fed to signal a strong commitment to getting inflation under control.”
* “The Fed is entering the tightening cycle conservatively, given the potential economic impact from the Russia-Ukraine conflict, but hot inflation is still expected to be the key driver of Fed action in the months ahead,” said Lindsey Bell, Ally’s chief markets and money strategist. “Tomorrow I’ll be keeping a close eye on the economic projections for clues into where we go from here.”
* “There are a number of headwinds facing economies and markets right now, which should mean a continuation of heightened volatility,” wrote Kristina Hooper, chief global market strategist at Invesco. “But in my view, none should be a deterrent for investors with a longer-term investing horizon.”
Elsewhere, the yuan erased losses on a news report that Saudi Arabia is in active talks with Beijing to price some of its oil sales to the Asian nation in the currency.
Base metals slid as coronavirus outbreaks in China threatened to curtail the country’s economic output, hitting demand in the world’s top consumer of raw materials.
Here are some key events to watch this week:
* EIA crude oil inventory report, Wednesday
* FOMC rate decision and Fed Chair Jerome Powell news conference, Wednesday
* Bank of England rate decision, Thursday
* ECB President Christine Lagarde, Executive Board member Isabel Schnabel, Governing Council member Ignazio Visco and Chief Economist Philip Lane speak at a conference, Thursday
* Bank of Japan rate decision, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.2%
* The Dow Jones Industrial Average rose 1.8%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.1% to $1.0952
* The British pound rose 0.3% to $1.3044
* The Japanese yen was little changed at 118.29 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.15%
* Germany’s 10-year yield declined four basis points to 0.33%
* Britain’s 10-year yield declined two basis points to 1.58%
Commodities
* West Texas Intermediate crude fell 7.4% to $95.34 a barrel
* Gold futures fell 2.2% to $1,917.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Emily Graffeo, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Conquer rage with humility,
conquer evil with goodness,
conquer greed with generosity,
and conquer lies with truth.
             The Dhammapada

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

It’s Pi Day today. 

Pi Day is an occasion to marvel at circles, long revered as symbols of perfection. (And also to eat pie.) But it is the domestication of infinity that we should be celebrating.
Archimedes first showed how to estimate pi — the ratio of a circle’s circumference to its diameter — rigorously. Back then, around 250 B.C., infinity was taboo for mathematicians, but he used it as a workhorse. He approximated curved shapes with an infinity of tiny straight lines, creating gemlike objects that offered fantastic insights about the mathematics of the original shapes.
All around us, we use such complex approximations to stand in for an inherently smooth and analog reality: computer animations, streaming audio, aircraft simulation. That began with pi — aspiring to but never quite reaching perfection.

On March 14, 1900, Congress ratified the Gold Standard Act. Go to article »

Albert Einstein, physicist, b. 1879.
Diane Arbus, photographer, b. 1923.
George Frederick Handel, composer, b.1681.

Melting glaciers reveal 1,700-year-old weapons used by reindeer hunters. 

Elon Musk says he wants to fight Putin.

Russian cops arrested a woman for holding a blank sign.

Russians accidentally got some protest with their evening news.

Uncombable Hair Syndrome is real, spectacular. (h/t Scott Kominers)

Birds might have language.

Brady is back! The legendary quarterback is on the hunt for another Super Bowl ring after spending 40 days in retirement. 

Lee Jung-jae, No. 456 in “Squid Game,” was deemed No. 1 last night, winning best actor in a drama series. Check out more Critics Choice winners here. 

It was a star-studded evening across the pond too. Here are celebs that won at the BAFTAs yesterday.

Climbers hold world’s highest tea party on Mount Everest.  For safe-TEA reasons, that isn’t the best place to have a party. Just saying. 
 
Rare Pokémon card sells for $336,000.  This is your sign to check your garage for those old Pokémon cards from the ’90s. They’ve made a comeback and have sparked a sales frenzy.

PHOTOS OF THE DAY

The British Academy Film Awards ceremony gets under way at the Royal Albert Hall in London
CREDIT: Guy Levy/Shutterstock for Bafta

The cast of Pose – Indya Moore, Hailie Sahar, Michaela Jaé Rodriguez, Angelica Ross and Dominique Jackson – onstage during the 27th annual Critics Choice awards at Fairmont Century Plaza
CREDIT: Frazer Harrison/Getty Images

A £25m Belgravia mansion belonging to the Russian billionaire Oleg Deripaska, who was placed on Britain’s sanctions list last week, is taken over by protesters
CREDIT: Graeme Robertson/The Guardian

Market Closes for March 14^th, 2022

Market Index	Close	Change
Dow Jones	32945.24	+1.05
		–%
S&P 500	4173.11	-31.20
		-0.74%
NASDAQ	12581.22	-262.59 -2.04%
TSX	21180.78	-281.05
		-1.31%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25307.85	+145.07
		+0.58%
HANG SENG	19531.66	-1022.13
		-4.97%
SENSEX	56486.02	+935.72
		+1.68%
FTSE 100*	7193.47	+37.83 +0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.158	1.993
CND. 30 Year Bond	2.425	2.279
U.S.    10 Year Bond	2.1330	1.9935
U.S. 30 Year Bond	2.4710	2.3559

Currencies

BOC Close	Today	Previous
Canadian $	0.7800	0.7856
US $	1.2821	1.2746
Euro Rate 1 Euro=		Inverse
Canadian $	1.4034	0.7126
US $	1.0947	0.9135

Commodities

Gold	Close	Previous
London Gold Fix	1978.70	1996.60
Oil
WTI Crude Future	103.01	109.33

Market Commentary:

“We feel like therapists right now with our clients.”

— Amol Dhargalkar, managing partner at advisory firm Chatham Financial Corp., referring to the many hurdles plaguing businesses since the start of the Russia-Ukraine conflict, such as higher energy costs, sanctions and import bans on Russian oil.

Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities dropped Monday as new Chinese Covid-19 restrictions crimped demand for crude oil, copper and other materials.
The S&P/TSX Composite fell for the second day, dropping 1.3%, or 281.05 to 21,180.78 in Toronto.
The move was the biggest since falling 2.1% on Jan. 21.
Today, energy stocks led the market lower, as 9 of 11 sectors declined; 192 of 238 shares fell, while 45 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.3%.
Labrador Iron Ore Royalty Corp. had the largest percentage drop, falling 17.7%.
Insights
* In the past year, the index had a similar or greater loss five times. The next day, it declined three times for an average 0.4% and advanced twice for an average 0.3%
* This quarter, the index was little changed
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 4.1% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on Nov. 16, 2021 and 14.7% above its low on March 25, 2021
* The S&P/TSX Composite is down 0.6% in the past 5 days and fell 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility fell to 13.01% compared with 13.28% in the previous session and the average of 13.63% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -107.3990| -3.1| 0/32
* Materials | -91.8257| -3.1| 3/50
* Information Technology| -36.5391| -2.8| 2/14
* Industrials | -23.1069| -0.9| 6/24
* Communication Services| -20.4670| -1.9| 3/4
* Utilities | -8.4576| -0.9| 1/15
* Real Estate | -7.5610| -1.2| 3/20
* Health Care | -2.6586| -2.0| 1/7
* Consumer Discretionary| -2.5367| -0.4| 6/8
* Consumer Staples | 0.4943| 0.1| 7/3
* Financials | 18.9963| 0.3| 13/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -28.8000| -5.3| -20.0| -62.3
* Canadian Natural Resources | -27.6800| -4.4| 187.2| 38.8
* Brookfield Asset Management | -13.6400| -2.0| -22.6| -12.5
* Bank of Montreal | 6.8130| 1.0| -20.8| 9.1
* Royal Bank of Canada | 9.1050| 0.7| 6.2| 3.6
* TD Bank | 11.5200| 0.9| -11.2| 2.1

US
By Rita Nazareth
(Bloomberg) — Volatility continued to dominate global markets as investors assessed geopolitical developments, with U.S. stocks failing to hold onto gains that reached 1% earlier in the day.
Oil briefly tumbled below $100 a barrel after a recent surge that spurred inflation fears.
Treasury 10-year yields hit the highest level since 2019.
A morning rally in equities driven by hopes of a new round of talks between Russia and Ukraine sputtered, with the S&P 500 falling into a “death cross” — a technical pattern that has at times presaged further weakness.
The Nasdaq 100 closed in a bear market for the first time since March 2020 as the tech-heavy gauge extended its slide from a record to more than 20% amid higher bond rates.
Apple Inc. slumped after one of its suppliers halted operations at its Shenzhen sites following a Chinese government-imposed lockdown.
A gauge of the Asian nation’s stocks listed in the U.S. sank 12%.
The White House is discussing President Joe Biden making a visit to unspecified destinations in Europe while Russia’s war on Ukraine is ongoing, according to people familiar with the matter.
Ukrainian President Volodymyr Zelenskiy will make a rare wartime address by a foreign leader to both chambers of Congress, pleading with U.S lawmakers by video conference for more aid as Russian bombs reduce his cities to rubble.
Traders have boosted their expectations for the amount of Federal Reserve policy tightening that could occur this year, moving at one stage on Monday to fully price in seven standard quarter-point rate hikes. The last time the market for overnight index swaps linked to Fed meeting dates fully priced that much tightening was on Feb. 11, the day after U.S. consumer-price inflation numbers for January came in hotter than expected.
The Fed will begin this week a multi-month campaign to conquer inflation that could see Chair Jerome Powell moving even more aggressively after Russia’s war on Ukraine fanned prices further.
Already pivoting to tightening monetary policy amid the fastest inflation in four decades, Powell and colleagues now have to deal with the economic fallout of the war, which threatens to deliver the twin blows of weaker growth and even-quicker inflation.
Comments:
* “There aren’t a ton of signs that volatility will ease, at least in the short-term,” said Chris Larkin, managing director of trading at E*TRADE from Morgan Stanley. “Looking ahead to the Fed decision, the market has been bracing for a rate increase for quite some time now — so the shock waves may not be too severe. But, there’s no question investors and traders alike will be looking for signs from the Fed on a quickened pace of rate hikes and any change in sentiment.”
* “We are experiencing extraordinary volatility in global equities compounded by wavering market sentiment, and the risk of recession intensifies on spiraling commodity prices,” Louise Dudley, portfolio manager for global equities at Federated Hermes, wrote in a note. “We expect ongoing swings in the short term as geopolitical uncertainty over Russian crude persists.”
* The war “is still in the driving seat,” said Fiona Cincotta, senior financial markets analyst at City Index. “We’ve got, obviously, the Fed’s rate decision this week, which is going to be quite key. Any comments from Powell about the outlook for the U.S. economy, given rising stagflation fears and rising inflation fears, could potentially drive the market quite far as well.”

Here are some key events to watch this week:
* China one-year medium-term lending facility rate, economic activity data, Tuesday
* EIA crude oil inventory report, Wednesday
* FOMC rate decision and Fed Chair Jerome Powell news conference, Wednesday
* Bank of England rate decision, Thursday
* ECB President Christine Lagarde, Executive Board member Isabel Schnabel, Governing Council member Ignazio Visco and Chief Economist Philip Lane speak at a conference, Thursday
* Bank of Japan rate decision, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro rose 0.3% to $1.0948
* The British pound fell 0.3% to $1.3003
* The Japanese yen fell 0.8% to 118.19 per dollar
Bonds
* The yield on 10-year Treasuries advanced 15 basis points to 2.14%
* Germany’s 10-year yield advanced 12 basis points to 0.37%
* Britain’s 10-year yield advanced 10 basis points to 1.59%
Commodities
* West Texas Intermediate crude fell 6.7% to $102.04 a barrel
* Gold futures fell 1.5% to $1,955.70 an ounce
–With assistance from Andreea Papuc, Robert Brand, Jennifer Bissell-Linsk, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Anyone who doesn’t believe in miracles is not a realist. –David Ben-Gurion, 1886-1973.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday!
It’s time to spring forward again this weekend – daylight-savings time starts on Sunday.

The Poem:

We Lived Happily during the War
-by Ilya Kaminsky

And when they bombed other people’s houses, we

protested
but not enough, we opposed them but not

enough.  I was
in my bed, around by bed America

was falling: invisible house by invisible house by invisible house-

I took a chair outside and watched the sun.

In the sixth month
of a disastrous reign in the house of money

in the street of money in the city of money in the country of money,
our great country of money, we (forgive us)

lived happily during the war.

********************************************************
On March 11, 1941, President Roosevelt signed into law the Lend-Lease Bill, providing war supplies to countries fighting the Axis. Go to article »
March 11, 1918: US Army mess cook Private Albert Gitchell of Fort Riley, Kansas becomes the first documented case of the Spanish flu and signifies the start of a worldwide pandemic killing 50-100 million.

Rare wolverine sighting in Yellowstone was captured on video.  Yes, they’re dangerous predators…  so thankfully, this one kept its distance. 

Alicia Keys shares the inspiration behind her new graphic novel.  She’s a Grammy-winning musician, talented actress, busy mom, and now – budding novelist. We love a multifaceted queen. 
 
We could soon be using time crystals made of light.

PHOTOS OF THE DAY

Cosplayer Dom Charland, dressed as Batman, poses for a photograph on the Edge, the highest outdoor sky deck in the western hemisphere
CREDIT: Timothy A Clary/AFP/Getty Images

Seals on floes that Turkish scientists are monitoring as they melt as a result of climate change
CREDIT: Sebnem Coskun/Anadolu Agency/Getty Images

Visitors view cherry blossom in eastern Jiangsu province
CREDIT: AFP/Getty Images

Market Closes for March 11^th, 2022

Market Index	Close	Change
Dow Jones	32944.19	-229.88
		-0.69%
S&P 500	4204.31	-55.21
		-1.30%
NASDAQ	12843.81	-286.15 -2.18%
TSX	21461.83	-119.87
		-0.56%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25162.78	-527.62
		-2.05%
HANG SENG	20553.79	-336.47
		-1.61%
SENSEX	55550.30	+85.91
		+0.15%
FTSE 100*	7155.64	+56.55 +0.80%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.993	1.936
CND. 30 Year Bond	2.279	2.243
U.S.    10 Year Bond	1.9935	1.9864
U.S. 30 Year Bond	2.3559	2.3670

Currencies

BOC Close	Today	Previous
Canadian $	0.7856	0.7830
US $	1.2746	1.2771
Euro Rate 1 Euro=		Inverse
Canadian $	1.3911	0.7189
US $	1.0914	0.9163

Commodities

Gold	Close	Previous
London Gold Fix	1996.60	1988.90
Oil
WTI Crude Future	109.33	106.02

Market Commentary:
On this day in 1991, Microsoft confirmed that it was the subject of an investigation by the Federal Trade Commission. Over the coming years, evidence of Microsoft’s monopolistic behavior mounted until U.S. District Judge Thomas Penfield Jackson issued a final ruling on April 3, 2000, finding that Microsoft violated Federal antitrust law.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped the most in more than a week as companies in the materials sector sunk with falling metals prices.
The S&P/TSX Composite fell 0.6% at 21,461.83 in Toronto.
TC Energy Corp. contributed the most to the index decline, decreasing 2.8%.
Hut 8 Mining Corp. had the largest drop, falling 8.0%.
Today, 156 of 238 shares fell, while 80 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 1.1%
* So far this week, the index rose 0.3%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 5.1% in the same period
* The S&P/TSX Composite is 1.5% below its 52-week high on Nov. 16, 2021 and 16.3% above its low on March 25, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.44t
* 30-day price volatility fell to 13.28% compared with 13.34% in the previous session and the average of 13.63% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -40.5004| -1.4| 10/43
* Information Technology | -29.9845| -2.2| 1/15
* Industrials | -21.9255| -0.9| 9/21
* Energy | -15.6770| -0.4| 9/23
* Consumer Discretionary | -8.5758| -1.3| 3/10
* Financials | -7.5565| -0.1| 15/12
* Consumer Staples | -6.4121| -0.8| 2/9
* Health Care | -3.2893| -2.4| 1/7
* Utilities | 0.1005| 0.0| 7/9
* Communication Services | 6.5810| 0.6| 2/5
* Real Estate | 7.3589| 1.2| 21/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TC Energy | -13.5200| -2.8| 13.1| 18.4
* Shopify | -10.2100| -1.9| 21.4| -60.2
* Canadian National | -9.1060| -1.3| 11.7| 3.6
* Manulife Financial | 3.6030| 1.1| -9.2| 4.8
* Canadian Natural Resources | 5.7460| 0.9| 118.8| 45.2
* BCE | 6.1810| 1.4| 61.8| 6.9

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks extended losses in late-day trading Friday as risk sentiment deteriorated after Ukraine’s top diplomat said he didn’t see progress in talks with Russia.
Comments by Ukrainian Foreign Minister Dmytro Kuleba came after IFX cited Russian President Vladimir Putin as underscoring daily efforts to resolve tensions, news that helped bolster risk appetite in early New York trading.
Meanwhile, President Joe Biden on Friday called on U.S. lawmakers to join Western allies to end normal trade relations with Russia.
The S&P 500 closed near session lows, capping the worst weekly performance since the period ending Jan. 21.
Global markets have been on edge as the worsening war in Ukraine and sanctions against Russia stoke inflation fears and threaten to sap growth.
The dollar gained on haven demand Friday, climbing to the highest since July 2020.
Markets lurched between panic-selling and dip-buying of beaten-down stocks that pushed S&P 500 to the biggest daily losses and gains since 2020.
Volatility wasn’t limited to equity markets, with oil in New York swinging in an arc from above $130 a barrel to as low as almost $103.
Bonds too gyrated, with 10-year Treasury yield climbing from below 1.7% to above 2%.
“We’re in a headline-driven market and headline-driven markets happen during periods of uncertainty,” Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, said by phone. “We always have uncertainty, but when you have higher-than-normal uncertainty, each headline tends to get over-extrapolated in both directions.”
Those wild swings came in a week that saw inflation in February accelerating at the fastest pace in 40 years in February, reinforcing expectations that the Federal Reserve next week will start raising interest rates to contain inflation that some economists see rising above 8%.
If the European Central Bank’s decisions Thursday are any guide, policy makers may prioritize their inflation fight over the need to support economic recovery.
“Fundamentals are taking a back seat to the Fed, which is taking a backseat right now to what’s going on in Ukraine, Tom Hainlin, national investment strategist at U.S. Bank National Association, said by phone. The Fed meeting is “going to be a material event — anticipating that the Fed’s going to finally pivot to the beginning of tightening policy.”
Bond traders ramped up inflation projections Friday, with the 30-year security at the highest since 2013.
At 2.60%, the long-dated breakeven — the market’s forecast for price growth over the next three decades — is joining short-term maturities at historically elevated levels.
U.S. consumer sentiment tumbled in early March to the lowest since 2011 and year-ahead inflation expectations rose to a four-decade high in the aftermath of Russia’s invasion of Ukraine, according to a University of Michigan sentiment index.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.7% to $1.0911
* The British pound fell 0.4% to $1.3036
* The Japanese yen fell 1% to 117.25 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.99%
* Germany’s 10-year yield declined two basis points to 0.25%
* Britain’s 10-year yield declined three basis points to 1.49%
Commodities
* West Texas Intermediate crude rose 3.1% to $109.31 a barrel
* Gold futures fell 0.6% to $1,988.80 an ounce
–With assistance from Andreea Papuc, Emily Barrett, Joanna Ossinger and Srinivasan Sivabalan.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Everything that irritates us about others can lead us to an understanding of ourselves. –Carl Jung, 1875-1961.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

March 10, 1969 James Earl Ray pleaded guilty in Memphis, Tenn., to the assassination of Martin Luther King Jr.. …It was also his birthday… the King Family however believes vehemently that Ray was framed for the assassination. Go to article ».

1933- Soon after Adolf Hitler becomes chancellor, the first concentration camp in Germany opens at Dachau, where at least 33,000 people die from disease, malnutrition , physical oppression and execution.

1862- Paper Money issued in the US.

The truly worst year to be alive was 536.

Area algae species has three sexes.

Ukrainian photographer turns war into art.  Instead of wallowing in the destruction around her, this woman is making clever TikTok videos to document her daily life during the Russian invasion. 

Affection from a dog really is medicinal, according to a new study.  So, dogs are actually dog-tors?! Experts say canine affection may help reduce physical pain for some hospital patients. 

PHOTOS OF THE DAY

A carpet of crocuses at the National Trust’s Wallington Hall in Northumberland
CREDIT:  Owen Humphreys/PA

Dua Lipa performs at United Center
CREDIT: Natasha Moustache/Getty Images

Workers load thousands of pots on to a boat to be sold at markets across the country. A team can make up to 25,000 handmade pots each day
CREDIT: Mustasinur Rahman Alvi/Zuma/Rex/Shutterstock

Market Closes for March 10^th, 2022

Market Index	Close	Change
Dow Jones	33174.07	-112.18
		-0.34%
S&P 500	4259.52	-18.36
		-0.43%
NASDAQ	13129.96	-125.59 -0.95%
TSX	21581.70	+88.47
		+0.41%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25960.40	+972.87
		+3.94%
HANG SENG	20890.26	+262.55
		+1.27%
SENSEX	55464.39	+817.06
		+1.50%
FTSE 100*	7099.09	-91.63 -1.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.936	1.902
CND. 30 Year Bond	2.243	2.200
U.S.    10 Year Bond	1.9864	1.9531
U.S. 30 Year Bond	2.3670	2.3352

Currencies

BOC Close	Today	Previous
Canadian $	0.7830	0.7808
US $	1.2771	1.2807
Euro Rate 1 Euro=		Inverse
Canadian $	1.4035	0.7125
US $	1.0990	0.9099

Commodities

Gold	Close	Previous
London Gold Fix	1988.90	2039.05
Oil
WTI Crude Future	106.02	108.70

Market Commentary:
On this day in 1876, the telephone was born in a laboratory in Boston, as Alexander Graham Bell said into his variable resistance transmitter, which sat in a bowl of water and sulphuric acid, “Mr. Watson, come here, I want to see you.” Mr. Bell’s assistant, Thomas A. Watson, heard him; “the effect was loud but indistinct and muffled.” A year-and-a-half later, Bell offered to sell the commercial rights to the telephone for $100,000 to Western Union, which rejected the offer on the grounds that the telephone was a passing fad.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed to the highest in a month as companies in the materials sector soared amid surging prices for commodities such as metals.
The S&P/TSX Composite rose for the second day, climbing 0.4%, or 88.47 to 21,581.70 in Toronto.
The index advanced to the highest closing level since Feb. 9.
Nutrien Ltd. contributed the most to the index gain, increasing 6.9%.
Endeavour Silver Corp. had the largest increase, rising 8.1%.
Today, 134 of 238 shares rose, while 102 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 1.7%
* So far this week, the index rose 0.8%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 8% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on Nov. 16, 2021 and 16.9% above its low on March 25, 2021
* The S&P/TSX Composite is up 1.6% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.43t
* 30-day price volatility fell to 13.34% compared with 13.37% in the previous session and the average of 13.63% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 67.6895| 2.3| 41/11
* Energy | 44.0808| 1.3| 24/8
* Industrials | 19.9848| 0.8| 12/18
* Consumer Staples | 6.4427| 0.8| 6/5
* Utilities | 4.2012| 0.4| 10/6
* Real Estate | 1.6145| 0.3| 15/8
* Consumer Discretionary | 0.1240| 0.0| 5/8
* Communication Services | -0.0747| 0.0| 5/2
* Health Care | -1.5818| -1.2| 3/5
* Financials | -10.1190| -0.1| 11/17
* Information Technology | -43.9058| -3.2| 2/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 33.0000| 6.9| 43.3| 36.9
* Canadian Natural Resources | 21.9300| 3.7| 162.8| 43.9
* Canadian National | 17.2900| 2.6| -5.1| 5.0
* Bank of Nova Scotia| -4.3420| -0.6| 24.0| 2.9
* Brookfield Asset Management | -6.0180| -0.9| -35.8| -9.9
* Shopify | -36.6800| -6.2| -12.7| -59.4

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks fell and Treasury yields pushed higher after inflation accelerated for a sixth successive month and the Russian attack on Ukraine showed no sign of letting up.
Oil declined and the dollar rose.
The S&P 500 ended down but well off session lows, with tech stocks leading the retreat.
Treasuries fell across the board, sending the 10-year Treasury yields to levels not seen since Feb. 25 and the 30-year rate to the highest since May 2021 after data showed inflation running at the fastest pace in 40 years.
Oil dropped below $107 a barrel in New York amid concern surging prices could hasten the onset of demand destruction.
Markets have whipsawed since Russia invaded Ukraine two weeks ago, with U.S. stocks this week experiencing the biggest swings of gains and losses since 2020.
Commodity prices have also gyrated as investors grapple with uncertainties surrounding Russia’s attack on Ukraine and supply disruptions, while inflation showing sign of slowing keeps pressure on policy
makers to hike rates and threatens to curb economic growth.
“The market likely already priced the inflation increase in accordingly, and is instead intently focused on Ukraine and the downstream impact from commodities, which are already sending shockwaves through the market,” said Mike Loewengart, managing director of investment strategy at E*TRADE from Morgan Stanley.  “Bottom line for investors: Strap in for a bumpy ride, but keep your wits about you and don’t react emotionally.”
Ukraine and Russia failed to make progress in halting the war and bridging the vast differences between them at the first high-level talks between their foreign ministers since the Russian invasion began. Sentiment was boosted Wednesday after a top foreign policy aide to Ukraine’s president said the country was open to discussing Russia’s demand for neutrality as long as it was given security guarantees.
While the jump in U.S. consumer prices was in line with forecasts, it reinforced expectations that the Federal Reserve next week will start raising interest rates to contain inflation that some economists see rising above 8%.
That’s because the Ukraine war and U.S. President Joe Biden’s ban on Russian energy imports tightened oil supplies.
Comments
* “Expectations were already high for today’s U.S. inflation number, but the 7.9% print today wasn’t helpful for the Fed following the oil price rises we have seen in recent weeks,” wrote Nick Chatters, investment manager at Aegon Asset Management. “It seems that the Fed is going to have to react to the possible spiral scenario, where wages race higher in chase.”
* “I don’t think the war has knocked any of the central banks off their policy of trying to normalize rates in reaction to inflation,” said Chris Gaffney, president of world markets at TIAA Bank. “Inflation is certainly high. This morning’s print, it’s uncomfortable.”
* “The biggest risk is inflation,” said Fiona Cincotta, senior market analyst at City Index. “Even though central banks will try and rush to get through as much tightening as possible in the first half of the year, I think looking further out, they gonna struggle if growth really starts to take a hit.”
* “The key here is that shelter and food, not used cars are driving the print. Combined with the decline in real wages, this locks in the Fed’s compass,” said Max Gokhman, chief investment officer for AlphaTrAI. “Of course with the Russian invasion showing no sign of abating, it’s unlikely the next headline reading will be below expectations. The market reaction is investors finally pricing in that this war will make the Fed more, not less hawkish.”
* “After months of laying the groundwork for a steady and substantial tightening in monetary policy over the next year, the Fed now faces a sudden change in the economic outlook,” Richard Flynn, managing director at Charles Schwab U.K. Ltd., wrote in a note. “That said, the Fed will likely be reticent to stall rate hikes in the short term.”

Amazon.com Inc. jumped 5.4% after announcing a share split and a $10 billion buyback plan.
Crowdstrike Holdings Inc. soared 13% after posting strong results. Oracle Corp. fell in postmarket trading after reporting quarterly results.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.9% to $1.0979
* The British pound fell 0.7% to $1.3085
* The Japanese yen fell 0.3% to 116.12 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.99%
* Germany’s 10-year yield advanced six basis points to 0.27%
* Britain’s 10-year yield was little changed at 1.52%
Commodities
* West Texas Intermediate crude fell 2.2% to $106.36 a barrel
* Gold futures rose 0.8% to $2,003.90 an ounce
–With assistance from Emily Barrett, Andreea Papuc, Srinivasan Sivabalan, Peyton Forte and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

To Zen, time and eternity are one. –D.T. Suzuki, 1870-1966.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
March 9, 1959: The Barbie doll makes its debut at the American International Toy Fair in New York.  In 2020, Mattel sold $1.3 billion worth of Barbie dolls and accessories and this was their best sales growth in two decades attributed to the Covid-19 pandemic.  This was an increase from the $950 million the brand sold during 2017.

On March 8, 1917, Russia’s February Revolution (so called because of the Old Style calendar used by Russians at the time) began with rioting and strikes in St. Petersburg.  Go to article »

Swanky workout brand Lululemon jumps into the footwear business with a new shoe called ‘Blissfeel’.  The words “bliss” and “blister” are far too close for comfort

Giant venomous spiders infiltrated the southeastern US and are expected to spread rapidly, but experts say not to worry.  Please do not kill the beautiful, hand-sized nightmares. They will not hurt you. Simply back away from wherever you found them, move to the other side of the world and never return. This has been a message from the Committee for No More Scary Bugs 2022. 

This Russian superyacht is staying put.

The wreck of the steam-yacht Endurance, which famously sank in 1915 during an Antarctic expedition by the polar explorer Ernest Shackleton, has been rediscovered by searchers using autonomous underwater vehicles.

The shipwreck was found at a depth of 9,869 feet (3,008 meters) beneath West Antarctica’s Weddell Sea, according to the Falklands Maritime Heritage Trust (FMHT), which sponsored the search.
Full Story: Live Science (3/9) 

Scientists haven’t found evidence of a “cosmic dawn.”

Life, uh, finds a way: mouse edition.

Winners of the 2021 World Nature Photography awards.

From the late night hosts:
“Gas prices are so high, this morning, parents were like: ‘All right, kids, we’re Amish now. Let’s get in the buggy — we’re taking the horse to school.’” — JIMMY FALLON

“But on the bright side, this is the perfect excuse to pretend you’re going to get back on the bike you bought mid-pandemic and rode twice.” — JAMES CORDEN

“Meanwhile, in the battle, McDonald’s and Starbucks are cutting ties with Russia, both announcing they would temporarily close all locations in the country. No Starbucks, no McDonald’s — that’s a sad life to live. And no pick-me-up in the morning, no Happy Meals — or, as they call them in Russia, meals.” — TREVOR NOAH

“Yeah, we don’t want their oil and they can’t have our grease.” — JIMMY FALLON

“Not to be outdone, Arby’s announced that they are punishing Russia by staying open.” — JIMMY FALLON

“Yes. Russia just became a ‘no fry zone.’” — STEPHEN COLBERT

PHOTOS OF THE DAY

Death Denied, 2008, goes on view as part of the Damien Hirst Natural History Exhibition at Gagosian Gallery
CREDIT: Tristan Fewings/Getty Images

Visitors enjoy cherry blossoms and flower-themed installations inside the Flower Dome of Gardens by the Bay
CREDIT: Xinhua/REX/Shutterstock

The Endurance trapped in ice in 1915 before it sank
CREDIT: Bettmann Archive

Market Closes for March 9^th, 2022

Market Index	Close	Change
Dow Jones	33286.25	+653.61
		+2.00%
S&P 500	4277.88	+107.18
		+2.57%
NASDAQ	13255.55	+460.00 +3.60%
TSX	21493.23	+261.20
		+1.23%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24717.53	-73.42
		-0.30%
HANG SENG	20627.71	-138.16
		-0.67%
SENSEX	54647.33	+1223.24
		+2.29%
FTSE 100*	7190.70	+226.61 +3.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.902	1.817
CND. 30 Year Bond	2.200	2.113
U.S.    10 Year Bond	1.9531	1.8456
U.S. 30 Year Bond	2.3352	2.2270

Currencies

BOC Close	Today	Previous
Canadian $	0.7808	0.7758
US $	1.2807	1.2890
Euro Rate 1 Euro=		Inverse
Canadian $	1.4183	0.7051
US $	1.1074	0.9030

Commodities

Gold	Close	Previous
London Gold Fix	2039.05	1980.95
Oil
WTI Crude Future	108.70	123.70

Market Commentary:
On this day in 1929, just in time to suffer through the worst depression in modern history, the forerunner of the Buenos Aires Stock Exchange was established.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities reversed two days of losses, climbing as technology and consumer discretionary stocks rallied.
The S&P/TSX Composite rose 1.2% at 21,493.23 in Toronto.
The move was the biggest since rising 1.7% on Feb. 25 and follows the previous session’s decrease of 0.3%.
Today, financials stocks led the market higher, as 8 of 11 sectors gained; 163 of 238 shares rose, while 72 fell.
Shopify Inc. contributed the most to the index gain, increasing 13.6%.
Nuvei Corp. had the largest increase, rising 13.8%.
Insights
* In the past year, the index had a similar or greater gain seven times. The next day, it advanced four times for an average 0.5% and declined three times for an average 0.3%
* This quarter, the index rose 1.3%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 9% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Nov. 16, 2021 and 16.4% above its low on March 25, 2021
* The S&P/TSX Composite is up 1.1% in the past 5 days and fell 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility rose to 13.37% compared with 12.95% in the previous session and the average of 13.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 142.7558| 2.1| 26/2
* Information Technology | 101.8556| 7.9| 16/0
* Industrials | 40.4321| 1.6| 28/2
* Consumer Discretionary | 23.2139| 3.5| 14/0
* Consumer Staples | 20.9528| 2.7| 10/1
* Real Estate | 9.8536| 1.7| 20/3
* Health Care | 4.9877| 3.8| 8/0
* Communication Services | 3.3647| 0.3| 5/2
* Utilities | -4.3226| -0.4| 6/10
* Materials | -16.2707| -0.6| 25/25
* Energy | -65.6293| -1.9| 5/27
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 70.4400| 13.6| 18.6| -56.7
* TD Bank | 26.5500| 2.2| -29.2| 1.5
* Royal Bank of Canada | 24.5700| 1.9| -34.0| 2.6
* Suncor Energy | -14.1000| -3.4| 70.3| 26.7
* Barrick Gold | -18.6900| -4.7| 19.2| 29.6
* Canadian Natural Resources | -22.4200| -3.6| 22.6| 38.8

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — Global stocks staged a ferocious rebound from the war-induced rout, with European equities notching the biggest rally since the pandemic bottom in March 2020 and U.S. shares jumping the most since June of that year.
Oil sank more than 10% and Treasuries dropped.
Dip buyers powered the S&P 500 up 2.6% and Germany’s DAX Index to an eye-popping 7.9% surge on speculation that two weeks of selling amply reflected the global economic impact of escalating sanctions on Russia.
Oil slid to $110 a barrel in New York and the 10-year Treasury yield climbed back above 1.9%.
Still, the rallies managed to claw back only some of the losses incurred since Russia invaded Ukraine.
The DAX had plunged into a bear market earlier this week, while the S&P 500 is still sitting 10% below where it started the year.
West Texas crude has added almost $20 a barrel in two weeks, and other commodities from nickel to wheat remain near historically high prices.
The risk-on rally is the latest wild ride for markets have been roiled by fears of a global inflation shock from a commodity-price rally fueled by Russia’s isolation, while supply disruptions threaten to usher in a period of slower global growth.
Sentiment was lifted Wednesday after a top foreign policy aide to Ukrainian President Volodymyr Zelenskiy said the country is open to discussing Russia’s demand of neutrality as long as it’s given security guarantees.
“Risk markets are higher today, suggesting traders are no longer in flight mode and are starting to think about value again,” said Chris Low, chief economist at FHN Financial. “That doesn’t mean volatility is over.
Economic consequences, macro and micro, are still in flux.
The West is still working on sanctions for Russian energy, and the duration and outcome of the war is still a big unknown.”
The rally in U.S. stocks Wednesday comes on the 13^th anniversary since the S&P 500 bottomed out following the financial crisis.
The gauge has climbed more than 500% in this bull market, with an annual return of about 15%.
Russian forces intensified their bombardment of Ukraine’s capital Kyiv, the U.S. said.
The Russian stock market’s trading halt is being extended in an effort to keep prices from tumbling in the wake of vast international sanctions.

Meanwhile, Coca-Cola Co. joined McDonald’s Corp., Starbucks Corp. and a host of other companies in suspending Russia operations in protest at the war.
Fitch Ratings cut Russia’s credit rating and said a bond default is “imminent.”
Oil tumbled as the U.A.E. and Iraq signaled OPEC may have greater willingness to raise output.
Crude has posted huge intraday swings in recent days as Russia’s invasion of Ukraine threatens a major global supply shock.
Declines in crude and gas Wednesday are reversing some of the main trades seen since war broke out.
“What we’re seeing today is a lot of focus on commodity prices,” Michelle Cluver, associate portfolio strategist at Global X, said in a phone interview. “We are also seeing, especially with what’s happened with banning energy imports from Russia, the question about economic growth increasingly coming to the forefront.”

Commodity costs underline the inflation challenge and growth dilemma facing central banks.
The European Central Bank meeting Thursday may reflect caution as the war on Ukraine has upended the continent’s economic outlook, while bets on a Federal Reserve rate hike have been scaled back over the past few weeks, with a quarter point now widely expected.
Still, with U.S. inflation data due Thursday set to capture prewar prices, economists are now saying it could peak somewhere in the 8%-9% range this month or next.

Commodities broadly pulled back from highs, with gold dropping from a 19-month high on improved risk sentiment.
Bullion is still up 9% this year as investors seek a hedge against the threat of an inflationary shock.
In cryptocurrencies, Bitcoin jumped above $42,000 amid a sharp rally in digital tokens, spurred by optimism about an impending U.S. overhaul of crypto oversight that Treasury Secretary Janet Yellen called “historic.”
Here are some key events this week:
* European Central Bank President Christine Lagarde briefing after policy meeting, Thursday
* U.S. CPI, initial jobless claims, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.6%
* The Dow Jones Industrial Average rose 2%
* The MSCI World index rose 2.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.6% to $1.1070
* The British pound rose 0.6% to $1.3183
* The Japanese yen fell 0.1% to 115.81 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 1.94%
* Germany’s 10-year yield advanced 10 basis points to 0.22%
* Britain’s 10-year yield advanced eight basis points to 1.53%
Commodities
* West Texas Intermediate crude fell 11% to $110.23 a barrel
* Gold futures fell 2.4% to $1,995.20 an ounce
–With assistance from Akshay Chinchalkar, Sharon Cho, Andreea Papuc, Srinivasan Sivabalan and Peyton Forte.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

If you get angry easily, it may be because the seed of anger in you has been watered frequently over many years,
and unfortunately you have allowed it or even encouraged it to be watered. –Thich Nhat Hanh,1926-2022.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
March 8, 1965: 57 Years Ago today… in 1965, The United States landed about 3,500 Marines in South Vietnam.  Go to article » 
2014: During a flight from Kuala Lumpur to Beijing, Malaysia Airlines flight 370 disappeared,  prompting a massive search effort that was finally called off in early 2017.  The disappearance remains one of the world’s biggest aviation mysteries.
1913: US income tax begins.
1917: Russian Revolution begins.
1983: President Ronald Reagan calls USSR an “evil empire”.

White noise helps people learn.

Academy of Country Music Awards 2022:  The world’s best country superstars were radiating Southern charm in Las Vegas last night! Did y’all enjoy the show? 

Pixar’s new adorable, animated movie is a must-see.  “Turning Red” is the feel-good movie we all needed right now. Thanks Pixar.
 
Rock art may depict extinct giants of the ice age:  Check out these works of art created by humans more than 12,000 years ago.
PHOTOS OF THE DAY

A field of daffodils in flower at Taylors Bulbs in Holbeach. The fourth-generation family-run flower growers farm over 750 hectares, of which over 150 are daffodils. Each summer in excess of 3,000 tonnes of daffodil bulbs pass through the yard
CREDIT: Joe Giddens/PA

Villagers from Haripur and Balipara gather together at the 200-year-old Polo Bawa festival with their traditional fishing nets and ‘polo’ made of bamboo and cane, at a beel (wetland) in the Bangla calendar month of Falgun
CREDIT: Md Rafayat Haque Khan/Zuma Press Wire/Rex/Shutterstock

Several hundred swimmers take a sunrise dip in the North Sea at Portobello Beach, for the International Women’s Day Swimrise. Women from all backgrounds, abilities and ages came together in aid of Edinburgh Women’s Aid, Edinburgh Rape Crisis and Held in Our Hearts
CREDIT: Jeff J Mitchell/Getty Images

 Market Closes for March 8^th, 2022 

Market Index	Close	Change
Dow Jones	32632.64	-184.74
		-0.56%
S&P 500	4170.70	-30.39
		-0.72%
NASDAQ	12795.55	-35.41 -0.28%
TSX	21232.03	-72.37
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	24790.95	-430.46
		-1.71%
HANG SENG	20765.87	-291.76
		-1.39%
SENSEX	53424.09	+581.34
		+1.10%
FTSE 100*	6964.11	+4.63 +0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.817	1.724
CND. 30 Year Bond	2.113	2.024
U.S.    10 Year Bond	1.8456	1.7734
U.S. 30 Year Bond	2.2270	2.1857

Currencies

BOC Close	Today	Previous
Canadian $	0.7758	0.7803
US $	1.2890	1.2815
Euro Rate 1 Euro=		Inverse
Canadian $	1.4048	0.7118
US $	1.0898	0.9176

Commodities

Gold	Close	Previous
London Gold Fix	1980.95	1945.30
Oil
WTI Crude Future	123.70	119.40

Market Commentary:
On this day in 1817, the New York Stock & Exchange Board, ancestor of the NYSE, was formed when 24 brokers agreed on a “Constitution” that fixed commissions at 0.25% and set a fine of at least six cents for talking out loud about other subjects while stocks were being traded.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities ended a day swings by closing lower as companies in the technology and industrials sectors sunk.
The S&P/TSX Composite fell for the second day, dropping 0.3%, or 72.37 to 21,232.03 in Toronto.
Today, information technology stocks led the market lower, as 5 of 11 sectors lost; 99 of 239 shares fell, while 139 rose.
Shopify Inc. contributed the most to the index decline, decreasing 7.6%.
Transcontinental Inc. had the largest drop, falling 9.1%.
Insights
* This quarter, the index was little changed
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 7.9% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Nov. 16, 2021 and 15.7% above its low on March 8, 2021
* The S&P/TSX Composite is up 1.1% in the past 5 days and fell 0.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.4t
* 30-day price volatility rose to 12.95% compared with 12.88% in the previous session and the average of 13.60% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -43.3445| -3.3| 11/5
* Industrials | -31.9624| -1.3| 15/15
* Financials | -28.7026| -0.4| 13/15
* Communication Services | -17.4792| -1.6| 3/4
* Real Estate | -1.1053| -0.2| 12/11
* Consumer Discretionary | 1.1827| 0.2| 6/8
* Health Care | 1.8648| 1.4| 7/1
* Consumer Staples | 3.0446| 0.4| 7/4
* Utilities | 5.0591| 0.5| 12/4
* Energy | 11.6029| 0.3| 16/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -42.7100| -7.6| 85.1| -61.9
* Nutrien | -20.0200| -4.0| 95.7| 28.5
* Canadian National | -14.8500| -2.2| 62.2| 1.9
* First Quantum Minerals | 6.9410| 5.0| 114.7| 27.7
* Barrick Gold | 10.4900| 2.7| 91.2| 36.0
* Agnico Eagle Mines | 12.2100| 5.3| 66.1| 17.0

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — Volatility continued to grip global financial markets, as U.S. stocks and oil swung wildly on headlines related to the war in Ukraine.
The S&P 500 closed down Tuesday, lurching lower in the last hour of trading on a day that saw the benchmark gain almost 2% and drop as much as 1%.
The index plunged nearly 3% Monday to close more than 12% below its Jan. 3 record.
Stocks, commodities, foreign currencies and sovereign bonds have been swinging wildly in the nearly two weeks since Russia invaded Ukraine, with investors hyper attuned to any change in sentiment
that could force a recalibration of asset valuations.
“I don’t think the market’s ignoring anything at the moment, to be honest with you,” JJ Kinahan, chief market strategist at TD Ameritrade, said by phone. “In fact, everything is hyper-sensitive as to what may happen. It’s so fluid and we will see what happens. It’s really tough to predict day-to-day.”
The U.S. stock market is a cauldron of opposing bets linked to the war, its moves amplified by massive options positions which require constant re-balancing by dealers.
Small upward and downward swings — often touched off by erroneous or stale headlines — quickly become big ones as market makers rush to buy and sell stocks to keep their books neutral, a process known
as hedging gamma, a term for a type of derivatives volatility.
It can amplify every news item, at times.
“We’re looking for any indication of peace,” said Peter Mallouk, president of Creative Planning, which has about $230 billion in assets under management.
Should markets get that news, “we’re going to see an extremely sharp recovery.”
The sanctions and war have roiled especially roiled commodities, sending oil surging along with materials from nickel to wheat.
That is complicating the task for policy makers, who face a delicate balancing act in tightening to curb inflation without killing the economic recovery.
Federal Reserve officials are set to meet on March 16 to review interest rates.
“We have a combination of soaring inflation and tightening financial conditions, and that is putting all of us in a bit of a bind, but it’s really putting the Fed into a bind,” said Kathy Jones, chief fixed-income strategist at Charles Schwab, on Bloomberg Surveillance. “I think the risk is more tightening than expected rather than less.”
Market expectations for a 25-basis-point rate hike next week and as many as six more this year would be “a big hill to climb right now given the tightening of financial conditions” she said.
Stocks briefly dipped to session lows and oil climbed as U.S. President Joe Biden announced a ban on imports of Russian fossil fuels including oil.
The move will be matched by the U.K., which said it would ban oil imports, though it will continue to allow natural gas and coal from the country.
Treasuries held losses, with the 10-year yield earlier jumping along with its German counterpart following the report that the European Union is considering joint bond sales to counter the fallout from the war. The euro rose for the first time in more than a week against the dollar.
The proposal may be presented after the bloc’s leaders hold an informal summit in Versailles, France, that starts Thursday, according to officials familiar with the preparations.
The move comes just a year after the EU launched an emergency package backed by joint debt to finance efforts to deal with the pandemic.
Now, the bloc faces massive financing needs as it begins to reform its military and energy infrastructure. 
Here are some key events this week:
* EIA crude oil inventory report, Wednesday
* China aggregate financing, PPI, CPI, money supply, new yuan loans, Wednesday
* Reserve Bank of Australia Governor Philip Lowe speaks, Wednesday and Friday
* European Central Bank President Christine Lagarde briefing after policy meeting, Thursday
* U.S. CPI, initial jobless claims, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.5% to $1.0906
* The British pound was little changed at $1.3099
* The Japanese yen fell 0.3% to 115.65 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 1.86%
* Germany’s 10-year yield advanced 13 basis points to 0.11%
* Britain’s 10-year yield advanced 14 basis points to 1.45%
Commodities
* West Texas Intermediate crude rose 4.6% to $124.85 a barrel
* Gold futures rose 3.2% to $2,059.40 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Robert Brand, Isabelle Lee and Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

The universe possesses a great beauty that is unspoken, the four seasons have virtues that go undiscussed and nature has logic that is not mentioned.  For this reason the Magi exist in inaction and sages do not act but follow the course of nature. -Zhungzi, c.369 BC–c.301 BC.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

The Poem: The Day the War Ended
-by Randall Swingler

On the day the war ended
The sun laced through the avenues with lime-tree scent
The silver birches danced on the sidewalk
And the girls came out like tulips in their colours:
Only the soldiers were caught, like sleepwalkers
Wakened unaware, naked there in the street.
Fatuous in flowers, their tanks, tamed elephants,
Wallowed among the crowds in the square.
There is a moment when contradictions cross,
A split of a moment when history twirls on one toe
Like a ballerina, and all men are really equal
And happiness could be impartial for once –
Only the soldier, snatched by the sudden stop
In his world’s turning, whirled like a meteor
Through a phoenix night of stars, is falling, falling
And as his trajectory bows and earth begins
To pull again, his hollow ears are moaning
With a wild tone of sorrow and the loss, the loss…

-Gradisca, May, 1945.

March 7, 1912: Oreo sandwich cookies were first introduced by the National Biscuit Co., which later became Nabisco.  Go to article » 

PHOTOS OF THE DAY

Members of carnival marching bands take part in the Morgestraich parade
CREDIT: Georgios Kefalas/EPA

Horridus, the world’s most complete triceratops fossil, is displayed at Melbourne Museum for the exhibition Triceratops: Fate of the Dinosaurs
CREDIT: Joel Carrett/AAP

The northern lights and the Milky Way appear over the glacial lagoon on the border of Vatnajökull national park in south-east Iceland
CREDIT:  Owen Humphreys/PA

Market Closes for March 7^th, 2022

Market Index	Close	Change
Dow Jones	32817.38	-797.42
		-2.37%
S&P 500	4201.09	-127.78
		-2.95%
NASDAQ	12830.96	-482.48 -3.62%
TSX	21304.40	-98.03
		-0.46%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25221.41	-764.06
		-2.94%
HANG SENG	21057.63	-847.66
		-3.87%
SENSEX	52842.75	-1491.06
		-2.74%
FTSE 100*	6959.48	-27.66 -0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.724	1.668
CND. 30 Year Bond	2.024	1.964
U.S.    10 Year Bond	1.7734	1.7307
U.S. 30 Year Bond	2.1857	2.1554

Currencies

BOC Close	Today	Previous
Canadian $	0.7803	0.7859
US $	1.2815	1.2725
Euro Rate 1 Euro=		Inverse
Canadian $	1.3909	0.7189
US $	1.0854	0.9213

Commodities

Gold	Close	Previous
London Gold Fix	1945.30	1929.60
Oil
WTI Crude Future	119.40	115.68

Market Commentary:
On this day in 1930, President Herbert Hoover stated firmly that “All the evidence indicates that the worst effects of the Crash upon unemployment will have passed during the next sixty days.” He was wrong by a few years.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged lower, weighed down by information technology and consumer discretionary stocks, as global markets slumped amid Russia’s war in Ukraine.
The S&P/TSX Composite fell 0.5% at 21,304.40 in Toronto.
The move follows the previous session’s increase of 0.7%. 
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 133 of 239 shares fell, while 106 rose.
Insights
* This quarter, the index rose 0.4%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 7.9% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Nov. 16, 2021 and 18.4% above its low on March 5, 2021
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 0.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility rose to 12.88% compared with 12.81% in the previous session and the average of 13.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -110.0401| -1.6| 4/24
* Information Technology| -41.5805| -3.0| 3/13
* Industrials | -23.8320| -0.9| 10/20
* Consumer Discretionary| -22.6055| -3.3| 1/13
* Real Estate | -7.9272| -1.3| 4/19
* Consumer Staples | -4.4441| -0.6| 7/4
* Health Care | -3.7187| -2.8| 1/7
* Communication Services| 4.3460| 0.4| 5/2
* Utilities | 12.8428| 1.3| 14/2
* Materials | 44.2287| 1.5| 29/25
* Energy | 54.6938| 1.6| 29/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -35.8800| -6.0| -9.7| -58.7
* Royal Bank of Canada | -19.0700| -1.4| 55.9| 1.5
* Bank of Montreal | -17.3900| -2.7| 12.0| 4.5
* Barrick Gold | 12.6900| 3.4| 10.2| 32.4
* Suncor Energy | 20.3700| 5.1| 67.6| 33.0
* Nutrien | 25.1200| 5.3| 129.7| 33.9

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — The turmoil on global financial markets intensified Monday, with U.S. stocks plunging the most in 17 months and commodity prices relentlessly powering higher as the fallout from war in Ukraine threatened the global economy.
The S&P 500 sank almost 3% for its worst day since October 2020, while the tech-heavy Nasdaq 100 Index dropped 3.7% and the Nasdaq Composite closed in bear market territory.
Nickel surged 90% to a record on worry over potential shortages, oil settled at the highest in a decade and wheat approached records after a 7% jump. Earlier, the Euro Stoxx 50 and Germany’s DAX index also
closed in bear markets.
The spread between two-year and 10-year Treasuries briefly dropped below 20 basis points, a level not seen since March 2020 and a bearish sign for the economy.
Russia’s war on Ukraine and the sanctions from U.S. and European allies on Russian assets have sent a jolt through financial markets that were already unsteady after two years of the pandemic and the threat of central banks pulling back on stimulus.
Investors have grown leery of owning riskier assets as surging commodity prices exacerbate inflationary pressures that could force policy makers to tamp down growth.
“The longer oil prices and inflation remain elevated – and thereby threaten an early demise of this economic expansion and bull market — the more investors will trim their exposure to equities,” wrote Sam Stovall, chief investment strategist at CFRA. “Investor uncertainty should elevate the angst.”
Markets emerged from the weekend on edge after reports that the Biden administration is considering whether to ban the import of Russian oil and energy products, a move that could add to economic pressure as more companies pull out of the country in response to Moscow’s invasion of Ukraine.
European Union governments were divided over whether to join the U.S.
The U.S. bond market’s 10-year inflation forecast jumped toa record 2.785%, while the yield on the benchmark Treasury bond rose 5 basis points at 1.78%.
A gauge of the dollar rose for a third day, trading at the highest since 2020.
Fresh talks Monday between Ukrainian and Russian officials made only limited progress on negotiating a cease-fire, the government in Kyiv said.
There was no immediate statement from the Russian negotiators.
With President Vladimir Putin saying Kyiv must agree to his demands if fighting is to end, the discussions face severe challenges.
Putin signed a decree allowing the government and companies to pay foreign creditors in rubles, seeking to stave off defaults while capital controls remain in place.
Still, some holders of a $1.3 billion Gazprom PJSC bond due Monday said they received payment in dollars.
More businesses pulled back on their operations in Russia, including streaming giant Netflix Inc. and social-media service TikTok, which is owned by China-based ByteDance Ltd.
Meanwhile, China warned the U.S. against trying to build what it called a Pacific version of NATO, while declaring that security disputes over Taiwan and Ukraine were “not comparable at all.”
The global economy was already struggling with high inflation due to the pandemic.
The Federal Reserve and other key central banks now face the tricky task of tightening monetary policy to contain the cost of living without upending economic expansion or roiling risky assets.
“There’s no easy map for navigating market volatility,” said Saira Malik, chief investment officer at Nuveen.
“Volatility is normal late in economic cycles, and it is needed to some degree to generate positive returns in any environment.  Investors, however, are concerned that this latest market disruption could hasten the end of the cycle.”
Comments
* “The most obvious interpretation of the Russia/Ukraine situation is that extended disruptions to global commodity markets will push inflation higher for longer while economic growth slows as global trade and supply chains remain constrained. Such conditions could lead to stagflation,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.
* “The moves are definitely a reflection of sentiment, which is deteriorating quickly,” Anastasia Amoroso, chief investment strategist at iCapital, said in a phone interview. “But I would say it’s more than just sentiment. We’re looking at potentially meaningfully higher inflation in the coming months and potentially a much slower growth because of it.”
Here are some key events this week:
* Apple new product event, Tuesday
* EIA crude oil inventory report, Wednesday
* China aggregate financing, PPI, CPI, money supply, new yuan loans, Wednesday
* Reserve Bank of Australia Governor Philip Lowe speaks, Wednesday and Friday
* European Central Bank President Christine Lagarde briefing after policy meeting, Thursday
* U.S. CPI, initial jobless claims, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.7%
* The Dow Jones Industrial Average fell 2.4%
* The MSCI World index fell 2.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 0.5% to $1.0871
* The British pound fell 0.9% to $1.3110
* The Japanese yen fell 0.4% to 115.26 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.78%
* Germany’s 10-year yield advanced five basis points to -0.01%
* Britain’s 10-year yield advanced 10 basis points to 1.30%
Commodities
* West Texas Intermediate crude rose 3.7% to $119.99 a barrel
* Gold futures rose 1.7% to $2,000.30 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Peyton Forte, Isabelle Lee and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Everything you’ve ever wanted is on the other side of fear. –George Addair, 1823-1899.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

On March 4:
1681: England’s King Charles II granted a charter to William Penn for an area of land that later became Pennsylvania.  Go to article »
1789: U.S. Constitution went into effect.
1933: In the midst of the Great Depression, Franklin D. Roosevelt is inaugurated as the 32^nd US president, and later he led the country out of the Depression and to victory in World War II.  He almost immediately started pushing through Congress a series of programs and projects called the New Deal which accomplished worker protection, public works programs and individual safety nets.

Antonio Vivaldi, composer, b.1675.

Pete Davidson may head to space on Jeff Bezos’ Blue Origin flight.  Speaking on behalf of all “Saturday Night Live” fans… we need a skit from space. That’s not too much to ask, right? 

Brad Pitt is a stylish assassin in action-packed ‘Bullet Train’ trailer.  The words “Brad Pitt” and “action movie” go together like peanut butter and jelly — a perfect pair.

Just one drink a day can shrink your brain, a study has shown.

For sale: one (1) abandoned Canadian village. (h/t Scott Kominers)

Every movie Batman, ranked (wrongly, I might add). (h/t Ellen Kominers)

The best new restaurants in Austin, as chosen by top chefs.

PHOTOS OF THE DAY

The northern lights, or the aurora borealis, appear over Vestrahorn mountain in south-east Iceland, noted for its two distinctive peaks and proximity to the Jökulsárlón glacier lagoon and East Fjords
CREDIT: Owen Humphreys/PA

Artworks installed above baggage carousels at the new international arrivals area at Sea-Tac airport
CREDIT: Ken Lambert/AP

Polar bear twins Kaja and Skadi, born in November, appear in front of zoo visitors for the first time
CREDIT: Bernd Wuestneck/AP

Market Closes for March 4^th, 2022

 

Market Index	Close	Change
Dow Jones	33614.80	-179.86
		-0.53%
S&P 500	4328.87	-34.62
		-0.79%
NASDAQ	13313.44	-224.50 -1.66%
TSX	21402.43	+152.02
		+0.72%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	25985.47	-591.80
		-2.23%
HANG SENG	21905.29	-562.05
		-2.50%
SENSEX	54333.81	-768.87
		-1.40%
FTSE 100*	6987.14	-251.71 -3.48%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.668	1.779
CND. 30 Year Bond	1.964	2.029
U.S.    10 Year Bond	1.7307	1.8422
U.S. 30 Year Bond	2.1554	2.2256

Currencies

BOC Close	Today	Previous
Canadian $	0.7859	0.7887
US $	1.2725	1.2679
Euro Rate 1 Euro=		Inverse
Canadian $	1.3911	0.7188
US $	1.0932	0.9147

Commodities

Gold	Close	Previous
London Gold Fix	1929.60	1928.50
Oil
WTI Crude Future	115.68	107.67

Market Commentary:
On this day in 1957, Standard & Poor’s Corp. introduced a new stock index, which it initially called the “Standard ‘500’ Index.” Now known as the S&P 500, the index uses a “scientific weighting formula” that enables investors to measure the movement in the total value of most of America’s major stocks.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian oil and mining stocks surged Friday amid a rally in commodity prices that sent oil, gold, copper and zinc prices higher.
The S&P/TSX Composite opened 0.3% higher at 21,306.34 in Toronto, led by energy and materials stocks.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 4.2%.
Sleep Country Canada Holdings Inc. had the largest percentage increase, rising 9.6%.
In early trading, 120 of 239 shares rose, while 117 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 0.4%
* So far this week, the index rose 1%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on Nov. 16, 2021 and 18.7% above its low on March 4, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 12.69% compared with 14.29% in the previous session and the average of 13.59% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 54.0280| 1.6| 28/4
* Materials | 36.6841| 1.3| 40/14
* Industrials | 15.7093| 0.6| 11/19
* Communication Services | 8.9795| 0.8| 6/1
* Utilities | 7.2362| 0.8| 14/2
* Consumer Staples | 2.1980| 0.3| 7/4
* Health Care | -1.2983| -0.9| 1/7
* Real Estate | -1.8016| -0.3| 6/14
* Consumer Discretionary | -8.0083| -1.2| 3/11
* Information Technology | -19.4840| -1.4| 1/14
* Financials | -37.0053| -0.5| 3/25
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 24.7300| 4.2| 19.1| 41.3
* Nutrien | 16.7700| 3.8| 132.4| 24.3
* Canadian Pacific | 8.0340| 1.3| 14.7| 4.7
* Bank of Montreal | -6.0480| -0.9| -28.4| 7.5
* Bank of Nova Scotia| -6.0880| -0.8| 45.4| 4.0
* Shopify | -9.9260| -1.6| -40.9| -54.1

US
By Rita Nazareth
(Bloomberg) — Stocks fell, while the dollar climbed with bonds as concerns that war risks are intensifying roiled global markets.
Oil topped $115 a barrel on news the U.S. is considering a ban on imports of Russian crude for its invasion of Ukraine.
The S&P 500 dropped for the fourth time in five days, with commodities having their biggest weekly surge since 1974 as Russia’s growing isolation is choking off a major source of materials — sparking fears of prolonged shortages and accelerating inflation.
The White House is assessing if an oil ban would actually hurt the Russian economy or if crude would simply go to other markets and drive up gasoline prices.
The greenback hit the highest since 2020 while 10-year yields slumped to about 1.7%.
Europe’s common currency approached a key support level that goes back to the euro’s inception in 1999.
S&P Dow Jones Indices will remove Russian stocks from its gauges, joining other global index compilers in shunning the nation.
Three major Russia-focused ETFs were halted on Friday after the New York Stock Exchange took action based on what it said was “regulatory concern.”
A top nuclear official called for talks with Russia and Ukraine after the government in Kyiv said Vladimir Putin’s troops triggered a blaze at Europe’s largest atomic power complex in a shelling attack.
Economists at JPMorgan Chase & Co. said the war could hurt Russia’s economy as much as its devastating 1998 default.
Oil could reach $150 a barrel in the next three months if Russian crude continues to be largely shunned, said Damien Courvalin, head of energy research at Goldman Sachs Group Inc.
Higher commodity prices have the potential to depress growth and stoke inflation, creating a dilemma for central bankers worldwide as they weigh the need to increase borrowing costs against the risk of stunting the economic recovery.
Jerome Powell’s push to limit the Federal Reserve’s liftoff this month to a quarter percentage point was bolstered by unexpectedly stagnant wages amid strong hiring seen in February’s jobs report.
While employers added 678,000 to payrolls and unemployment fell to 3.8%, average hourly earnings were little changed from January.
That suggests central bankers aren’t facing an immediate wage-price spiral similar to the 1970s — which reduces the urgency to take bolder steps toward curbing inflation. 
Comments:
* “The market’s focus is really not on payrolls,” Jeffrey Rosenberg, a senior portfolio manager at BlackRock Inc., told Bloomberg Television. “The market is focused on the implications of the Russian invasion, and that implication is a negative supply shock — negative to growth, positive to inflation.”
* “The tough part for the markets right now, and this is the reason we’re not talking about the payrolls report, is that this commodity price-pressure that was supposed to abate is not abating,” Anastasia Amoroso, chief investment strategist at iCapital, told Bloomberg Television. “We still have another risk of supply-chain disruptions. This makes it a pretty tough landscape for the market.”
* “Because of the tragic events in Russia and Ukraine, global stocks are currently being priced based on uncertainty, rather than known financial information, which is what traditionally drives stocks,” said Julian Koski, chief investment officer at New Age Alpha. 

Fed Bank of Chicago President Charles Evans said the central bank should increase interest rates to close to its “neutral” setting this year, implying as many as seven quarter-point hikes. Meantime, Former Treasury Secretary Lawrence Summers warned that the war in Ukraine and the legacy of Washington pumping too much stimulus last year means an increasing danger of stagflation for the U.S. economy.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 1.2% to $1.0931
* The British pound fell 0.8% to $1.3243
* The Japanese yen rose 0.5% to 114.85 per dollar
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 1.74%
* Germany’s 10-year yield declined nine basis points to -0.07%
* Britain’s 10-year yield declined nine basis points to 1.21%
Commodities
* West Texas Intermediate crude rose 6.7% to $114.88 a barrel
* Gold futures rose 1.7% to $1,969.70 an ounce
–With assistance from Sunil Jagtiani, Emily Barrett, Namitha Jagadeesh, Vildana Hajric, Isabelle Lee, David Marino and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Besides the noble art of getting things done, there is the noble art of leaving things undone. 
The wisdom of life consists in the elimination of non-essentials. – Lin Yutang, 1895-1976.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com