Month: July 2022

Dear Friends,

Tangents: Happy Friday.

July 15, 2006: Co-founders Jack Dorsey, Evan Williams, and Biz Stone publicly launch their online microblogging service Twitter, and within the following decade it had more than 300 million users.
July 15, 2010: BP stopped the flow of oil into the Gulf of Mexico after 85 days using a 75-ton cap lowered onto the well earlier in the week. Go to article »

Mohammed bin Salman’s $500 billion Saudi Arabia desert dream just keeps getting weirder.

Interpreting those amazing NASA James Webb Space Telescope images via the aesthetic lens of art history. (h/t Elaine He)

See the world’s best new architecture:  Which of these stunning structures do you think will win the prestigious World Building of the Year title? 

11 of the world’s most dangerous hiking trails:  Proceed with caution… these challenging trails are not for the faint-hearted.

Hidden ancient Roman ‘Bridge of Nero’ emerges from the Tiber during severe drought:  A severe drought in Italy has revealed an archaeological treasure in Rome: a bridge reportedly built by the Roman emperor Nero that is usually submerged under the waters of the Tiber River.   The dropping water levels of the Tiber, which according to Reuters is flowing at multi-year lows, have exposed the stone remains of the Pons Neronianus (Latin for the Bridge of Nero), WION news, a news agency headquartered in New Delhi, India, reported.  Full Story: Live Science (7/15) 
 
1.2 billion-year-old groundwater is some of the oldest on Earth:  Groundwater that was recently discovered deep underground in a mine in South Africa is estimated to be 1.2 billion years old. Researchers suspect that the groundwater is some of the oldest on the planet, and its chemical interactions with the surrounding rock could offer new insights about energy production and storage in Earth’s crust.  In fact, Oliver Warr, a research associate in the department of Earth sciences at the University of Toronto in Canada and lead author of a new study about the groundwater discovery, described the location in a statement as a “Pandora’s box of helium-and-hydrogen-producing power.”  Full Story: Live Science (7/15) 

PHOTOS OF THE DAY

A giant biodegradable land art painting entitled Vers l’equilibre (Towards balance) by French-Swiss artist Saype is pictured near the summit of the Grand Chamossaire mountain
CREDIT: Valentin Flauraud/AP

Cabezudos (big heads) stand on balconies on the final day of the San Fermín festival
CREDIT: Miguel Riopa/AFP/Getty Images

A man looks on as a wild forest fire rages in Morocco’s northern region
CREDIT: Fadel Senna/AFP/Getty Images

Market Closes for July 15^th, 2022

Market Index	Close	Change
Dow Jones	31288.26	+658.09
		+2.15%
S&P 500	3863.16	+72.78
		+1.92%
NASDAQ	11452.42	+201.23 +1.79%
TSX	18394.45	+65.39
		+0.36%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26788.47	+145.08
		+0.54%
HANG SENG	20297.72	-453.49
		-2.19%
SENSEX	53760.78	+344.63
		+0.65%
FTSE 100*	7159.01	+119.20 +1.69%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.073	3.143
CND. 30 Year Bond	3.010	3.052
U.S.    10 Year Bond	2.9152	2.9558
U.S. 30 Year Bond	3.0751	3.1049

Currencies

BOC Close	Today	Previous
Canadian $	0.7669	0.7623
US $	1.3041	1.3118
Euro Rate 1 Euro=		Inverse
Canadian $	1.3152	0.7604
US $	1.0086	0.9915

Commodities

Gold	Close	Previous
London Gold Fix	1700.70	1724.60
Oil
WTI Crude Future	97.59	95.78

Market Commentary:
On this day in 1916, William Boeing, a Yale-educated aeronautical engineer, incorporated Pacific Aero Products in Seattle with $100,000 in capital; he kept 998 of the original 1,000 shares of stock for himself. In 1917 he renamed his firm the Boeing Airplane. Boeing later makes jet travel an accepted part of everyday life.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities rallied Friday, buoyed by bank and energy stocks.
The gain followed yesterday’s broad selloff in financials.
The S&P/TSX Composite rose 0.4% to 18,394.45.
The move was the biggest since a gain of 1.8% on July 7 and follows the previous session’s decrease of 1.5%.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.8%.
Methanex Corp. had the largest percentage increase, rising 5.4%.
Today, 147 of 238 shares rose, while 89 fell; 5 of 11 sectors were higher. 
Insights
* So far this week, the index fell 3.3%
* The index declined 8.9% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 17.2% below its 52-week high on April 5, 2022 and 1.2% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.3 on a trailing basis and 11.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.94t
* 30-day price volatility rose to 19.02% compared with 18.98% in the previous session and the average of 19.82% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 35.3231| 0.6| 24/5
* Energy | 30.5611| 0.9| 37/1
* Industrials | 11.4847| 0.5| 22/7
* Information Technology | 4.9528| 0.5| 12/2
* Consumer Discretionary | 4.8100| 0.8| 9/4
* Real Estate | -0.6309| -0.1| 9/12
* Materials | -2.9288| -0.1| 21/30
* Communication Services | -3.5547| -0.4| 2/5
* Health Care | -3.5841| -4.6| 0/7
* Utilities | -5.2299| -0.5| 8/8
* Consumer Staples | -5.8165| -0.7| 3/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 16.0100| 2.8| -14.9| -23.7
* TD Bank | 9.0250| 0.9| -29.6| -18.7
* Bank of Nova Scotia| 5.8930| 1.0| -24.1| -19.1
* BCE | -3.2620| -0.8| -22.9| -3.5
* Barrick Gold | -3.3110| -1.3| -33.9| -15.2
* Royal Bank of Canada | -5.9560| -0.5| 43.8| -11.6
US
By Rita Nazareth
(Bloomberg) — The stock market snapped back at the end of a dizzying week as traders reduced their wagers on a bigger Federal Reserve hike in July, while parsing a raft of Wall Street earnings and hoping for signs of capitulation that could set the stage for a more sustained recovery.
American equities halted a five-day slide, with the expiration of about $1.9 trillion in options.
Banks led gains after Citigroup Inc.’s blowout results.
Swaps are pricing in nearly 75 basis points of Fed tightening this month — still an aggressive boost that leaves investors wondering about the odds of a recession, but down from a full-point bet earlier this week.
The dollar and bond yields fell.
Economic readings were all over the place, but it was a drop in US consumer long-term inflation expectations to a one-year low that effectively captured traders’ attention.
The reason is that it may provide some solace to policy makers that price pressures aren’t becoming entrenched.
Another reason for hope is that two Fed officials didn’t sound too keen on a full-point hike in July.
Atlanta Fed President Raphael Bostic voiced wariness about a super-sized increase, and St. Louis’s James Bullard said he would defer judgment to the central bank’s meeting.
He was quoted earlier this week as saying he favored sticking with a 75-basis-point boost.
“While a recession is increasingly likely, bulls note that a lot of bad news is already being priced in, and if a recession is shallow, there is upside to markets over the next year,” said Mark Hackett, chief of investment research at Nationwide. “The path to get there may not be pleasant, but if earnings can hold up, there is reason for cautious optimism.”

Odds are now close to even that the US will slip into a recession within the next year.
The probability of a downturn over the next 12 months stands at 47.5%, up sharply from 30% odds in June, according to the latest Bloomberg monthly survey of economists.
US stocks could see more declines as the risk of a hard economic contraction and a stronger dollar rises in the second half of the year, according to Bank of America Corp. strategists.
Equity markets could see “proper capitulation” if second-quarter earnings are worse than expected, Michael Hartnett wrote.
“The markets today reflect a slowdown or a mild recession already,” said Kara Murphy, chief investment officer at Kestra Holdings. “As soon as we have confirmation that the Fed is winning the war with inflation — that means we need to see multiple data points suggesting that prices are slowing – I think that will be a risk-on sign for the market.”
In other corporate news, Wells Fargo & Co. said it will continue to do share repurchases, but it’ll be “prudent,” even as its peers JPMorgan Chase & Co. and Citigroup have both announced plans to pause buybacks.
UnitedHealth Group Inc.’s results were lifted by lower costs of care that portend well for other health insurers.
Bullish positioning on the US dollar has surged to its highest level in seven years while investors have amped up their bearishness on the euro and turned against emerging-market currencies, according to a BofA survey of fund managers.
Elsewhere, oil clawed back some of its weekly losses.
Wheat futures erased their gains for the year in Chicago, as prospects for weaker demand offset supply worries that were exacerbated by Russia’s invasion of Ukraine.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 2.1%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.0083
* The British pound rose 0.4% to $1.1868
* The Japanese yen rose 0.3% to 138.52 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.92%
* Germany’s 10-year yield declined five basis points to 1.13%
* Britain’s 10-year yield declined one basis point to 2.09%
Commodities
* West Texas Intermediate crude rose 1.8% to $97.55 a barrel
* Gold futures fell 0.1% to $1,703.60 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Robert Brand, John Viljoen, Edward Bolingbroke, Isabelle Lee and Emily Graffeo.
Have wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The illiterate of the 21^st century will not be those who cannot read and writer, but those who cannot learn, unlearn, and relearn. –Alvin Toffler, 1928-2006.

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.
Bastille Day, France:
Bastille stormed by Paris mob – on this day in 1789, a mob advanced on the Bastille in Paris, demanding the arms and munitions stored there, but, when the guards resisted, the crowd captured the prison, an act that
Symbolized the end of the ancien régime.  Go to article »

55,000 beluga whales are on the move, and you can watch their migration live:  Is the summer heat getting you down? Cool off with a virtual dip into icy Arctic waters and watch as tens of thousands of beluga whales frolic in the frigid sea. Starting Friday (July 15), the research vessel Delphi will broadcast a beluga whale livestream, direct from the Churchill River estuary where the river flows into Hudson Bay in northeastern Canada.   The livestream, produced in a partnership between Arctic conservation non-profit Polar Bears International and explore.org, is in celebration of Arctic Sea Ice Day on July 15. The goal is to raise public interest in sea ice and increase awareness of its importance to the Arctic ecosystem.  Full Story: Live Science (7/14) 

Van Gogh self-portrait found hidden behind another painting. 

Swedish tree is nearly 10,000 years old.

Finnish baseball park has a river in the outfield and a camera in the river.

NASA released more images of stars, galaxies and an exoplanet.  After decades of waiting, the world is finally able to see the deepest and sharpest images of our universe taken by the James Webb Space Telescope.

Ryan Gosling is bringing major ‘Ken-ergy’ to the upcoming ‘Barbie’ film.   The highly anticipated “Barbie” movie won’t be released until next year, but fans are already swooning over Gosling’s “Ken doll” character.

PHOTOS OF THE DAY

A full moon rises over the Hagia Sophia Grand Mosque and Blue Mosque in Istanbul
CREDIT: Anadolu Agency/Getty Images

French divers from the minelaying cruiser Pluton retrieve ammunition during a joint operation with Albanian divers to clean the bed of the Adriatic Sea of second world war ammunitions
CREDIT: AFP/Getty Images

Young seals wait to be fed in a pool at the Friedrichskoog Seal Station
CREDIT: Christian Charisius/AP

Market Closes for July 14^th, 2022

Market Index	Close	Change
Dow Jones	30630.17	-142.62
		-0.46%
S&P 500	3790.38	-11.40
		-0.30%
NASDAQ	11251.19	+3.61 +0.03%
TSX	18329.06	-286.13
		-1.54%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26643.39	+164.62
		+0.62%
HANG SENG	20751.21	-46.74
		-0.22%
SENSEX	53416.15	-98.00
		-0.18%
FTSE 100*	7039.81	-116.56 -1.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.143	3.153
CND. 30 Year Bond	3.052	3.051
U.S.    10 Year Bond	2.9558	2.9336
U.S. 30 Year Bond	3.1049	3.1182

Currencies

BOC Close	Today	Previous
Canadian $	0.7623	0.7704
US $	1.3118	1.2980
Euro Rate 1 Euro=		Inverse
Canadian $	1.3142	0.7609
US $	1.0018	0.9981

Commodities

Gold	Close	Previous
London Gold Fix	1724.60	1730.70
Oil
WTI Crude Future	95.78	96.30

Market Commentary:
On this day in 1862, Congress established the first U.S. pension allowance, paying up to $8 a month to injured or disabled Union soldiers or their heirs.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities fell Thursday, driven by the country’s biggest banks, as they fell alongside their US peers amid growing recession concerns.
The S&P/TSX Composite led losses for the fifth day, dropping 1.5%, or 286.13 to 18,329.06 in Toronto.
The move was the biggest in nearly one month since falling 3.1% on June 16.
Today, 8 of 11 sectors lost; 182 of 238 shares fell, while 56 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 5.6%.
First Quantum Minerals Ltd. had the largest percentage drop, falling 8.2%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined nine times for an average 0.7% and advanced three times for an average 0.3%
* So far this week, the index fell 3.6%
* The index declined 9% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is at its 52-week low and 17.5% below its high on April 5, 2022
* The S&P/TSX Composite is down 3.9% in the past 5 days and fell 6.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.3 on a trailing basis and 11.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.98t
* 30-day price volatility fell to 18.98% compared with 19.58% in the previous session and the average of 19.89% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -189.5338| -3.2| 1/28
* Materials | -64.9389| -3.1| 4/47
* Energy | -26.6099| -0.8| 8/30
* Real Estate | -10.3754| -2.0| 0/23
* Information Technology| -9.2569| -0.9| 6/8
* Consumer Staples | -6.5859| -0.8| 0/11
* Communication Services| -4.6895| -0.5| 0/7
* Consumer Discretionary| -3.5846| -0.6| 4/9
* Health Care | 2.8641| 3.8| 4/3
* Utilities | 6.4871| 0.7| 15/1
* Industrials | 20.0998| 0.9| 14/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of Canada | -69.4200| -5.6| 152.9| -11.2
* TD Bank | -20.9300| -2.1| 60.1| -19.4
* Bank of Nova Scotia| -19.5100| -3.2| 74.9| -19.9
* Waste Connections | 5.2990| 1.9| 52.7| -5.6
* Canadian National | 5.3260| 0.9| 27.3| -6.6
* Ritchie Bros | 7.0440| 11.8| 163.6| 13.1
US
By Rita Nazareth
(Bloomberg) — Stocks closed well off session lows as comments from Federal Reserve officials brought some relief to investors worried that a more aggressive pace of hikes could trigger a recession.
The S&P 500 almost erased a slide that topped 2% as Fed Governor Christopher Waller and Fed Bank of St. Louis President
James Bullard said they would back a 75-basis-point hike in July after a hot inflation print.
The tech-heavy Nasdaq 100 climbed amid gains in giants like Apple Inc. and Intel Corp.
Treasury two-year yields fell as traders shifted their bets away from a full-point hike by the Fed this month.
Markets may have gotten a little ahead of themselves in betting on a move of that magnitude, Waller said.
The Bloomberg Dollar Spot Index pared gains, but still traded at an all-time high.
Investors got a reality check from the corporate side Thursday, with JPMorgan Chase & Co. temporarily halting buybacks as earnings fell short of estimates, and Morgan Stanley announcing a plunge in investment-banking revenues. Still, the chiefs of both banks said they aren’t steering their firms toward shelter even as they see global events denting the economy.
“People are confused as to where the economy is actually heading,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments. “Are we going into recession? Are we not? Is it going to be a short recession? Is it going to be a deep recession? That’s why we’re seeing so much volatility in the market. People just don’t have a clear direction right now.”

Shrinking the Fed’s $8.9 trillion balance sheet will have an effect over time equivalent to no more than three quarter-point interest-rate hikes, according to a new study by a Fed Bank of Atlanta economist.
That suggests the asset reductions will have a relative modest effect compared to rate hikes to counter inflation.
“We remain skeptical that the Fed can pull off simultaneously normalizing its balance sheet, controlling inflation, and avoiding severe market disruptions,” said Richard Saperstein, chief investment officer at Treasury Partners.
“We’re increasingly concerned that investors may be forced to endure more downside volatility in this tricky environment.”
Elsewhere, Bitcoin broke above $20,000, joining gains in tech stocks while investors got more clarity on the bankruptcy of a major digital-assets lender. 
What to watch this week:
* China GDP, Friday
* US business inventories, industrial production, University of Michigan consumer sentiment, Empire manufacturing, retail sales, Friday
* G-20 finance ministers, central bankers meet in Bali, from Friday
* Atlanta Fed President Raphael Bostic speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.4% to $1.0016
* The British pound fell 0.6% to $1.1823
* The Japanese yen fell 1.1% to 138.94 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.97%
* Germany’s 10-year yield advanced three basis points to 1.18%
* Britain’s 10-year yield advanced four basis points to 2.10%
Commodities
* West Texas Intermediate crude fell 0.1% to $96.19 a barrel
* Gold futures fell 1.6% to $1,707.50 an ounce
–With assistance from Sunil Jagtiani, Andreea Papuc, Cecile Gutscher, Robert Brand, Isabelle Lee and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The most powerful weapon on earth is the human soul on fire. –Ferdinand Foch, 1851-1929.

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:
On July 13, 1977, a 25-hour blackout hit the New York City area after lightning struck upstate power lines.  Go to article »
1930: First World Cup soccer championship.

Harrison Ford, actor, b. 1942.
Erno Rubik, inventor, b. 1944.

‘Pristine’ 200-year-old mine uncovered, plus items workers left behind.  Leather shoes. A clay bowl. A small button. Researchers are calling this incredible discovery a compelling window into the past. 

Netflix will work with Microsoft to offer a cheaper, ad-based service.

Ancient sanctuary used by Roman soldiers nearly 2,000 years ago found in the Netherlands: One of the most extensive ancient Roman temple complexes in northern Europe, which includes sacrificial altars used by soldiers on a far frontier of the Roman Empire, has been unearthed in the Netherlands.  The first century A.D. site — known as a temple sanctuary — was located near the fork of the Rhine and Waal rivers and a short walk from Roman forts along the Lower German Limes, which was then the northernmost border of the empire. It now lies near the Dutch city of Zevenaar in the eastern Gelderland region, near the border with Germany.
Full Story: Live Science (7/13) 

The James Webb Space Telescope’s first images are here, and they’re spectacular:  NASA has released the first suite of images from the newly operational James Webb Space Telescope, revealing the wonders of our universe in more detail than ever before.  Stars explode in spectacular orange and blue light. Galaxies writhe and dance around each other in a tangle of dust and baby stars. An alien planet pulses with haze. Some of the oldest light in the known universe — emitted more than 13 billion years ago — bends around massive potholes of gravity to shine before our eyes, clear as day.  Full Story: Live Science (7/12) 

PHOTOS OF THE DAY

Sebastian Prajsnar carries the Queen’s baton for the Birmingham 2022 Commonwealth Games in the aquarium at the Deep as the baton continues its 25-day tour in the countdown to the games
CREDIT: Danny Lawson/PA

A woman stands in a water fountain art installation, Changing Spaces by Jeppe Hein, at the Rockefeller Center
CREDIT: Edna Leshowitz/Zuma/Rex/Shutterstock

People climb Pico de las Nieves to observe the Teide volcano on the neighbouring island of Tenerife
CREDIT: Borja Suárez/Reuters

Market Closes for July 13^th, 2022

Market Index	Close	Change
Dow Jones	30772.79	-208.54
		-0.67%
S&P 500	3801.78	-17.02
		-0.45%
NASDAQ	11247.58	-17.15 -0.15%
TSX	18615.19	-63.45
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26478.77	+142.11
		+0.54%
HANG SENG	20797.95	-46.79
		-0.22%
SENSEX	53514.15	-372.46
		-0.69%
FTSE 100*	7156.37	-53.49 -0.74%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.153	3.188
CND. 30 Year Bond	3.051	3.095
U.S.    10 Year Bond	2.9336	2.9687
U.S. 30 Year Bond	3.1182	3.1618

Currencies

BOC Close	Today	Previous
Canadian $	0.7704	0.7679
US $	1.2980	1.3023
Euro Rate 1 Euro=		Inverse
Canadian $	1.3057	0.7658
US $	1.0059	0.9941

Commodities

Gold	Close	Previous
London Gold Fix	1730.70	1740.00
Oil
WTI Crude Future	96.30	95.84

Market Commentary:
On this day in 1852, Wells, Fargo & Co. opened for business in San Francisco and Sacramento. It was founded by Henry Wells and William G. Fargo to convert gold dust into cash for miners, as well as to transport and safeguard letters, gold nuggets and other valuable by-products of the California Gold Rush.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.3%, or 63.45 to 18,615.19 in Toronto.
The index dropped to the lowest closing level in at least a year.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.0%.
Ritchie Bros Auctioneers Inc. had the largest drop, falling 9.3%.
Today, 125 of 238 shares fell, while 110 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is at its 52-week low and 16.2% below its high on April 5, 2022
* The S&P/TSX Composite is down 0.6% in the past 5 days and fell 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.5 on a trailing basis and 11.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.99t
* 30-day price volatility little changed to 19.58% compared with 19.60% in the previous session and the average of 19.98% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -70.8559| -1.2| 3/25
* Industrials | -24.9165| -1.1| 7/22
* Energy | -5.6476| -0.2| 18/20
* Information Technology | -5.3020| -0.5| 5/8
* Real Estate | -2.3053| -0.4| 7/16
* Consumer Discretionary | -0.2235| 0.0| 7/6
* Health Care | 0.3831| 0.5| 2/5
* Communication Services | 2.0090| 0.2| 2/5
* Utilities | 4.6907| 0.5| 11/5
* Consumer Staples | 14.0402| 1.8| 9/2
* Materials | 24.6808| 1.2| 39/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Royal Bank of Canada | -12.8900| -1.0| -10.4| -5.9
* TD Bank | -12.4100| -1.2| 30.8| -17.7
* Brookfield Asset Management | -11.4800| -2.0| -22.9| -25.0
* BCE | 4.9550| 1.2| -43.6| -2.3
* Couche-Tard | 5.0010| 1.7| 12.0| -0.2
* TC Energy | 5.1370| 1.2| -28.2| 12.3

US
By Rita Nazareth
(Bloomberg) — Stocks whipsawed as a shockingly hot US inflation report rattled global financial markets, boosting bets the Federal Reserve could get even more aggressive with its belt-tightening campaign.
In a session of unnerving swings, the S&P 500 failed to close in the green after a sharp reversal from a 1.6% slide.
Also weighing on sentiment were hawkish signals from Fed Bank of Atlanta President Raphael Bostic, who said “everything is in play” to combat price pressures.
Treasury two-year yields, which are more sensitive to imminent Fed moves, climbed.
The euro snapped back after briefly falling below $1, while the loonie gained as the Bank of Canada raised rates by a full percentage point.
Bitcoin rose amid a revival of its inflation-hedge appeal.
Swap markets now indicate that the likely outcome of the July Fed policy meeting is now a coin toss between a 75-basis-point hike and an even larger increase of 100 basis points.
The reason is that the biggest surge in the consumer price index since 1981 showed that an inflation peak may still be out of reach.
“The June CPI print is ugly across the board,” wrote Krishna Guha, vice chairman at Evercore ISI. “This is bad news for risk assets as it increases the likelihood that the Fed will keep raising rates rapidly and end up overshooting by enough to push the economy into recession.”
Bank of America Corp. economists forecast a “mild recession this year” in the US, saying services spending is slowing and hot inflation is spurring consumers to pull back.
They join Wells Fargo Investment Institute and Nomura Holdings Inc. in expecting a contraction in 2022.
Deutsche Bank AG sees one starting in mid-2023.

More comments:
* “Clearly, we’re not out of the inflation woods yet,” said Mike Loewengart, managing director of investment strategy at E*TRADE from Morgan Stanley. “We’re likely in for a bumpy ride in the market.”
* “The June CPI release was an ugly print, no getting around it,” said Cliff Hodge, chief investment officer at Cornerstone Financial. “The Fed has no choice but to follow through on a more aggressive path, which raises the probability of recession next year.”
* “The only option available to the Fed is to slow economic growth enough to bring domestic demand down to meet constrained supply — possibly tipping the US into recession,” said Richard Flynn, managing director of Charles Schwab UK.
* “Inflation keeps heating up, defying expectations for a peak to be reached,” said Seema Shah, chief global strategist at Principal Global Investors. “We see rates moving to 4.25% next year as the Fed desperately attempts to recover from its earlier erroneous inflation read.”
The multi-year market mantra of TINA — there is no alternative to equities — is facing a major threat as bond yields are looking more attractive.
The percentage of S&P 500 members with a dividend yield higher than the 10-year US Treasury rate has fallen to the lowest since 2007.
Payouts are under pressure as companies grapple with fears of recession, historically high inflation and supply constraints.
In corporate news, Delta Air Lines Inc. fell short of profit expectations in the second quarter and said high operating costs will persist through the rest of the year.
Spirit Airlines Inc. agreed to delay a planned shareholder vote yet again on a proposed acquisition by Frontier Group Holdings Inc.
Investors fixated on the looming risk of recession are about to get a crucial read on a question that’s been burning a hole through markets for months: whether bank earnings will show cracks forming in the economy.
Net interest income for the six largest US lenders is expected to rise by roughly 15%, while at the same time mortgage and investment-banking revenue is projected to decline, according to data compiled by Bloomberg.
What to watch this week:
* Earnings due from JPMorgan, Morgan Stanley, Citigroup, Wells Fargo
* US PPI, jobless claims, Thursday
* China GDP, Friday
* US business inventories, industrial production, University of Michigan consumer sentiment, Empire manufacturing, retail sales, Friday
* G-20 finance ministers, central bankers meet in Bali, from Friday
* Atlanta Fed President Raphael Bostic speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.0060
* The British pound was little changed at $1.1895
* The Japanese yen fell 0.3% to 137.32 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 2.91%
* Germany’s 10-year yield advanced one basis point to 1.15%
* Britain’s 10-year yield declined one basis point to 2.06%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.4% to $1,731.10 an ounce
–With assistance from Peyton Forte, Vildana Hajric, Isabelle Lee, Andreea Papuc, Sunil Jagtiani, Robert Brand and Cecile Gutscher.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

History consists, for the greater part, of the miseries brought upon the  world by
pride, ambition, avarice, revenge, lust, sedition, hypocrisy, ungoverned zeal,
and all the train of disorderly appetite. -Edmund Burke, 1729-1797.

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:

July’s ‘Buck supermoon’ on Wednesday will be 2022’s biggest full moon:  July’s full moon — nicknamed the Buck Moon — will charge across Earth’s skies on Wednesday, July 13. The moon will reach its peak at about 2:38 p.m. EDT (18:38 UTC) on Wednesday, but the Buck doesn’t stop here; the moon will appear bright and full on Tuesday and Thursday night (July 12 and July 14), as well.

July 12^th, 100 B.C.: Julius Caesar was born in Rome.  Go to article »
2017: The world’s largest iceberg at the time (later christened A 68) breaks away from Larsen C Ice Shelf in Antarctica, about 6,000 sq km in length.  As of 2021, the iceberg equal to a quarter of the size of Wales has now virtually gone, broken into countless small fragments.

Buckminster Fuller, b. 1895.
Henry David Thoreau, b. 1817.

‘Twas the night before CPI.

It’s not too late for you to witness Manhattanhenge.

Country roads, take me home to the place I belong: my childhood bedroom.

Ancient hoard of gold Roman coins discovered in plowed UK field: A cache of gold coins found buried on farmland in the United Kingdom has caught the attention of coin experts, who have linked the treasure trove to the Roman Empire.  So far, metal detectorists have discovered 11 coins on a remote stretch of cultivated field located in Norfolk, a rural county near England’s eastern coast, and experts remain hopeful that more could be unearthed in the future.  Full Story: Live Science (7/12) 

Mysterious ‘lord of the universe’ deity from ancient Palmyra finally identified:  The identity of an unknown god described in inscriptions from the ancient city of Palmyra, located in modern-day Syria, has long baffled scientists. But now, a researcher declares that she has cracked the case.  Palmyra existed for millennia and the city flourished around 2,000 years ago as a center of trade that connected the Roman Empire with trade routes in Asia, such as the Silk Road. The anonymous deity is mentioned in numerous Aramaic inscriptions at Palmyra and is referred to as “he whose name is blessed forever,” “lord of the universe” and “merciful,” according to Science in Poland, a news site run by the Polish government and independent journalists. Many of these inscriptions date back around 2,000 years.  Full Story: Live Science (7/11).

A tomb linked to King Arthur is being excavated for the first time.  Archaeologists are excavating this 5,000-year-old tomb named in honor of the mythical medieval king.

Elon Musk said “humanity will reach Mars in your lifetime”.  Astrophysicist Neil deGrasse Tyson had this clever response.

This is the deepest view of the universe ever captured.  Check out this ground-breaking image of distant galaxies captured by the James Webb Space Telescope.

PHOTOS OF THE DAY

An image provided by Nasa shows the galaxy cluster SMACS 0723, captured by the James Webb space telescope. The telescope is designed to peer back so far that scientists can get a glimpse of the dawn of the universe about 13.7bn years ago and zoom in on closer cosmic objects, even our own solar system, with sharper focus
CREDIT: Space Telescope Science Institute Office of Public Outreach/AP

Reid Oftedahl of Raymond, Minnesota, rides the bull Blitz Kraig during the Calgary Stampede rodeo in Alberta
CREDIT: Todd Korol/Reuters

A couple embrace at Craigyhill loyalist bonfire in Co Antrim on Eleventh Night to usher in the Twelfth commemorations. More than 250 bonfires were built in loyalist neighbourhoods across Northern Ireland ahead of Monday night’s festivities
CREDIT: Liam McBurney/PA

Market Closes for July 12^th, 2022

Market Index	Close	Change
Dow Jones	30981.33	-192.51
		-0.62%
S&P 500	3818.80	-35.63
		-0.92%
NASDAQ	11264.73	-107.87 -0.95%
TSX	18687.64	-138.15
		-0.73%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26336.66	-475.64
		-1.77%
HANG SENG	20844.74	-279.46
		-1.32%
SENSEX	53886.61	-508.62
		-0.94%
FTSE 100*	7209.86	+13.27 +0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.188	3.236
CND. 30 Year Bond	3.095	3.134
U.S.    10 Year Bond	2.9687	2.9928
U.S. 30 Year Bond	3.1618	3.1744

Currencies

BOC Close	Today	Previous
Canadian $	0.7679	0.7689
US $	1.3023	1.3005
Euro Rate 1 Euro=		Inverse
Canadian $	1.3070	0.7651
US $	1.0037	0.9963

Commodities

Gold	Close	Previous
London Gold Fix	1740.00	1738.20
Oil
WTI Crude Future	95.84	104.09

Market Commentary:
On this day in 1773, Jonathan’s Coffee House, where brokers had met for decades to smoke, drink and trade stocks and bonds, was renamed the London Stock Exchange.
Canada
By Stefanie Marotta
(Bloomberg) — Canada’s stock market fell for a three-day to its lowest closing level since March 2021, with energy and materials shares leading losses.
The S&P/TSX Composite dropped 0.7%, or 138.15 to 18,678.64 in Toronto.
Suncor Energy Inc. contributed the most to the index decline, decreasing 4.4%.
New Gold Inc. had the largest drop, falling 26.4%.
Today, 141 of 238 shares fell, while 95 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* The index declined 7.7% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 15.9% below its 52-week high on April 5, 2022 and 0.9% above its low on July 5, 2022
* The S&P/TSX Composite is down 0.8% in the past 5 days and fell 7.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.6 on a trailing basis and 11.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.01t
* 30-day price volatility fell to 19.60% compared with 19.64% in the previous session and the average of 19.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -79.9529| -2.4| 1/37
* Materials | -36.0659| -1.7| 11/38
* Industrials | -18.1268| -0.8| 15/14
* Financials | -11.2601| -0.2| 16/13
* Information Technology | -6.2317| -0.6| 4/10
* Consumer Discretionary | 0.6682| 0.1| 6/7
* Health Care | 1.6537| 2.2| 6/1
* Consumer Staples | 1.8551| 0.2| 8/3
* Real Estate | 2.7933| 0.5| 15/8
* Communication Services | 3.1838| 0.3| 5/2
* Utilities | 3.3313| 0.3| 8/8
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Suncor Energy | -17.6300| -4.4| -30.7| 25.5
* TD Bank | -12.6600| -1.2| 111.3| -16.7
* TC Energy | -12.2400| -2.7| -46.3| 11.0
* Rogers Communications| 3.7200| 2.6| 85.3| 0.0
* Magna International | 5.2650| 4.0| 22.9| -27.9
* Brookfield Asset Management | 6.4440| 1.1| -38.3| -23.5

US
By Rita Nazareth
(Bloomberg) — Stocks dropped ahead of June’s inflation report, with the Treasury curve inversion deepening to levels last seen in 2007 amid fears that rate hikes will sink the economy into a recession.
The S&P 500 extended losses into a third day as mega cap tech sold off and energy shares joined a plunge in oil.
The yield on the 10-year US note dropped as much as 12 basis points below the two-year rate.
So-called inversions of the curve are a potential harbinger of an economic contraction.
Economists say inflation continued to heat up in June, hitting a pandemic peak that will keep the Federal Reserve geared for another big hike.
The consumer price index due Wednesday likely rose 8.8% from a year earlier — the largest jump since 1981, according to the median forecast in a Bloomberg survey.
“The market is showing nervousness as to what this is going to look like,” said Patrick Kaser, portfolio manager at Brandywine Global. “There’s been talk about commodity prices coming down, but we’re not really seeing that flow through yet.  We’re still expecting this number to come in pretty high.”
Traders also kept a close eye on the dollar, which fluctuated after hitting the highest since the Covid-19 panic of March 2020.
For now, a wall of derivatives bets is keeping the euro from reaching parity with the greenback for the first time in two decades.
The impacts of the US currency surge will also be highly scrutinized during the earnings season.
PepsiCo Inc., one of the first major industry players to report second-quarter results, said demand remained robust despite inflation — but highlighted foreign-exchange translation headwinds.
“In the current environment, dollar strength is a sign of investors’ worries about a global recession since it signals a flight to the relative safety of the world’s reserve currency,” wrote Nicholas Colas, co-founder of DataTrek Research. “Until the dollar starts to weaken, it is difficult to believe the lows are in for US equities in 2022.”
In other corporate news, American Airlines Group Inc. surged as the carrier stuck with its expectation for a jump in second-quarter sales, highlighting the strength of travel demand.
Amazon.com Inc.’s Prime Day sale is luring bargain hunters looking to stock up on pantry items and cheap electronics despite a dearth of deals.
Trading revenue at the five biggest Wall Street banks likely climbed 16% to $27.8 billion in the second quarter, according to analyst estimates compiled by Bloomberg.
That surge would come as a result of market swings spurred by recession fears, soaring inflation and global turmoil.
Sam Zell, the billionaire made famous by his real-estate deals, said that central bank actions to flood the market with money in recent years are coming back to bite the economy.
He urged Fed Chair Jerome Powell to raise rates by as much as 75 basis points and “break the inflation mentality.”
“The Fed and other central banks are still very focused on bringing back actual inflation, but every other indicator we have of inflation is showing that this should not be our primary concern anymore, and we should be more concerned about slowing growth,” said Brian Nick, chief investment strategist at Nuveen.
Elsewhere, Bitcoin fell back below $20,000, following last week’s rally.
What to watch this week:
* Earnings due from JPMorgan, Morgan Stanley, Citigroup, Wells Fargo
* New Zealand rate decision, Wednesday
* US CPI data, Wednesday
* Federal Reserve Beige Book, Wednesday
* US PPI, jobless claims, Thursday
* China GDP, Friday
* US business inventories, industrial production, University of Michigan consumer sentiment, Empire manufacturing, retail sales, Friday
* G-20 finance ministers, central bankers meet in Bali, from Friday
* Atlanta Fed President Raphael Bostic speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0041
* The British pound was little changed at $1.1894
* The Japanese yen rose 0.5% to 136.80 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.96%
* Germany’s 10-year yield declined 11 basis points to 1.13%
* Britain’s 10-year yield declined 10 basis points to 2.07%
Commodities
* West Texas Intermediate crude fell 8% to $95.80 a barrel
* Gold futures fell 0.4% to $1,724 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

For civilization is not something inborn or imperishable; it must be acquired anew by every generation,
and any serious interruption in its financing or its transmission may bring it to an end. –Will Durant, 1885-1981.

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 Monday.

July 11, 1960: American author Harper Lee’s To Kill a Mockingbird is published and becomes a classic, noted for its sensitive treatment of a child’s awakening to racism and prejudice in the South.

On July 11, 1975, the great Terracotta Army – more than 6,000 life-sized warriors that  were made around 206BC to guard the tomb of the first emperor, were discovered in China’s ancient capital of Xian. On July 11, 1979, the abandoned United States space station Skylab made a spectacular return to Earth, burning up in the atmosphere and showering debris over the Indian Ocean and Australia. Go to article » E.B. White, author, b.1899. John Constable, painter, b. 1776.

8,200-year-old burials in Russia contain pendants crafted from human bone: 
Nearly a century ago, archaeologists excavating a 8,200-year-old graveyard in northwestern Russia took note of a number of bone and animal-tooth pendants buried with the Stone Age people entombed there. But when researchers recently began to re-analyze the bone pendants to determine which species of animal each came from, they were in for a shock.  Some of the pendants weren’t made from animal bone at all. They were human.
Full Story: Live Science (7/11) 

A giant fossil is being put up for auction.  If you’ve got an extra $8 million burning a hole in your pocket, this spectacular Gorgosaurus skeleton could be yours! 

The oldest, brightest black holes in the universe were born from violent gas attacks, new study suggests:  Twinkling like cosmic lighthouses on a shore 13 billion light-years from Earth, quasars are some of the oldest, brightest relics of the early universe that astronomers can detect today.  Short for “quasi-stellar radio sources,” quasars are gargantuan black holes that glow as brightly as galaxies and are millions to billions of times as massive as Earth’s sun. Today, quasars exist at the centers of many large galaxies. But thanks to their exceptional luminosity, quasars have been tracked far across space-time, with roughly 200 of them identified as forming within the first billion years of our universe’s history.  Full Story: Live Science (7/11

PHOTOS OF THE DAY

A field planted to display a dove of peace, based on an artwork by Pablo Picasso, and a world map. The picture covers an area of approximately 18,000 sq metres and consists of 350,000 plants, including sunflowers, hemp, beans and corn. The maze was created by a farming family and a team of 20 employees.
CREDIT: Christof Stache/AFP/Getty Images

A woman shields her face from the sun while walking in Hyde Park on what could be the hottest day of the year, with temperatures predicted to hit 33C
CREDIT: James Manning/PA

Insulating foam covers part of the Rhone glacier, near Gletsch in the Swiss Alps, to prevent it from melting. The glacier has been selected among 10 around the world to be monitored by high-resolution time-lapse cameras as part of a Planet Watch project helping to document and measure the impact of the climate crisis
CREDIT: Fabrice Coffrini/AFP/Getty Images

Market Closes for July 11^th, 2022

Market Index	Close	Change
Dow Jones	31173.84	-164.31
		-0.52%
S&P 500	3854.43	-44.95
		-1.15%
NASDAQ	11372.60	-262.71 -2.26%
TSX	18816.80	-206.06
		-1.08%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26812.30	+295.11
		+1.11%
HANG SENG	21124.20	-601.58
		-2.77%
SENSEX	54395.23	-86.61
		-0.16
FTSE 100*	7196.59	+0.35 –%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.236	3.296
CND. 30 Year Bond	3.134	3.177
U.S.    10 Year Bond	2.9928	3.0803
U.S. 30 Year Bond	3.1744	3.2436

Currencies

BOC Close	Today	Previous
Canadian $	0.7689	0.7730
US $	1.3005	1.2937
Euro Rate 1 Euro=		Inverse
Canadian $	1.3056	0.7659
US $	1.0039	0.9961

Commodities

Gold	Close	Previous
London Gold Fix	1738.20	1747.95
Oil
WTI Crude Future	104.09	104.79

Market Commentary:
On this day in 1864, as Confederate Lt. Gen. Jubal A. Early defeated Union Maj. Gen. Lew Wallace (later the author of Ben Hur) and marched toward the outskirts of Washington, D.C., the U.S. dollar hit an all-time low. Alarmed at the bad news from the battlefield, traders in New York were willing to pay only .3509 gold dollars for a single greenback
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities dipped as investors sold risky stocks — cannabis, tech, and consumer discretionary — amid recession fears ahead of the Bank of Canada’s rate decision this week.
This marks the second day of losses for the S&P/TSX index, which dropped 1.1%, or 206.06 to 18,816.80 in Toronto.
The move was the biggest loss since June 30.
Shopify Inc. contributed the most to the index decline, decreasing 8.9%. Canopy Growth Corp. had the largest drop, falling 11.5%.
Today, 204 of 238 shares fell, while 33 rose; 10 of 11 sectors were lower. 
Insights
* The index declined 7.1% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 15.3% below its 52-week high on April 5, 2022 and 1.6% above its low on July 5, 2022
* The S&P/TSX Composite is down 1.1% in the past 5 days and fell 7.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.7 on a trailing basis and 11.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility fell to 19.64% compared with 19.82% in the previous session and the average of 20.01% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -48.6092| -4.5| 0/14
* Financials | -46.1954| -0.8| 3/26
* Materials | -29.9525| -1.4| 5/46
* Energy | -27.6773| -0.8| 4/34
* Industrials | -15.0364| -0.6| 4/25
* Consumer Discretionary | -11.9740| -1.9| 1/12
* Communication Services | -11.2343| -1.1| 1/6
* Consumer Staples | -9.2205| -1.2| 2/9
* Health Care | -3.5017| -4.5| 1/6
* Real Estate | -3.1660| -0.6| 6/16
* Utilities | 0.4892| 0.0| 6/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -32.1100| -8.9| 188.8| -75.9
* TD Bank | -17.3000| -1.7| 20.5| -15.6
* Brookfield Asset Management | -11.3800| -1.9| -39.8| -24.4
* Hydro One | 1.3470| 1.9| -3.5| 5.4
* Intact Financial | 1.6490| 0.7| -11.4| 15.3
* Telus | 1.8020| 0.7| -0.2| -2.7
US
By Rita Nazareth
(Bloomberg) — Stocks slumped, with traders positioning for a hot inflation reading and the start of a key earnings season that may provide clues on whether the economy is headed toward a recession.
The dollar climbed.
A rout in megacaps like Tesla Inc. and Apple Inc. weighed heavily on trading.
Twitter Inc. sank as Elon Musk walked away from his $44 billion deal to buy the company, setting the scene for a legal battle.
The euro edged closer toward parity with the greenback, while 10-year US yields dropped below 3%.
Amid a pervasive confluence of economic challenges, investors are waiting to see if profits are holding up or if companies will cut forecasts significantly.
One reason for caution is the dichotomy between two major Wall Street forces.
Analysts are betting Corporate America is resilient enough to pass on higher costs to consumers at a time when many strategists aren’t really convinced that’s the case.
“The stock market has NOT already priced in any possible upcoming decline in earnings estimates from this year (or next),” wrote Matt Maley, chief market strategist at Miller Tabak. “Even if earnings estimates stay stable and especially if they decline, the stock market is going to have to fall further before we see an important bottom.”
Maley noted that stocks are trading at valuation levels that are seen as highs — not lows.
The current price-to-sales metric, for instance, is at the same level of market tops in 2020, 2018 and at the tech bubble in 2000, he added.
Price pressures, a wave of monetary tightening and a slowing economy continue to keep investors on the sidelines even after an $18 trillion first-half wipeout in global equities.
A US inflation reading on Wednesday is expected to get closer to 9%, buttressing the Federal Reserve’s case for a jumbo rate boost in July.
Steep Fed hikes and recession fears have lifted the greenback to the highest levels since March 2020.
The dollar surge will be a “massive headwind” for profits at many large US firms and another reason to expect a dimming earnings outlook, wrote Michael Wilson, chief US equity strategist at Morgan Stanley.
Billionaire investor Leon Cooperman said that a stronger dollar is indeed “negative for corporate profits.”
In fact, several firms like giants Microsoft Corp., Costco Wholesale Corp. and Salesforce Inc. have also bemoaned the impacts of the US currency’s meteoric ascent.
For Wilson, the S&P 500’s bear market will continue, and he sees fair value at 3,400-3,500 in case of a soft landing and 3,000 in a recession — a 23% downside from Friday’s close.
“A stagflationary stall is as probable as an outright recession,” wrote Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

Meantime, Citigroup Inc. strategists pointed out that there’s a strong correlation between the Fed’s rate trajectory and earnings growth.
They say it’s been common for profits to rise as the Fed tightens its policy, and to contract when the central bank switches to easing in response to economic weakness.
That means corporate earnings should remain resilient to surging inflation and slowing growth, paving the way for battered US stocks to rally in the remainder of 2022, they added.
As big banks kick off the earnings season this week, traders will be looking for clues about the health of the consumer and spending trends as well as lending to businesses and corporate confidence.
Real-estate valuations and lending may also be key for market direction, along with thoughts on the state of capital markets.
Results from the FAANG cohort of megacaps like Facebook owner Meta Platforms Inc. and Google’s parent Alphabet Inc. won’t come out until later this month.
But traders are getting ready for heightened volatility as profit cuts by industry analysts have been lagging, leaving room for big surprises and dramatic post-earnings moves.
Elsewhere, Bitcoin fell again — and Wall Street expects the cryptocurrency’s selloff to get a whole lot worse.
The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey.
The tally also showed that 40% saw it going the other way.
Crude declined amid a renewed increase in China’s virus cases, while a court order allowed the crucial CPC terminal on Russia’s Black Sea coast to stay operational — easing some supply concerns.
 Chicago corn futures climbed as US forecasts point to a heat wave during the crop’s key development period.

What to watch this week:
* Earnings due from JPMorgan, Morgan Stanley, Citigroup, Wells Fargo
* BOE Governor Andrew Bailey discusses the economic landscape, Tuesday
* Amazon.com Inc. kicks off its Prime Day event, Tuesday
* South Korea, New Zealand rate decisions, Wednesday
* US CPI data, Wednesday
* Federal Reserve Beige Book, Wednesday
* US PPI, jobless claims, Thursday
* China GDP, Friday
* US business inventories, industrial production, University of Michigan consumer sentiment, Empire manufacturing, retail sales,
Friday
* G-20 finance ministers, central bankers meet in Bali, from
Friday
* Atlanta Fed President Raphael Bostic speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 1%
* The euro fell 1.4% to $1.0046
* The British pound fell 1.2% to $1.1892
* The Japanese yen fell 0.9% to 137.38 per dollar\\
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 2.98%
* Germany’s 10-year yield declined 10 basis points to 1.25%
* Britain’s 10-year yield declined six basis points to 2.18%
Commodities
* West Texas Intermediate crude fell 1.2% to $103.55 a barrel
* Gold futures fell 0.7% to $1,730.30 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

A goal is a dream with a deadline. –Napoleon Hill, 1883-1970.

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.
1996: The British ban the Spice Girls releases their debut single, Wannabe, which helps make them an international sensation.
On July 8, 1839, John D. Rockefeller, who founded the Standard Oil Co. and gave more than $500 million to charitable causes, was born. Following his death on May 23, 1937, his obituary appeared in The Times. Go to article »

1,600-year-old Anglo-Saxon cemetery holds speared man and wealthy woman:  A wealthy pagan burial ground, dating from the first years of the Anglo-Saxon invasion of Britain during the fifth century A.D., has been uncovered near London ahead of a high-speed rail project, known as High Speed 2 (HS2).   The new discoveries, which include more than 100 skeletons, are among the most important archaeological finds made along the HS2 route, which will eventually link the English cities of London, Birmingham and Manchester. Other findings in recent years include a Roman market town; dozens of decapitated skeletons and a 2,000-year-old wooden pagan idol, Live Science previously reported.  Full Story: Live Science (7/8) 

PHOTOS OF THE DAY

Revellers enjoy the atmosphere during the opening day or Chupinazo of the San Fermin fiesta in Pamplona. The iconic Spanish festival has resumed in earnest this year after being twice cancelled due to Covid-19.
CREDIT: Pablo Blázquez Domínguez/Getty Images

In this image released by National Geographic, Katia Krafft stands near lava at the Krafla volcano in a scene from the documentary ‘Fire of Love’
CREDIT: National Geographic/AP

An iceberg floats at Disko Bay in western Greenland. The icebergs here originate from the Jakobshavn glacier – Sermeq Kujalleq – the most productive glacier in the northern hemisphere. The massive icebergs that detach from the glacier float for years in the waters in front of the fjord before being carried south by ocean currents.
CREDIT: Odd Andersen/AFP/Getty Images

Market Closes for July 8^th, 2022

Market Index	Close	Change
Dow Jones	31338.15	-46.40
		-0.15%
S&P 500	3899.38	-3.24
		-0.08%
NASDAQ	11635.31	+13.96 +0.12%
TSX	19022.86	-40.31
		-0.21%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26517.19	+26.66
		+0.10%
HANG SENG	21725.78	+82.20
		+0.38%
SENSEX	54481.84	+303.38
		+0.56%
FTSE 100*	7196.24	+7.16 +0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.296	3.217
CND. 30 Year Bond	3.177	3.137
U.S.    10 Year Bond	3.0803	2.9945
U.S. 30 Year Bond	3.2436	3.1845

Currencies

BOC Close	Today	Previous
Canadian $	0.7730	0.7709
US $	1.2937	1.2970
Euro Rate 1 Euro=		Inverse
Canadian $	1.3181	0.7587
US $	1.0188	0.9815

Commodities

Gold	Close	Previous
London Gold Fix	1747.95	1754.30
Oil
WTI Crude Future	104.79	102.73

Market Commentary:
On this day in 1889, the first issue of The Wall Street Journal was published by Charles Henry Dow, Edward Davis Jones and Charles M. Bergstresser
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian stocks dropped Friday as Canada’s unemployment rate hit a record low, indicating that the Bank of Canada might implement another 75 basis-point interest rate hike next week.
The S&P/TSX Composite fell 0.2% to 19,022.86 in Toronto.
The energy and materials sectors were the biggest drags on the index. The move follows the previous session’s increase of 1.8%.

This week, cannabis stocks were among the biggest gainers, while energy was among the worst performers.
Suncor Energy Inc. contributed the most to the index decline, decreasing 2.0%.
Capstone Copper Corp. had the largest drop, falling 10.2%.
Today, 143 of 238 shares fell, while 90 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index rose 0.9%, heading for the biggest advance since the week ended May 27
* The index declined 5.2% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 14.4% below its 52-week high on April 5, 2022 and 2.7% above its low on July 5, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility fell to 19.82% compared with 20.23% in the previous session and the average of 19.98% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -28.4471| -1.3| 8/43
* Energy | -14.1988| -0.4| 13/24
* Industrials | -5.7458| -0.2| 14/15
* Communication Services | -5.1905| -0.5| 2/5
* Health Care | -2.5698| -3.2| 1/6
* Real Estate | -2.1234| -0.4| 4/18
* Utilities | -0.4487| 0.0| 11/5
* Consumer Staples | 0.3492| 0.0| 8/3
* Information Technology | 3.0990| 0.3| 7/7
* Consumer Discretionary | 4.9844| 0.8| 7/6
* Financials | 9.9719| 0.2| 17/10
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Suncor Energy | -8.5720| -2.0| -51.9| 34.1
* First Quantum Minerals | -6.5220| -6.4| 55.2| -17.4
* Canadian Natural Resources | -6.2850| -1.2| -37.0| 19.6
* Constellation Software | 2.7990| 1.0| -35.9| -15.1
* Dollarama | 3.8020| 2.6| 17.3| 23.7
* TD Bank | 9.7770| 1.0| -39.0| -14.2
US
By Isabelle Lee
(Bloomberg) — US stocks notched a weekly gain after a strong jobs report alleviated recession fears but cleared the path for the Federal Reserve to keep raising interest rates to fight inflation.
The S&P 500 closed flat on Friday after struggling for  direction throughout the session.
The Nasdaq 100 rose, scoring its longest winning streak this year.
Treasuries slumped, with the two- and 10-year yield curve remaining inverted for the fourth straight day.
The Bloomberg Commodity Index suffered its longest streak of weekly losses since March 2020.
The jobs report reaffirmed the strength of the economy, fueling the Fed to stay aggressive to combat inflation.
The moderation in the number of jobs, however, was seen as a positive sign as the central bank seeks to engineer a soft landing.
A handful of Fed officials, including two of its most hawkish policy makers, said this week that they supported raising interest rates by 75 basis points for a second month in a row.
Recent data also signaled to investors that worries about a recession were overblown, a claim echoed by Fed officials this week.
“The economy is slowing but the Fed wants it to slow. So I think all the recession talk is a little bit premature right now,” Priya Misra, global head of rates strategy at TD Securities, said on Bloomberg TV. “Inflation is still a problem
and the Fed has changed their reaction function, I would argue.  They are emphasizing – overemphasizing – headline inflation over the labor market right now.”
Federal Reserve Bank of New York President John Williams reiterated the bank’s inflation target on Friday. 
Here’s what else Wall Street is saying about US payrolls:
* “We’re dealing with a central bank that actually wants concrete evidence of seeing price increases slow, and we didn’t get that today.” – Giorgio Caputo, senior fund manager at JO Hambro Capital Management.
* “Right now, the labor market is not the problem child, it is being the well-behaved kid, so the Fed thinks they can kind of ignore the labor market right now and focus all on inflation.” -Victoria Greene, chief investment officer and founding partner at G Squared Private Wealth.
* “Today’s job number should soothe fears of an imminent recession, but it does nothing to relieve fears of considerable further Fed tightening.” – Seema Shah, chief global strategist at Principal Global Investors.
* “There is a feeling of Wile E. Coyote running over the cliff, the economy is slowing, Fed hikes will almost certainly lead to a hard landing, but with employment remaining this strong, and next week’s CPI likely to stay high, the risk that the Fed will hike higher and further than they should increases.” – Steve Chiavarone, senior portfolio manager at Federated Hermes.

Earlier, shockwaves spread through the markets after Japan’s former Prime Minister Shinzo Abe was assassinated.
Bitcoin rose and is trading around $21,000.
The largest cryptocurrency by market capitalization is on course for its best weekly gain since March, helped by a return of risk appetite in global markets more broadly.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0181
* The British pound was little changed at $1.2032
* The Japanese yen was little changed at 136.08 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 3.08%
* Germany’s 10-year yield advanced three basis points to 1.34%
* Britain’s 10-year yield advanced 11 basis points to 2.23%
Commodities
* West Texas Intermediate crude rose 1.9% to $104.68 a barrel
* Gold futures were little changed
–With assistance from Reade Pickert, Emily Graffeo, Elaine Chen, Enrique Roces and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The soul is dyed the color of its thoughts.  Think only on those things that are in line with your principles
and can bear the light of day.  The content of your character is your choice.  Day by day, what you do
is who you become. -Heraclitus, c.540BCE-c.480 BCE.

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:
Fiesta de San Fermin: Running of the Bulls, Pamplona, Spain.
Tanabata, Star Festival, Japan.
Ringo Starr, musician, b. 1940.
Robert A. Heinlein, writer, b. 1907.

Tomorrow 99% of Earth’s population will be in sunlight at the same time

Archaeologists will open a tomb supposedly tied to King Arthur, possibly looking for a Boris replacement.

Head of Hercules and other treasures found on Roman ‘Antikythera Mechanism’ shipwreck:  The 2,000-year-old Roman shipwreck that carried the Antikythera Mechanism — a precise mechanical model of the sun, moon and planets — is giving up new treasures, including a marble head thought to depict the Greek and Roman demigod Hercules. Scientists and divers made the new discoveries after creating the first phases of a precise digital 3D model of the shipwreck, which sank near Antikythera, a Greek island in the southern Aegean Sea, in about the second quarter of the first century B.C. The digital model — which the scientists made with thousands of underwater photographs of the seafloor site, using a technique called photogrammetry — could help in the search for more pieces of the mysterious geared mechanism, the team said.  Full Story: Live Science (7/6) 

July’s ‘Buck supermoon’ will look bigger and brighter than ever next Wednesday: July’s full moon — nicknamed the Buck Moon — will charge across Earth’s skies on Wednesday, July 13. The moon will reach its peak at about 2:38 p.m. EDT (18:38 UTC) on Wednesday, but the Buck doesn’t stop here; the moon will appear bright and full on Tuesday and Thursday night (July 12 and July 14), as well.
Avid sky watchers may notice that the moon looks even larger and brighter than normal. That’s because, for the third month in a row, the full moon will rise as a supermoon — or a full moon that occurs while the moon is around or at its closest point to Earth, also known as its perigee. This month, the moon reaches perigee at about 5 a.m. EDT (09:00 UTC) on July 13, just 10 hours before the full moon rises.  Full Story: Live Science (7/7) 

Mummified mystery pup that died 18,000 years ago was a wolf: A mummified pup discovered in Siberia is not a dog, new research finds. Rather, the cute-and-cuddly canine is actually a young wolf.
In a new study aimed at understanding dog domestication, researchers analyzed the genome of the puppy, along with the genomes of 72 ancient wolves. The pup, which was found in the Siberian permafrost in 2018 and whose lineage has been debated ever since, was nicknamed “Dogor” and was fully intact, with pettable fur and unbroken whiskers. At first, scientists couldn’t tell if the 18,000-year-old pup was a wolf or a dog, but the new analysis revealed that it was a wolf — and that it was not very closely related to the earliest dogs.  Full Story: Live Science (7/7) 

Dinosaurs took over the planet because they could endure the cold, scientists say: Dinosaurs took over the planet thanks to their surprising ability to endure freezing-cold temperatures, ancient footprints have revealed.
The dinosaur tracks, stamped into the sandstone and siltstone of ancient lake beds in the Junggar Basin of northwestern China, suggest that more than 200 million years ago, the reptiles had already adapted to survive the cold of the polar regions before a mysterious mass extinction event plunged the world into freezing darkness. Full Story: Live Science (7/6) 

PHOTOS OF THE DAY

A bull bears down on participants at the traditional running of the bulls, part of the San Fermin festival in Navarra, which resumed after a two-year hiatus during to the Covid pandemic
CREDIT: Jesús Diges/EPA

Ukrainian service people planting a national flag on Snake Island in the Black Sea, as Russia’s attacks in the east of the country continue
CREDIT: Ukrainian Armed Forces/Reuters

Critically endangered six-week-old black and white ruffed lemur pups and their mother at Blair Drummond Safari and Adventure Park
CREDIT: Andrew Milligan/PA

Market Closes for July 7^th, 2022

Market Index	Close	Change
Dow Jones	31384.55	+346.87
		+1.12%
S&P 500	3902.62	+57.54
		+1.50%
NASDAQ	11621.35	+259.50 +2.28%
TSX	19063.17	+333.51
		+1.78%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26490.53	+382.88
		+1.47%
HANG SENG	21643.58	+56.92
		+0.26%
SENSEX	54178.46	+427.49
		+0.80%
FTSE 100*	7189.08	+81.31 +1.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.217	3.189
CND. 30 Year Bond	3.137	3.110
U.S.    10 Year Bond	2.9945	2.9280
U.S. 30 Year Bond	3.1845	3.1181

Currencies

BOC Close	Today	Previous
Canadian $	0.7709	0.7670
US $	1.2970	1.3038
Euro Rate 1 Euro=		Inverse
Canadian $	1.3184	0.7585
US $	1.0165	0.9838

Commodities

Gold	Close	Previous
London Gold Fix	1754.30	1772.00
Oil
WTI Crude Future	102.73	98.53

Market Commentary:
On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings & loan empire collapsed, costing the U.S. taxpayer $2 billion. Mr. Knapp’s American Savings & Loan Association was once the nation’s largest thrift, but it was seized by Federal regulators in 1984 and later settled a U.S. Securities & Exchange Commission lawsuit charging it with fraudulent overstating of earnings.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.8% at 19,063.17 in Toronto.
The move was the biggest gain since June 24 and follows the previous session’s decrease of 0.6%.
Today, energy stocks led the market higher, as 10 of 11 sectors gained; 208 of 238 shares rose, while 25 fell.
Shopify Inc. contributed the most to the index gain, increasing 6.4%. Advantage Energy Ltd. had the largest increase, rising 13.4%.
Insights
* In the past year, the index had a similar or greater gain four times. The next day, it advanced three times for an average 0.7% and declined 1.7% once
* So far this week, the index rose 1.1%, heading for the biggest advance since the week ended May 27
* The index declined 6% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 14.2% below its 52-week high on April 5, 2022 and 2.9% above its low on July 5, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 8.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 11.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3t
* 30-day price volatility rose to 20.23% compared with 19.49% in the previous session and the average of 19.98% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 106.0837| 3.2| 38/0
* Financials | 76.2353| 1.3| 27/2
* Materials | 52.4502| 2.5| 45/3
* Information Technology | 35.2553| 3.4| 12/2
* Consumer Staples | 22.4753| 2.9| 9/2
* Consumer Discretionary | 20.2090| 3.3| 12/1
* Industrials | 11.6600| 0.5| 24/5
* Real Estate | 4.7088| 0.9| 18/4
* Utilities | 3.6271| 0.4| 13/3
* Health Care | 2.3658| 3.1| 7/0
* Communication Services | -1.5589| -0.2| 3/3
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Shopify | 21.8000| 6.4| 216.9| -73.7
* Royal Bank of Canada | 18.9400| 1.6| 24.7| -5.0
* Canadian Natural Resources | 14.1600| 2.8| -20.2| 21.1
* Shaw Communications | -1.6990| -1.5| -7.1| -5.1
* Waste Connections | -1.8430| -0.6| -28.8| -5.1
* Canadian National | -4.8750| -0.8| -15.5| -5.4
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US stocks rallied for the fourth straight day on optimism that the Federal Reserve will be able to curb inflation without tipping the economy into a recession.
The S&P 500 and the tech-heavy Nasdaq 100 rose the most in two weeks.
Commodities from oil to copper jumped as the dollar dropped for the first time in five days.
The two- and 10-year Treasury yield curve remained inverted for a third day even as Fed Governor Christopher Waller dismissed recession fears on Thursday.
Both Waller and fellow hawk James Bullard, president of the St. Louis Fed, backed raising rates by another 75 basis points this month.
Investors have been whipsawed in the past two weeks between concern over runaway inflation and the fear of a US recession.
The Federal Reserve’s last meeting showed that policy makers resolved to continue raising rates, a promise restated by Bullard and Waller on Thursday.
But a flurry of economic data that released this week has hinted at slower growth, calming investors over the pace of tightening needed.
All eyes will be on the US jobs report on Friday for further clues about the Fed’s path of rate hikes.
“The number one bugaboo for the markets is inflation and increasingly we are seeing some signs that peak inflation may be in the rear mirror here,” David Dietze, managing principal and senior portfolio strategist for Peapack Private Wealth  Management, told Bloomberg Radio. “Now are we where we want to be? Absolutely not. We’re not going to get to 2% anytime soon.  The key thing I think from an investor’s point of view is the direction is changing.”
Worries about a brutal recession may have also been alleviated by latest data which showed that consumer spending has remained resilient despite inflation. An inverted yield curve, however, still signals fears of a recession are not over.  “The Goldilocks scenario is that the Fed slows the economy enough to reduce inflation from the current 8.6%, 40 year-high level without tipping us into recession,” said Ellen Hazen, chief market strategist and portfolio manager at F.L.Putnam Investment Management. “And so any data point that suggests that either inflation is coming down faster so that the Fed can take their foot off the brake quicker, or that recession looks less likely through coincident indicators, would give the market relief.”
Commodities were boosted on Thursday as China’s Ministry of Finance is said be considering allowing local governments to sell 1.5 trillion yuan ($220 billion) of special bonds this year.
But the Bloomberg Commodity Spot Index is still down about 21% from a June high.
“We’ve seen a big pull in commodities that’s sort of easing those inflation fears that have been driving the fear of recession and of more aggressive tightening,” said Fiona Cincotta, senior financial markets analyst at City Index Ltd.
In the UK, Johnson left as the head of the government amid a series of scandals.
The pound rose as much as 0.8% on the news.
Bitcoin rose above the $20,000 level, but investors are losing confidence in crypto after news that customers of bankrupt broker Voyager Digital Ltd. likely won’t get all their money back.
What to watch this week:
* US employment report for June, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro fell 0.2% to $1.0165
* The British pound rose 0.8% to $1.2024
* The Japanese yen was little changed at 136.01 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.01%
* Germany’s 10-year yield advanced 11 basis points to 1.32%
* Britain’s 10-year yield advanced four basis points to 2.13%
Commodities
* West Texas Intermediate crude rose 4.3% to $102.72 a barrel
* Gold futures rose 0.2% to $1,739.70 an ounce
–With assistance from Srinivasan Sivabalan and Enrique Roces.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The superior man, when resting in safety, does not forget that danger may come.  When in a state of security he does not forget the possibility of ruin. 
When all is orderly, he does not forget that disorder may come. –Confucius, 551 BC-479 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:
1928: The first full-length all-talking (with dialogue) motion picture, Lights of New York, released by Warner Bros., premieres in New York City.
1854: Republican party formed.

Dalai Llama, Tibetan Leader, b.1935.
Frida Kahlo, artist, b.1935.
Beatrix Potter, author, b.1866

Scientists discover what looks like a road deep in the ocean. (h/t Scott Kominers).

Carlos Santana is ‘doing well’ after collapsing during a concert.  “Get well” messages are pouring in for the 74-year-old musician after he suffered heat exhaustion while performing in Michigan on Tuesday. 
 
Japanese tea house lets visitors drink from $25,000 antique bowls.  This sounds like a lovely experience… until you think about what would happen if you dropped an 18th century, $25,000 bowl.

What is Paris syndrome?   Paris, the capital of France, is awash with history; it’s home to the Eiffel Tower, Arc de Triomphe, Notre-Dame Cathedral and the Louvre, the world’s most-visited museum.
Yet, despite the city’s wealth of cultural hotspots, architectural delights and superb restaurants (it currently has over 90 Michelin one-star eateries) some tourists find themselves unable to enjoy a trip to Paris. A small percentage of those who venture to The City of Light experience “Paris syndrome,” a psychological condition with symptoms including nausea, vomiting, hallucinations and increased heart rate.
But what, exactly, is Paris syndrome? Who tends to be affected by it, and why?  Full Story: Live Science (7/5) 

PHOTOS OF THE DAY

Models pose with horses as they wear creations from Franck Sorbier’s haute couture fall/winter 2022-2023 during a fashion show
CREDIT: Lewis Joly/AP

The sun sets over the Baltic sea as holidaymakers watch from the beach
CREDIT: Krzysztof Zatycki/Zuma Press Wire/Rex/Shutterstock

A youngster stands underneath Gaia, a seven-metre diameter recreation of planet Earth, by artist Luke Jerram, on display as part of the launch of the Hartlepool Waterfront festival
CREDIT: Ian Forsyth/Getty Images

Market Closes for July 6^th, 2022

Market Index	Close	Change
Dow Jones	31037.68	+69.86
		+0.23%
S&P 500	3845.08	+13.69
		+0.36%
NASDAQ	11361.85	+39.61 +0.35%
TSX	18729.66	-104.50
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26107.65	-315.82
		-1.20%
HANG SENG	21586.66	-266.41
		-1.22%
SENSEX	53750.97	+616.62
		+1.16%
FTSE 100*	7107.77	+82.30 +1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.189	3.082
CND. 30 Year Bond	3.110	3.037
U.S.    10 Year Bond	2.9280	2.8054
U.S. 30 Year Bond	3.1181	3.0397

Currencies

BOC Close	Today	Previous
Canadian $	0.7670	0.7675
US $	1.3038	1.3028
Euro Rate 1 Euro=		Inverse
Canadian $	1.3279	0.7532
US $	1.0184	0.9819

Commodities

Gold	Close	Previous
London Gold Fix	1772.00	1808.40
Oil
WTI Crude Future	98.53	99.50

Market Commentary
On this day in 1785, Congress declared that “the money unit of the United States of America be one dollar.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6%, or 104.5 to 18,729.66 in Toronto.
The index dropped to the lowest closing level since June 23.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 5.9%.
Tamarack Valley Energy Ltd. had the largest drop, falling 6.9%.
Today, 146 of 238 shares fell, while 88 rose; 7 of 11 sectors were lower, led by energy stocks.
Insights
* The index declined 7.7% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 15.7% below its 52-week high on April 5, 2022 and 1.1% above its low on July 5, 2022
* The S&P/TSX Composite is down 2.6% in the past 5 days and fell 10% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.6 on a trailing basis and 11.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility fell to 19.49% compared with 19.60% in the previous session and the average of 19.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -81.0288| -2.4| 2/36
* Consumer Discretionary | -11.1735| -1.8| 2/11
* Consumer Staples | -9.8023| -1.3| 1/10
* Information Technology | -8.7728| -0.8| 8/6
* Materials | -5.9487| -0.3| 19/30
* Communication Services | -5.1166| -0.5| 3/4
* Health Care | -0.0192| 0.0| 4/3
* Utilities | 0.1817| 0.0| 5/11
* Real Estate | 0.2595| 0.1| 11/12
* Financials | 1.0342| 0.0| 17/11
* Industrials | 15.8864| 0.7| 16/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -31.4200| -5.9| 12.2| 17.8
* Shopify | -10.2300| -2.9| 224.1| -75.3
* Suncor Energy | -8.6700| -2.1| -26.6| 34.1
* Fairfax Financial Holdings | 4.6080| 4.4| 2.6| 10.2
* Royal Bank of Canada | 6.5410| 0.5| -9.1| -6.5
* Canadian Pacific | 8.4590| 1.4| 2.8| 2.7
US
By Isabelle Lee and Elaine Chen
(Bloomberg) — US stocks rose for the third straight day as investors parsed economic data that hinted at slightly slower growth, prompting some to brush off the hawkish stance that the Federal Reserve reiterated in its June meeting minutes as outdated.
The S&P 500 ended the session up 0.4% after swinging between gains and losses as investors digested a flurry of data.
The tech-heavy Nasdaq 100, whose members have been more sensitive to the rise in bond yields, also rose.
The two- and 10-year US Treasury yield curve remained inverted throughout the day.
The dollar held onto its gains.
Oil dropped below $100 a barrel.
All eyes were on the Fed as it revealed details of its June meeting on Wednesday afternoon.
Fed officials agreed last month that interest rates may need to keep rising for longer to prevent higher inflation from becoming entrenched, even if that slowed the US economy, the minutes showed.
But traders on Wednesday also grappled with economic data which pointed to a slight deceleration in the pace of growth, spurring some to discern that the Fed’s minutes don’t reflect the current reality of the economy.
Since the last Fed meeting, “the economic data, the inflation data and the bond market response has turned much more dovish,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “All of that is suggesting that really what the Fed thought 30 days ago is not that meaningful at the moment.”
Data released Wednesday showed that US job openings dipped slightly in May but remained near a record, pointing to resilient demand for labor even as optimism about the economy’s prospects dim.
Growth in the US services sector also eased in June to a more than two-year low as orders softened amid ongoing hiring challenges and capacity constraints.
But not all investors are convinced that the Fed’s reiterated stance has little bearing on what’s to come.
“Indeed, the minutes reflected a Fed that is concerned about inflation and expectations and even though they believe that inflation could stay high for a while and growth risks are skewed to the downside, they talk about the potential of an even more restrictive policy in time,” said Priya Misra, global head of rates strategy at TD Securities. “This is hawkish relative to a market that has increasingly become convinced that the Fed is about to blink on hikes due to an imminent recession.”
Despite recent fluctuations in the stock market, volatility is still far off levels usually observed during other powerful bear markets.
The Cboe VIX Index hasn’t crossed the 40 points mark since the latest selloff began, something unseen over the past two decades.
The odds of a US recession in the next year are now 38%, according to latest forecasts from Bloomberg Economics.
Bond traders are penciling in a policy turnaround by the Federal Reserve, with current hawkishness giving way to interest-rate cuts in the middle of 2023.
Some investors saw additional hints of this in the Fed’s minutes.
“What got my attention was the reference to a potential pause at year-end,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “This is new, and extremely important.  They were already thinking about where the appropriate level is to stop tightening policy in June, before the spate of economic data really deteriorated.”
Central banks around the world have been tightening monetary policy to contain consumer prices.
But a renewed spike in China’s Covid cases and a worsening gas crisis in Europe are signals that a worldwide slowdown is on the horizon despite these efforts.
Bitcoin fell again, wobbling around the $20,000 level.

What to watch this week:
* EIA crude oil inventory report, Thursday
* Fed Governor Christopher Waller, St. Louis Fed President James Bullard, scheduled to speak, Thursday
* ECB account of its June policy meeting, Thursday
* US employment report for June, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.8% to $1.0187
* The British pound fell 0.2% to $1.1925
* The Japanese yen was little changed at 135.87 per dollar
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 2.93%
* Germany’s 10-year yield advanced three basis points to 1.21%
* Britain’s 10-year yield advanced four basis points to 2.09%
Commodities
* West Texas Intermediate crude fell 1.1% to $98.43 a barrel
* Gold futures fell 1.4% to $1,739.60 an ounce
–With assistance from Tassia Sipahutar, Sunil Jagtiani, Jan-Patrick Barnert, Srinivasan Sivabalan, Emily Graffeo and Peyton Forte.

Have a lovely  evening.

Be magnificent!
As ever,

Carolann

To love means loving the unlovable.  To forgive means pardoning the unpardonable.
Faith means believing the unbelievable.  Hope means hoping when everything seems hopeless. –G.K. Chesterton, 1874-1936.

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:
1946: The bikini was born; designed by French engineer Louis Réard makes its debut in Paris.
See the spectacular finale of the DC fireworks show.  If you missed the stunning finale of Washington, DC’s July 4th fireworks show, you can watch the video here! 

Tom Cruise turned 60.  While “Top Gun: Maverick” cruises at the top of the box office, Mr. Cruise spent his birthday at the British Grand Prix F1 race. Looking good, Tom!

The Higgs boson turns ten.

South African fossils may rewrite history of human evolution::
Ancient human-like fossils in South Africa may be more than a million years older than previously thought, which raises the odds that the species they came from gave rise to humans, a new study finds.
The new date could rewrite a few key stages in the history of human evolution. That’s because the finding suggests these fossils belong to a species that may predate the iconic 3.2-million-year-old “Lucy” fossil. Lucy’s species was long thought to potentially have been the prime contender for the direct ancestor of humans.  Full Story: Live Science (7/3)

When did Earth’s first forests emerge?  From Earth’s tallest living plants, California’s redwoods, to the planet’s largest tropical rainforest, the Amazon, stately forests may seem timeless. But like every species or ecosystem, they have a birth date. In fact, though plants first arrived on land about 470 million years ago, trees and forests didn’t hit the scene until nearly 390 million years ago.  During that interval, plant life slowly evolved genetic precursors needed to produce trees, which then outcompeted other plants, Chris Berry, a paleobotanist at Cardiff University in the United Kingdom, told Live Science.  Full Story: Live Science (7/2) 

Why do people believe in conspiracy theories?
Conspiracy theories lurk all over the internet and cover a dizzying range of topics — from the idea that the moon landings were faked to the belief that Earth is flat. Often, believers will readily dismiss any and all evidence that contradicts such claims, and suggest that witnesses or experts who dispute the ideas are simply part of the conspiracy.  Why do people believe in conspiracy theories, even when there is a mountain of evidence to show that they are incorrect? Why are conspiracy theories so prevalent today — and what exactly is a conspiracy theory?  Full Story: Live Science (7/3) 

PHOTOS OF THE DAY

Crowds watch from the Lincoln Memorial as fireworks explode during US Independence Day celebrations at the Washington Monument
CREDIT: Will Oliver/EPA

Activists from People for the Ethical Treatment of Animals and AnimaNaturalis, dressed as dinosaurs, take part in a demonstration against bullfighting a day before the start of the San Fermín festival
CREDIT: Vincent West/Reuters

A boat manoeuvres among icebergs in Disko Bay in western Greenland. The icebergs originate from Jakobshavn glacier (Sermeq Kujalleq), the most productive glacier in the northern hemisphere
CREDIT: Odd Andersen/AFP/Getty Images

Market Closes for July 5^th, 2022

Market Index	Close	Change
Dow Jones	30967.82	-129.44
		-0.42%
S&P 500	3831.39	+6.06
		+0.16%
NASDAQ	11322.24	+194.40 +1.75%
TSX	18834.16	-194.70
		-1.02%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26423.47	+269.66
		+1.03%
HANG SENG	21853.07	+22.72
		+0.10%
SENSEX	53134.35	-100.42
		-0.19%
FTSE 100*	7025.47	-207.18 -2.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.082	3.175
CND. 30 Year Bond	3.037	3.100
U.S.    10 Year Bond	2.8054	3.0129
U.S. 30 Year Bond	3.0397	3.1827

Currencies

BOC Close	Today	Previous
Canadian $	0.7675	0.7774
US $	1.3028	1.2864
Euro Rate 1 Euro=		Inverse
Canadian $	1.3029	0.7675
US $	1.0271	0.9736

Commodities

Gold	Close	Previous
London Gold Fix	1808.40	1797.45
Oil
WTI Crude Future	99.50	108.43

Market Commentary:
On this day in 1810, Phineas Taylor Barnum was born in Bethel, Conn., to Philo and Irena Taylor Barnum. He later founded Barnum’s American Museum, and, in 1870, created what became the Barnum & Bailey Circus. He never, however, said “There’s a sucker born every minute.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1% at 18,834.16 in Toronto.
The index dropped to the lowest closing level since June 23 after the previous session’s increase of 0.9%.
Today, energy stocks led the market lower, as 4 of 11 sectors lost; 158 of 238 shares fell, while 79 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 6.9%.
Athabasca Oil Corp. had the largest drop, falling 13.4%.
Insights
* The index declined 7.1% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is at its 52-week low and 15.2% below its high on April 5, 2022
* The S&P/TSX Composite is down 2.2% in the past 5 days and fell 9.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.7 on a trailing basis and 11.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility rose to 19.60% compared with 19.56% in the previous session and the average of 20.02% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -146.9762| -4.2| 0/38
* Materials | -98.4482| -4.4| 3/48
* Financials | -25.0510| -0.4| 8/21
* Utilities | -1.7759| -0.2| 6/9
* Real Estate | 2.0376| 0.4| 9/14
* Health Care | 2.8934| 3.9| 5/2
* Consumer Staples | 3.9050| 0.5| 9/2
* Consumer Discretionary| 5.4283| 0.9| 6/7
* Communication Services| 7.9630| 0.8| 6/1
* Industrials | 11.4894| 0.5| 15/14
* Information Technology| 43.8353| 4.3| 12/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -39.3800| -6.9| 15.7| 25.2
* Suncor Energy | -25.9100| -5.8| -2.9| 36.9
* Nutrien | -18.9200| -4.9| 76.4| 2.4
* Canadian National | 6.5550| 1.1| 21.1| -4.9
* Brookfield Asset Management | 14.8000| 2.6| -0.8| -23.4
* Shopify | 31.5600| 9.9| 493.2| -74.5
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US Treasuries rallied as talks of easing tariffs on China imposed by the former administration failed to alleviate recession fears. Commodities from oil to copper remained under pressure as the dollar rose.
The S&P 500 eked out a modest gain after falling as much as 2.2%, as easing energy prices and bond yields took pressure off higher-valuation shares.
The tech-heavy Nasdaq 100 jumped 1.7%.
Treasury yields declined, with the 10-year yield around 2.83%.
Data released Tuesday also showed durable goods orders and factory orders rose more than expected in May.
Investors continued to fret over a potential US recession and stubborn inflation despite talks of tariff reductions.
US and Chinese officials held discussions after reports that Washington is close to rolling back some of the trade levies imposed by the former administration.
Reducing tariffs on imported Chinese goods could impact consumer prices in the US, but some suggest that it would do little to cool inflation.
“With the first half of the year moving into the rear-view mirror, investors can’t help but wonder what lies ahead in a year that thus far has wrought heightened levels of uncertainty, disruption and dysfunction that has rattled asset class values across the spectrum of the good, the bad, and the ugly,” said John Stoltzfus, chief investment strategist at Oppenheimer & Co.
The odds of a US recession in the next year are now 38%, according to latest forecasts from Bloomberg Economics.
Signs of a rapidly deteriorating US economic outlook have spurred bond traders to pencil in a complete policy turnaround by the Federal Reserve in the coming year, with interest-rate cuts in the middle of 2023.
“If the Fed changes course now, they might as well pack their bags and turn the lights off,” Kenneth Polcari, senior market strategist for Slatestone Wealth LLC, wrote in a note.
“Yes, the economy is slowing but inflation continues to be an issue and that is the focus now.”
In Australia, the central bank raised its key interest rate as expected to 1.35%. It’s among more than 80 central banks to have raised rates this year.
The nation’s dollar weakened after the decision.
In Europe, equities dropped to the lowest since January 2021 ahead of the earnings season, which investors will watch closely to see whether corporate profit growth can handle inflation and supply constraints.
Bitcoin rose after waffling throughout the session.
It traded around the $20,000 level.
What to watch this week:
* FOMC minutes, US PMIs, ISM services, JOLTS job openings, Wednesday
* EIA crude oil inventory report, Thursday
* Fed Governor Christopher Waller, St. Louis Fed President James Bullard, scheduled to speak, Thursday
* ECB account of its June policy meeting, Thursday
* US employment report for June, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 1%
* The euro fell 1.5% to $1.0265
* The British pound fell 1.3% to $1.1956
* The Japanese yen fell 0.1% to 135.78 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 2.82%
* Germany’s 10-year yield declined 15 basis points to 1.18%
* Britain’s 10-year yield declined 15 basis points to 2.05%
Commodities
* West Texas Intermediate crude fell 8.1% to $99.69 a barrel
* Gold futures fell 1.9% to $1,766.60 an ounce
–With assistance from Tassia Sipahutar, Sagarika Jaisinghani, Srinivasan Sivabalan and Julia Fanzeres.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Humankind has not woven the web of life.  We are but one thread within it. 
Whatever we do to the web we do to ourselves.  All things are bound together. 
All things connect. –Chief Seattle, 1790-1866.

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:
Carolann is away from the office today, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A rescue helicopter flies over the glacier that collapsed on Marmolada a day after a record-high temperature of 10C was recorded at the glacier’s summit. Rescuers resumed the search for survivors on Monday after an avalanche set off by the collapse of the glacier, the largest in the Italian Alps, killed at least six people and injured eight others
CREDIT: Pierre Teyssot/AFP/Getty Images

Yeoman warders walk through the Superbloom installation at the Tower of London
CREDIT: Tom Nicholson/Reuters

Models present creations by the Dutch fashion designer Iris van Herpen during fashion week
CREDIT: Christophe Archambault/AFP/Getty Images
Market Closes for July 4^th, 2022

Market Index	Close	Change
Dow Jones	Market Closed
		-%
S&P 500	Market Closed
		-%
NASDAQ	Market Closed	-%
TSX	19029.86	+167.50
		+0.89%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26153.81	+218.19
		+0.84%
HANG SENG	21830.35	-29.44
		-0.13%
SENSEX	53234.77	+326.84
		+0.62%
FTSE 100*	7232.65	+64.00 +0.89%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.175	3.223
CND. 30 Year Bond	3.100	3.135
U.S.    10 Year Bond	Market Closed	3.0129
U.S. 30 Year Bond	Market Closed	3.1827

Currencies

BOC Close	Today	Previous
Canadian $	0.7774	0.7767
US $	1.2864	1.2874
Euro Rate 1 Euro=		Inverse
Canadian $	1.3408	0.7458
US $	1.0423	0.9594

Commodities

Gold	Close	Previous
London Gold Fix	1797.45	1817.75
Oil
WTI Crude Future	108.43	105.76

Market Commentary:
On this day in 1791, the first daily securities auction was reported in New York City, as John Pintard and A.L. Bleecker & Sons advertised a “Sale of Public Securities at Auction, This evening at the Coffee House Long Room at VII O’Clock.”
Canada
(Bloomberg) — The S&P/TSX Composite rose 0.9% at 19,028.86 in Toronto. The move follows the previous session’s decrease of 1.1%. Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 3.9%. Vermilion Energy Inc. had the largest increase, rising 8.7%. Today, 179 of 238 shares rose, while 54 fell; all sectors were higher, led by energy stocks. Terminal users can read more in our markets live blog.
Insights
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 14.3% below its 52-week high on April 5, 2022 and 2% above its low on June 23, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 8.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility rose to 19.56% compared with 19.29% in the previous session and the average of 20.04% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 59.5142| 1.7| 37/1
* Materials | 46.8953| 2.1| 41/10
* Industrials | 20.7882| 0.9| 19/7
* Financials | 14.0644| 0.2| 21/8
* Consumer Staples | 12.1053| 1.6| 8/2
* Consumer Discretionary | 6.2313| 1.0| 9/4
* Utilities | 2.1804| 0.2| 11/5
* Communication Services | 2.1509| 0.2| 6/1
* Real Estate | 1.7199| 0.3| 16/6
* Information Technology | 1.6863| 0.2| 7/7
* Health Care | 0.1439| 0.2| 4/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural | | | |
* Resources | 21.3200| 3.9| -67.9| 34.4
* Canadian Pacific | 12.8800| 2.2| -72.2| 1.0
* Barrick Gold | 12.0200| 4.3| -59.0| -1.3
* Brookfield Asset | | | |
* Management | -2.5170| -0.4| -68.6| -25.4
* Teck Resources | -3.3270| -2.6| -52.8| 6.2
* TD Bank | -4.6380| -0.4| 28.9| -13.3

US
US market closed for 4^th of July

​​​​​​​Have a lovely evening.

-Jordan Templeman
Assistant to Carolann Steinhoff

“There are always flowers for those who want to see them” – Henri Matisse

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