Month: August 2022

Dear Friends,

Tangents:
August 17, 1945: English author George Orwell publishes Animal Farm, an anti-utopian satire that became a classic.  According to Orwell, Animal Farm reflects events leading up to the Russian Revolution of 1917 and then on into the Stalinist  era of the Soviet Union.
On Aug. 17, 1969, the Woodstock Music and Art Fair concluded near Bethel, N.Y.  Go to article »

Davy Crockett, frontiersman, b. 1786.
Mae West, actress, b. 1898.
Sean Penn, b. 1960.
Robert de Niro, b. 1943.

The world’s most breathtaking clifftop hotels.  If you love a good view, check out this photo gallery of breathtaking hotels perched on top of mountains and cliffs. 

Scientists plan to resurrect this animal from extinction with ancient DNA.  Never underestimate the power of science. This animal, which has been extinct since 1936, may live once again. 

Does drinking coffee help you live longer?  Americans drink an estimated 517 million cups of coffee every day, according to the National Coffee Association, making it the most popular beverage in the U.S. other than water.
Drinking coffee has been associated with a wide range of health benefits. But will it help you live longer?  Full Story: Live Science (8/14) 

Why is everything gray?

PHOTOS OF THE DAY

A recently exposed lakebed, with boats anchored near a bathtub ring of mineral deposits left by higher water levels, at the drought-stricken Elephant Butte reservoir. New Mexico’s largest reservoir is at 3.8% of its capacity in spite of recent monsoon rains in the state. Experts say the climate-crisis-fuelled mega-drought remains entrenched in the west
CREDIT: Mario Tama/Getty Images

People cross London Bridge during a heavy rainfall as the the British Meteorological Office has warned of widespread flash floods as thunderstorms are likely across the country.
CREDIT: Tolga Akmen/EPA

A hen harrier chick enjoys the summer sun. The bird was born amid a national trial to revive England’s hen harrier population. The Natural England scheme has hit a significant milestone by releasing a record 13 chicks into the wild
CREDIT: Natural England/PA

Market Closes for August 17^th, 2022

Market Index	Close	Change
Dow Jones	33980.32	-171.69
		-0.50%
S&P 500	4274.04	-31.16
		-0.72%
NASDAQ	12938.13	-164.42 -1.25%
TSX	20181.44	-88.52
		-0.44%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29222.77	+353.86
		+1.23%
HANG SENG	19922.45	+91.93
		+0.46%
SENSEX	60260.13	+417.92
		+0.70%
FTSE 100*	7515.75	-20.31 -0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.863	2.757
CND. 30 Year Bond	2.912	2.841
U.S.    10 Year Bond	2.8968	2.8077
U.S. 30 Year Bond	3.1513	3.0915

Currencies

BOC Close	Today	Previous
Canadian $	0.7745	0.7787
US $	1.2912	1.2843
Euro Rate 1 Euro=		Inverse
Canadian $	1.3142	0.7619
US $	1.0178	0.9825

Commodities

Gold	Close	Previous
London Gold Fix	1774.85	1776.60
Oil
WTI Crude Future	88.11	86.53

Market Commentary:
On this day in 1998, the Russian government devalued the ruble and declared a moratorium on paying its foreign debt, a de facto default that sent global bond markets crashing and triggered the ultimate collapse of the giant hedge fund Long-Term Capital Management.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities erased yesterday’s gains, led by losses in materials and technology, as investors sold risky stocks on fears of further rate hikes by central banks.
The S&P/TSX Composite fell 0.4% at 20,181.44 in Toronto Wednesday.
The move was the biggest in more than a week and follows the previous session’s increase of 0.4%.
Shopify Inc. contributed the most to the index decline, decreasing 5.3%.
Energy Fuels Inc/Canada had the largest percentage drop, falling 8.8%.
Today, 165 of 238 shares fell, while 70 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* The index declined 0.9% in the past 52 weeks. The MSCI AC Americas Index lost 5.7% in the same period
* The S&P/TSX Composite is 9.1% below its 52-week high on April 5, 2022 and 11.1% above its low on July 14, 2022
* The S&P/TSX Composite is up 1.5% in the past 5 days and rose 9.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility fell to 14.11% compared with 14.16% in the previous session and the average of 17.10% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -41.4146| -1.8| 4/47
* Information Technology | -34.4370| -2.9| 2/12
* Financials | -11.8278| -0.2| 8/19
* Consumer Discretionary | -7.8123| -1.1| 1/11
* Real Estate | -5.1718| -0.9| 2/21
* Communication Services | -3.1679| -0.3| 1/6
* Health Care | -1.1639| -1.5| 2/5
* Consumer Staples | 0.7415| 0.1| 7/4
* Industrials | 1.7523| 0.1| 9/20
* Utilities | 3.1874| 0.3| 11/5
* Energy | 10.7806| 0.3| 23/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -21.3100| -5.3| -7.1| -72.4
* TC Energy | -6.5540| -1.5| -49.7| 8.8
* Agnico Eagle Mines | -6.5280| -3.6| 26.9| -16.1
* Canadian Natural Resources | 5.0880| 0.9| 50.2| 31.7
* Canadian Pacific | 6.4040| 1.0| -9.6| 17.2
* Suncor Energy | 8.3710| 2.1| 3.2| 31.8
US
By Stephen Kirkland
(Bloomberg) — US stocks fell for the first time in four days as investors assessed the outlook for the path of interest-rate hikes after minutes from the Federal Reserve’s last meeting noted officials saw risks from tightening more than necessary.
The S&P 500 Index ended back at levels near the release of Fed minutes as the tech-heavy Nasdaq 100 resumed declines, dropping more than 1%.
Minutes of the July 26-27 meeting noted the need to eventually dial back the pace of rate hikes but also the desire to gauge how their monetary tightening was working toward curbing inflation.
In the bond market, two-year yields, the most sensitive to rate changes, trimmed most of their surge after the release.
Futures contracts lowered the odds of a 75-basis-point Fed boost next month to about 40%, compared with traders split between a hike of that size and a 50-basis-point increase before the minutes.
The dollar pared gains.
US stocks have rallied on signs of peaking inflation and an earnings-reporting season that saw four out of five companies meeting or beating estimates.
Yet, prospects of the Fed continuing to raise rates to cool inflation and tip the economy into a recession has weighed on sentiment.
Fed officials may offer fresh views on the outlook during their Aug. 25-27 retreat in Jackson Hole, Wyoming.
Earlier Wednesday, data showed retail sales stagnated last month on declines in auto purchases and gasoline prices, but other categories indicated resilient consumer spending.
Excluding gasoline and autos, sales rose a better-than-expected 0.7%.
In corporate news, Target Corp. fell as profit lagged behind Wall Street’s estimates, while Lowe’s Cos. gained after the home-improvement retailer reported earnings that beat estimates even as renovators wrestle with a slumping US housing market.
Cisco Systems Inc. gained in extended trading after the biggest maker of machines that run the internet and corporate computer networks, gave a bullish forecast for the quarter.
Juniper Networks Inc. followed Cisco higher.
“A correction from this level is very, very possible as earnings and margins deteriorate going into 2023,” Marco Pirondini, head of equities, US, and portfolio manager at Amundi US. “We expect the Fed to continue to increase rates, we expect the economy to slow down, possibly even enter a recession. The probability of a recession next year is higher than normal. So once you put all these things together, I think a more prudent approach is important.”
It’s been a choppy day for risk sentiment.
Earlier on Wednesday, stocks rose in Asia amid speculation that China may deploy more stimulus to shore up its ailing economy.
Some of those equity gains were surrendered when European trading opened and the focus turned to the Fed as well as UK inflation, which soared to double digits for the first time in four decades and spurred a global bond selloff.

Here are some key events to watch this week:
* Australia unemployment, Thursday
* U.S. existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Fed’s Esther George, Neel Kashkari speak at separate events, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro was little changed at $1.0180
* The British pound fell 0.4% to $1.2051
* The Japanese yen fell 0.6% to 135.02 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 2.89%
* Germany’s 10-year yield advanced 11 basis points to 1.08%
* Britain’s 10-year yield advanced 16 basis points to 2.29%
Commodities
* West Texas Intermediate crude rose 1.4% to $87.71 a barrel
* Gold futures fell 0.6% to $1,779.70 an ounce
–With assistance from Brett Miller, Andreea Papuc, Tassia Sipahutar, Sunil Jagwani, Srinivasan Sivabalan, Peyton Forte, Elaine Chen and Vildana Hajric.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe. -Muhammad Ali, 1942-2016.

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:
August 16, 2010: China eclipsed Japan as the world’s second biggest economy after three decades of blistering growth. Go to article »
BABE Ruth, baseball player, d. 1948.
Elvis Presley, d. 1977.
Madonna, b. 1958.

Scientists blast atoms with Fibonacci laser to make an ‘extra’ dimension of time: By firing a Fibonacci laser pulse at atoms inside a quantum computer, physicists have created a completely new, strange phase of matter that behaves as if it had two dimensions of time.  The new phase of matter, created by using lasers to rhythmically jiggle a strand of 10 ytterbium ions, enables scientists to store information in a far more error-protected way, thereby opening the path to quantum computers that can hold on to data for a long time without becoming garbled. The researchers outlined their findings in a paper published July 20 in the journal Nature.  Full Story: Live Science (8/16) 

America’s most outstanding restaurant says a lot about America. — Bobby Ghosh

A new era of supersonic travel is here, and you won’t believe how short the flight is from NYC to London

PHOTOS OF THE DAY

Postgraduate researcher Isabel Milligan monitors rudbeckia development at Wakehurst Royal Botanic Gardens Kew, in West Sussex, in part of the 2.4-hectare (6-acre) North American Prairie, one year on since 50,000 of them were planted
CREDIT: Graeme Robertson/The Guardian

Thunderstorms gather over the city skyline
CREDIT: David Heerde/Rex/Shutterstock

Fishing boats set sail in Guangdong province after the annual summer fishing ban in the South China Sea was lifted on Monday
CREDIT: VCG/Getty Images

Market Closes for August 16^th, 2022

Market Index	Close	Change
Dow Jones	34152.01	+239.57
		+0.71%
S&P 500	4305.20	+8.06
		+0.19%
NASDAQ	13102.55	-25.50 -0.19%
TSX	20269.97	+89.37
		+0.44%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28868.91	-2.87
		-0.01%
HANG SENG	19830.52	-210.34
		-1.05%
SENSEX	59842.21	+379.43
		+0.64%
FTSE 100*	7536.06	+26.91 +0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.757	2.696
CND. 30 Year Bond	2.841	2.840
U.S.    10 Year Bond	2.8077	2.7878
U.S. 30 Year Bond	3.0915	2.1013

Currencies

BOC Close	Today	Previous
Canadian $	0.7787	0.7749
US $	1.2843	1.2904
Euro Rate 1 Euro=		Inverse
Canadian $	1.3061	0.7656
US $	1.0171	0.9832

Commodities

Gold	Close	Previous
London Gold Fix	1776.60	1792.10
Oil
WTI Crude Future	86.53	89.41

Market Commentary:
On this day in 1922, the nation’s first “toll station,” or commercial broadcaster, opened as AT&T launched its WEAF radio station in New York City. Radio Dealer, a leading trade publication, denounced AT&T for its “mercenary advertising purposes,” predicting a “man-sized vocal rebellion” among the users of free air time. A 10-minute block of air time on WEAF cost $50, and nearly two weeks passed before anyone bought any.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities advanced to the highest closing level in more than two months after data showed that yearly inflation may have already peaked in Canada.
The S&P/TSX Composite rose 0.4%, or 89.37 to 20,269.97 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.5%.
First Quantum Minerals Ltd. had the largest percentage increase, rising 3.7%.
Today, 137 of 238 shares rose, while 97 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 1% in the past 52 weeks. The MSCI AC Americas Index lost 5.6% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 11.6% above its low on July 14, 2022
* The S&P/TSX Composite is up 3.5% in the past 5 days and rose 10% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.7 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility fell to 14.16% compared with 14.66% in the previous session and the average of 17.25% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 48.4774| 0.8| 23/6
* Materials | 16.6430| 0.7| 25/25
* Industrials | 12.2157| 0.5| 17/11
* Consumer Staples | 11.3803| 1.3| 10/1
* Communication Services | 9.1839| 0.9| 7/0
* Consumer Discretionary | 6.6006| 0.9| 7/6
* Utilities | 2.5846| 0.2| 11/4
* Real Estate | -0.1785| 0.0| 14/8
* Health Care | -0.7055| -0.9| 2/5
* Information Technology | -0.9904| -0.1| 7/7
* Energy | -15.8462| -0.4| 14/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 16.7800| 1.5| -30.5| -8.8
* Canadian Pacific | 9.2860| 1.4| 19.9| 16.1
* Royal Bank of Canada | 7.9020| 0.6| -62.6| -3.7
* Cenovus Energy | -4.6200| -2.3| -29.9| 46.7
* Shopify | -4.7190| -1.2| -6.5| -70.8
* Canadian Natural Resources | -6.9960| -1.3| 92.3| 30.5
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — US stocks closed higher following a sudden pullback in tech shares, with investors assessing the latest round of upbeat earnings against a backdrop of growing concerns over slowing growth and rising borrowing costs.
The S&P 500 managed to post modest gains in a roller-coaster session that included a sharp downturn after the index failed to push above its 200-day moving average.
The tech-heavy Nasdaq-100 ended lower, while the Dow Jones Industrial Average kept its leadership role among major benchmarks, rallying 0.7%.
Equity markets seesawed in a session marked by steep losses and gains. Treasuries stayed lower, with short-dated yields, the most sensitive to interest-rate changes, up more than five basis points.
Stocks started the day on the back foot as investors weighed the latest mixed economic data with the Federal Reserve on the path of hiking interest rates.
Data Tuesday showed a bigger-than-expected drop in US home construction, while production at US factories increased in July for the first time in three months.
Stocks gained traction later as risk sentiment got a boost from Walmart Inc. exceeding Wall Street’s diminished profit expectations and modestly improving its full-year forecast, while Home Depot Inc. posted results that beat estimates even as the US housing market shows signs of cooling off.
Those results helped spur gains in a swath of retailers, including the Target Corp. and Lowe’s Cos. ahead of their earnings due Wednesday.
“The move lower in the last hour is mostly technical — once the S&P 500 got to its 200-day moving average, the rally began to be exhausted and short sellers challenged the upward momentum,” Joe Gilbert, portfolio manager for Integrity Asset Management. “Realistically, at this level the market is range bound because there is still a fair amount of uncertainty as to how the Fed will perceive the most recent economic data in the prism of likely economic outcomes. The market is not confident enough to break out above this range with so many unknowns.”
Reports Monday showing a sharp drop in New York state manufacturing along with the longest streak of declines since 2007 in homebuilder sentiment sparked optimism in equity markets that the Fed may slow interest-rate hikes. The S&P 500 has rallied 17% from its mid-June nadir, fueled in part by traders dialing back wagers on rate hikes and speculation that inflation has peaked.
“We would caution investors against chasing this rally,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said. “We expect renewed market volatility ahead, and we continue to recommend positioning portfolios for resilience under various scenarios. With inflation still high, we favor value stocks including global energy. And with the economic outlook uncertain, we think investors can consider defensive equity exposure via global healthcare or quality income stocks.”
Clues on how sensitive the Fed is to unfolding economic data may be known when the minutes of the last meeting of the Federal Open Market Committee is released on Wednesday.
However, the big event investors are waiting for is the annual monetary policy symposium at Jackson Hole, Wyoming during Aug. 25-27.
Traders are bracing for higher volatility until then.

More market commentary
* “I like consumer discretionary,” Brad McMillan, chief investment officer at Commonwealth Financial Network, said on Bloomberg Radio. “As inflation goes down, consumer confidence is going to come back.” The Walmart data “is something that says, ‘yeah, that may be starting to happen.’ I think tech is also a good place going forward. Play on growth, play on the consumer.”
* “The equity market drawdown has been primarily rates led, earnings weakness is next,” says Seema Shah, chief global strategist at Principal Global Investors, in a note. “A near-term bear market rally is possible as Fed rate expectations settle and inflation peaks. However, with margin pressures growing and demand weakening, earnings concerns are mounting so a sustained rebound is unlikely.”
* “The idea of a soft landing is a bit of a fairy tale at this point given how extreme inflation levels are,” David Schassler, head of quantitative investment solutions at VanEck, said by phone. “Historically speaking, when the government’s been forced to fight inflation at these levels, bad things have happened.”

Here are some key events to watch this week:
* Federal Reserve July minutes, Wednesday
* New Zealand rate decision, Wednesday
* UK CPI, US retail sales, Wednesday
* Australia unemployment, Thursday
* U.S. existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Fed’s Esther George, Neel Kashkari speak at separate events, Thursday

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 fell 0.2%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0170
* The British pound rose 0.3% to $1.2095
* The Japanese yen fell 0.6% to 134.18 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 2.81%
* Germany’s 10-year yield advanced seven basis points to 0.97%
* Britain’s 10-year yield advanced 11 basis points to 2.13%
Commodities
* West Texas Intermediate crude fell 3.2% to $86.56 a barrel
* Gold futures fell 0.4% to $1,790.80 an ounce
–With assistance from Andreea Papuc, Tassia Sipahutar, Srinivasan Sivabalan, Emily Graffeo, Isabelle Lee and Peyton Forte.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

To go fast, go alone.  To go far, go together. -Chinese Proverb.

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.
August 15, 2001: Astronomers announced the discovery of the first solar system outside our own – two planets orbiting a star in the Big Dipper.  Go to article »
August 15, 2019: Disney Studios becomes the record holder fort the most billion dollar movies in a single year when “Toy Story 4” crossed the $1 billion mark at the global box office joining “Avengers: Endgame”, “Captain Marvel”, “Aladdin” and “The Lion King”.

Napoleon Bonaparte, b. 1769.
T.E. Lawrence, writer, b. 1888.
Julia Child, b. 1912.

Archaeologists dug up a 15th-century kitchen.

Why you should own more books than you can read.

Why humans gesture.

Giant asteroid impacts may have created the continents.

PHOTOS OF THE DAY

Athletes start the swim section of Ironman Ireland in Cork
CREDIT: Nigel Roddis/Getty Images for Ironman

A competitor in the annual international waterfall jumping competition held in the old town
CREDIT: Dado Ruvić/Reuters

Pre-professional Chautauqua dancers perform ballet at the amphitheatre of the Chautauqua Institution.
CREDIT: Tayfun Coskun/Anadolu Agency/Getty Images
Market Closes for August 15^th, 2022

Market Index	Close	Change
Dow Jones	33912.44	+151.39
		+0.45%
S&P 500	4297.14	+16.99
		+0.40%
NASDAQ	13128.051	+80.86 +0.62%
TSX	20180.60	+0.79
		–%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28871.78	+324.80
		+1.14%
HANG SENG	20040.86	-134.76
		-0.67%
SENSEX	59462.78	+130.18
		+0.22%
FTSE 100*	7509.15	+8.26 +0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.696	2.738
CND. 30 Year Bond	2.840	2.850
U.S.    10 Year Bond	2.7878	2.8385
U.S. 30 Year Bond	2.1013	3.1111

Currencies

BOC Close	Today	Previous
Canadian $	0.7749	0.7829
US $	1.2904	1.2773
Euro Rate 1 Euro=		Inverse
Canadian $	1.3113	0.7626
US $	1.0161	0.9841

Commodities

Gold	Close	Previous
London Gold Fix	1792.10	1796.70
Oil
WTI Crude Future	89.41	92.09

Market Commentary:
On this day in 1971, alarmed at inflation, which was running at roughly a 4.5% annual rate, President Richard Nixon issued an executive order declaring a 90-day freeze on wages and prices. Within three years, inflation was at a record 12.2% and the nation was in the worst recession since 1929.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,180.60 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 0.8%. Canopy Growth Corp. had the largest increase, rising 17.2%.
Today, 98 of 238 shares rose, while 135 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 1.6% in the past 52 weeks. The MSCI AC Americas Index lost 5.7% in the same period
* The S&P/TSX Composite is 9.1% below its 52-week high on April 5, 2022 and 11.1% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.6% in the past 5 days and rose 9.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility fell to 14.66% compared with 14.78% in the previous session and the average of 17.48% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 25.2756| 0.4| 16/12
* Industrials | 13.3500| 0.5| 21/8
* Consumer Discretionary | 7.5778| 1.1| 8/5
* Consumer Staples | 5.5311| 0.7| 7/3
* Information Technology | 5.4713| 0.5| 11/3
* Utilities | 5.2602| 0.5| 12/4
* Health Care | 3.6678| 4.9| 5/2
* Communication Services | 1.6523| 0.2| 2/5
* Real Estate | 0.0954| 0.0| 7/15
* Materials | -26.6840| -1.2| 5/44
* Energy | -40.4088| -1.1| 4/34
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 8.5170| 0.8| -23.5| -10.2
* Bank of Nova Scotia | 6.0550| 0.9| 4.1| -9.4
* Constellation Software | 5.3590| 1.8| -21.0| -6.7
* Enbridge | -5.4430| -0.7| 149.7| 11.6
* Nutrien | -9.6430| -2.2| -25.5| 21.3
* Canadian Natural Resources | -9.6990| -1.7| 45.2| 32.2
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — US stocks rose for a second day in a row, with megacaps catching bids as investors digested weak data on New York manufacturing and the Chinese economy.
Treasuries gained with the dollar, while commodities from oil to iron ore tumbled.
The S&P 500 closed near highs of the day, reversing losses of as much as 0.5%, with only energy and materials sectors ending in the red.
The tech-heavy Nasdaq 100 outperformed, with Tesla Inc., Apple Inc., Microsoft Corp. and Nvidia Corp. leading gains.
Treasury yields declined and the bond curve remained deeply inverted, pointing to potential risks of a US recession as the Federal Reserve tightens monetary policy.
US stocks are coming off a fourth straight weekly gain, the longest run this year, with sentiment buoyed by signs of slowing price pressures that stirred hopes of a shift by the Fed to less aggressive rate hikes and a gradual slowdown in the economy.
Still, the rally has left market breadth looking stretched with stocks vulnerable to a pullback.
“The magnitude of this bear market rally has surprised many, including us,” Morgan Stanley strategists including Michael Wilson wrote in a note. “In our view, it’s been driven by a combination of better-than-feared 2Q earnings (although revisions/price came down into the quarter), light positioning and continued hope for a less hawkish Fed path.”
In corporate news, activist investor Dan Loeb said he acquired a stake in Walt Disney Co. and called for sweeping changes.
The shares rose for a fourth day to the highest since April.
Big-box retailers take center stage this week with Walmart Inc., Home Depot Inc. and Target Corp. due to report earnings.
“Traders seemingly embraced the downtick in inflation last week and pushed stocks to their highest levels since early May,” Chris Larkin, managing director of trading at E*TRADE from Morgan Stanley, said in a note. “Though with inflation still unsustainably high, and the Fed needing to continue to hike interest rates, the possibility of an inflation ‘head fake’ after last week’s data remains.”
A gauge of New York state manufacturing activity plunged by the second-most in data back to 2001, with sharp declines in orders and shipments indicating an abrupt downturn in demand, a report showed Monday.
Meanwhile, data showed China’s July retail sales, investment and industrial output missed economists’ estimates, and in the euro area, the risk of a recession has reached the highest level since November 2020, according to economists polled by Bloomberg.
Oil shed more than 3%, while iron ore, copper and other metals declined amid mounting concerns that China’s sluggish recovery will curb demand for raw materials.
Gold retreated below $1,800 an ounce and Bitcoin hovered above $24,000.
“We would caution investors not to get too bulled up or chase this rally,” Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, said. “There is a decent risk that the Fed has to hike rates more than we and the market are currently expecting, a possibility that would quickly cool the warming sentiment. That would also increase downside risks to growth, which are already prevalent.”
Here are some key events to watch this week:
* Earnings include Walmart, Target, Home Depot, Tencent
* Federal Reserve July minutes, Wednesday
* New Zealand rate decision, Wednesday
* UK CPI, US retail sales, Wednesday
* Australia unemployment, Thursday
* U.S. existing home sales, initial jobless claims, Conference Board leading index, Thursday
* Fed’s Esther George, Neel Kashkari speak at separate events, Thursday

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 0.7%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1% to $1.0159
* The British pound fell 0.7% to $1.2054
* The Japanese yen was little changed at 133.30 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.80%
* Germany’s 10-year yield declined nine basis points to 0.90%
* Britain’s 10-year yield declined nine basis points to 2.02%
Commodities
* West Texas Intermediate crude fell 3.4% to $88.97 a barrel
* Gold futures fell 1.2% to $1,794.30 an ounce
–With assistance from Andreea Papuc, Michael Msika, Tassia Sipahutar, Brett Miller, Sunil Jagtiani, Robert Brand and Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

We delight in the beauty of the butterfly, but rarely admit the changes it has gone through to achieve that beauty. –Maya Angelou, 1928-2014.

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.
August 12, 1981: IBM introduced its first personal computer, the model 5150.  Go to article »
1676: King Philip assassinated.
1851: Sewing machine invented.
Georg Soros, b. 1930.

In an eerie twist, volatile weather and heat-induced drought are unearthing glimpses of lost archaeological treasures and forgotten history.

20 of the most beautiful small towns in Italy.  I can almost hear the sound of my luggage rolling through the airport. Check out this photo gallery to see some of the most beautiful Italian villages. 

Half of all teens say they use the internet ‘almost constantly’.  Social media platforms are rapidly unveiling new features to take on their competitors, causing users to become even more attached. Here’s a friendly reminder for the weekend: less scrolling, more living.

PHOTOS OF THE DAY

This year’s last supermoon rises above the statue of the ancient Greek god Poseidon
CREDIT: Valérie Gache/AFP/Getty Images

A horse in a parched field. According to Météo France, it was warmer in Nîmes than in Cairo in July with average maximum temperatures of 36C
CREDIT: Aventurier Patrick/ABACA/Rex/Shutterstock

People look on as the vessel Shabab Oman II, a fully-rigged training ship of the Royal Navy of Oman, arrives into Portsmouth harbour. The ship is a blend of the traditional and modern with state of the art computerised communication systems and navigation equipment, but from the wooden decking upwards, the ship is traditional in terms of her sails and rigging
CREDIT: Andrew Matthews/PA

Market Closes for August 12^th, 2022

Market Index	Close	Change
Dow Jones	33761.05	+424.38
		+1.27%
S&P 500	4280.15	+72.88
		+1.73%
NASDAQ	13047.19	+267.28 +2.09%
TSX	20179.81	+187.93
		+0.94%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28546.98	+727.65
		+2.62%
HANG SENG	20175.62	+93.19
		+0.46%
SENSEX	59462.78	+130.18
		+0.22%
FTSE 100*	7500.89	+34.98 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.738	2.785
CND. 30 Year Bond	2.850	2.887
U.S.    10 Year Bond	2.8385	2.8876
U.S. 30 Year Bond	3.1111	3.1749

Currencies

BOC Close	Today	Previous
Canadian $	0.7829	0.7833
US $	1.2773	1.2767
Euro Rate 1 Euro=		Inverse
Canadian $	1.3102	0.7633
US $	1.0257	0.9749

Commodities

Gold	Close	Previous
London Gold Fix	1796.70	1795.05
Oil
WTI Crude Future	92.09	94.34

Market Commentary:
On this day in 1920, Charles Ponzi was arrested for financial fraud in Boston after taking in more than $6 million from thousands of investors. He repaid each $1,000 invested with $1,500 just 90 days later—but only by taking more money from newcomers or, as a judge later put it, “robbing Peter to pay Paul.” Such pyramid arrangements were forever afterwards known as “Ponzi schemes.”
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities soared Friday amid a strong earnings season and signs of easing inflation in the US.
The S&P/TSX Composite closed at its highest in two months, climbing 0.9%, or 187.93 points, to 20,179.81 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.3%.
Aurora Cannabis Inc. had the largest percentage increase, rising 9.3%.
Today, 175 of 238 shares rose, while 61 fell; all sectors were higher, led by financials stocks.
* So far this week, the index rose 2.9%
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index lost 5.9% in the same period
* The S&P/TSX Composite is 9.2% below its 52-week high on April 5, 2022 and 11.1% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility fell to 14.78% compared with 15.17% in the previous session and the average of 17.85% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 66.2996| 1.0| 22/7
* Materials | 45.6732| 2.0| 45/6
* Industrials | 29.8570| 1.2| 28/1
* Information Technology | 11.2867| 1.0| 9/5
* Consumer Staples | 7.5613| 0.9| 7/4
* Communication Services | 7.1412| 0.7| 7/0
* Energy | 6.2565| 0.2| 17/20
* Real Estate | 5.3330| 1.0| 18/5
* Utilities | 4.5795| 0.4| 9/6
* Consumer Discretionary | 2.6426| 0.4| 8/5
* Health Care | 1.2980| 1.8| 5/2
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 14.0300| 1.3| 32.3| -10.9
* Royal Bank of Canada | 11.1200| 0.9| -55.4| -4.6
* Bank of Montreal | 11.0100| 1.8| -21.2| -2.6
* Saputo | -0.8660| -1.5| -32.6| 17.2
* Vermilion Energy | -1.0920| -2.9| 20.4| 104.5
* Fairfax Financial | -1.8470| -1.8| 85.8| 5.1
US
By Rita Nazareth
(Bloomberg) — Stocks finished the week on solid footing, with traders assessing whether an inflation slowdown could soon make the Federal Reserve reduce the pace of its most-aggressive tightening campaign in decades and prevent a hard landing.
Defying the crowd of skeptics who dubbed the rebound a bear-market rally, short-covering or unwinding of hedges, the S&P 500 notched its fourth straight week of gains — the longest winning run since November — with big tech leading gains Friday.
The gauge recouped half of its losses from January through June, topping the so-called 50% Fibonacci retracement level.
It’s now sitting about 1.5% below its 200-day average — a threshold crossed by the Russell 2000 gauge of small caps.
As equities pushed higher, Wall Street’s fear gauge crumbled.
The CBOE Volatility Index slumped back below 20, the average level since its inception.
The VIX notched its eighth straight week of declines, the longest such stretch since 2019.
Meantime, the S&P 500’s 14-day relative strength index (RSI) topped 70 — which is seen by some traders as one indication of an overbought market.
The next few weeks will be crucial in determining the sustainability of the rally.
With the earnings season almost over, economic reports mixed at best and many Fed speakers unwilling to sound too dovish, some analysts see the chances of a breather.
To Matt Maley at Miller Tabak, stocks are indeed getting overbought on a very-short-term basis, so a decline or sideways move “would not be the worst development in the world.”
For now, flows have been robust. Global equity funds lured $7.1 billion in the week through Aug. 10, Bank of America Corp. strategists led by Michael Hartnett wrote, citing EPFR Global data.
Bond funds had an intake of $11.7 billion, while $4.3 billion was pulled out of cash.
“The music hasn’t stopped,” said Matt Bartolini, State Street Global Advisors’ head of SPDR Americas Research. “The labor market continues to be positive, earnings growth continues to be positive. So largely, if there is a recession, it’s going to be relatively shallow.”
Lindsey Bell, chief markets and money strategist at Ally, said the market’s about to enter what is often considered a “sketchy period.”
“Historically, September and October are notoriously volatile, sometimes featuring big stock market drops,” she wrote. “After a more than 10% rally since mid-June, a bearish seasonal trend is good reason to temper expectations. I expect this market to continue to be reactionary and driven by headlines until we have more clarity on where exactly inflation is headed as we approach 2023.”
Data Friday showed US consumer sentiment climbed to a three-month high on firmer expectations about the economy and personal finances.
Inflation expectations were mixed, with consumers boosting their longer-term views for prices slightly, while reducing their year-ahead outlook for costs.
Fed Bank of Richmond President Thomas Barkin was the latest official to call for continued rate increases, while acknowledging that this week’s inflation figures were encouraging.
His San Francisco counterpart Mary Daly told Bloomberg Television that the slowdown in price pressures may mean it’s appropriate for the central bank to slow the pace of hikes to 50 basis points in September– but noted the fight
against inflation is far from over.
“The Fed is unlikely to claim victory until inflation reaches target, but recent data support our view that peak Fed hawkishness is behind us,” Bank of America strategists wrote in a note to clients.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.1%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.6% to $1.0261
* The British pound fell 0.6% to $1.2137
* The Japanese yen fell 0.3% to 133.48 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.84%
* Germany’s 10-year yield advanced two basis points to 0.99%
* Britain’s 10-year yield advanced five basis points to 2.11%
Commodities
* West Texas Intermediate crude fell 2.4% to $92.03 a barrel
* Gold futures rose 0.6% to $1,817.60 an ounce
–With assistance from Sunil Jagtiani, John Viljoen, Sagarika Jaisinghani, Vildana Hajric, Emily Graffeo, Isabelle Lee, Enrique Roces and Lu Wang.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The first test of a truly great person is humility. –John Ruskin, 1819-1900.

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: Full moon tonight – last Supermoon of the year  aka the Sturgeon Moon.  Shooting stars also continue with the Perseid meteor shower.
August 11, 1965: Watts Riot, Los Angeles.
August 11, 2014: American comedian and actor Robin Williams, who was known for his manic stand-up routines and his diverse film performances, dies by suicide.  3 months after Williams’ death, they discovered that he had a rare brain disease called Lewy body disease that was one of the worst cases ever seen.
1998: British Petroleum purchased Amoco for $49 billion.  Go to article »

Rubber balls used in famous Maya game contained ashes of cremated rulers, archaeologists claim: Maya people cremated their rulers and used the ashes to help make rubber balls that were used in ballgames, an archaeologist has claimed.  The researcher and his team believe they’ve found evidence of this practice while excavating the Maya city of Toniná, in southern Mexico.  Full Story: Live Science (8/11) 

Rare 400-year-old ship found in German river is a stunningly preserved ‘time capsule’:  Maritime archaeologists in northern Germany have discovered the wreckage of a 400-year-old cargo ship that “sank almost standing,” escaped decay from ravenous shipworms and still has the barrels of lime it was carrying for the stone-building industry centuries ago.  The ship, a rare discovery, is from the Hanseatic period, when a group of northern European trade guilds dominated the Baltic and North seas from the 13th to 17th centuries.  Full Story: Live Science (8/10) 

Massive expanse of towering hydrothermal vents discovered deep in the Pacific:  Scientists sent underwater robots into the depths of the Pacific, about 1.5 miles (2.5 kilometers) beneath the surface, and discovered something unexpected: a football field-size expanse of towering hydrothermal vents that cropped up in an area these underwater chimneys haven’t typically been seen.  The vents, shaped like candelabras, stand roughly 35 to 40 feet (10 to 12 meters) tall, or about as tall as three-story buildings, the research team leaders, from Lehigh University, said in a statement.  Full Story: Live Science (8/11) 

New image of colliding galaxies previews the fate of the Milky Way.  Millions of years from now, these two entangled galaxies will eventually merge into one. Check out the stunning telescope image here. 

Seems bad: Trees are growing in the Arctic tundra. 

The Aman New York is the city’s newest—and most expensive—hotel. 

PHOTOS OF THE DAY

Stanley, a five-day-old Rothschild giraffe, takes his first steps outside the giraffe house at Chester Zoo. Stanley’s mum, Orla, delivered him onto soft straw after a 15-month pregnancy and three-hour labour on Saturday. Keepers named 6ft Stanley after Mount Stanley, the tallest mountain in Uganda, Africa, where the zoo’s conservationists are fighting to boost giraffe numbers. Rothschild’s giraffes are one of Africa’s most at-risk mammals with fewer than 2,500 now remaining in the wild
CREDIT: Christopher Furlong/Getty Images

Tourists visit the Zhuo’er Mountain scenic area of Haibei Tibetan Autonomous Prefecture
CREDIT: Xinhua/Rex/Shutterstock

A silhouette is seen in front of flames at a wildfire in south-western France on 11 August. French officials warned that flare-ups could spread further into the country’s parched south-west, where fresh blazes have already blackened swathes of land this week. The prime minister is expected to meet with authorities battling the Landiras blaze south of Bordeaux, and further reinforcements are expected for the 1,100 firefighters on site, the prefecture of the Gironde department said
CREDIT: Thibaud Moritz/AFP/Getty Images

Market Closes for August 11^th, 2022

Market Index	Close	Change
Dow Jones	33336.67	+27.16
		+0.08%
S&P 500	4207.27	-2.97
		-0.07%
NASDAQ	12779.91	-74.89 -0.58%
TSX	19991.88	+105.94
		+0.53%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27819.33	-180.63
		-0.65%
HANG SENG	20082.43	+471.59
		+2.40%
SENSEX	59332.60	+515.31
		+0.88%
FTSE 100*	7465.91	-41.20 -0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.785	2.671
CND. 30 Year Bond	2.887	2.766
U.S.    10 Year Bond	2.8876	2.7809
U.S. 30 Year Bond	3.1749	3.0326

Currencies

BOC Close	Today	Previous
Canadian $	0.7833	0.7827
US $	1.2767	1.2777
Euro Rate 1 Euro=		Inverse
Canadian $	1.3177	0.7589
US $	1.0321	0.9689

Commodities

Gold	Close	Previous
London Gold Fix	1795.05	1795.25
Oil
WTI Crude Future	94.34	91.93

Market Commentary:
On this day in 1928, accepting the Republican presidential nomination, Herbert Hoover said, “We in America today are nearer to the final triumph over poverty than ever before in the history of any land.  The poorhouse is vanishing from among us…. We shall soon, with the help of God, be in sight of the day when poverty will be banished from the nation.” Just over one year later, the Great Depression arrived.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 105.94 to 19,991.88 in Toronto.
The index advanced to the highest closing level since June 10.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 3.6%. Linamar Corp. had the largest increase, rising 10.6%.
Today, 137 of 238 shares rose, while 99 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 1.9%
* The index declined 2.7% in the past 52 weeks. The MSCI AC Americas Index lost 7.2% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 10% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and rose 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 12.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 15.17% compared with 15.37% in the previous session and the average of 18.06% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 92.0019| 2.7| 35/3
* Financials | 44.7002| 0.7| 22/7
* Consumer Staples | 14.8565| 1.8| 8/3
* Consumer Discretionary | 2.3543| 0.3| 10/3
* Communication Services | 2.0203| 0.2| 4/3
* Real Estate | 0.8428| 0.2| 13/9
* Health Care | 0.0529| 0.1| 2/4
* Utilities | -1.1697| -0.1| 7/9
* Information Technology | -7.8787| -0.7| 3/11
* Materials | -20.4387| -0.9| 20/31
* Industrials | -21.3911| -0.8| 13/16
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 19.6400| 3.6| 15.1| 33.4
* Cenovus Energy | 13.6000| 7.2| 25.0| 52.8
* Suncor Energy | 12.4600| 3.3| 62.0| 28.5
* Pan American Silver| -6.1910| -15.8| 250.8| -28.0
* Canadian Pacific | -6.9810| -1.1| -26.6| 13.3
* Canadian National | -9.2930| -1.4| -15.7| 4.4
US
By Rita Nazareth
(Bloomberg) — Stocks erased gains on speculation the rally that followed softer inflation data went too far, with the Federal Reserve still set to keep its monetary policy tight.
Bond yields climbed.
The S&P 500 edged lower after an advance that topped 1% earlier in the day and put the gauge near the 50% Fibonacci retracement level for the current bear market.
Several analysts attributed the recent surge to short-covering.
Tech underperformed following a runup that sent the Nasdaq 100 more than 20% above its June lows.
Big names like Tesla Inc. and Amazon.com Inc. sank.
Treasuries dropped, sending 30-year yields soaring nearly 16 basis points after an auction of the securities drew middling demand despite having cheapened into the bidding deadline.
A key measure of US producer prices unexpectedly slipped for the first time in more than two years, largely reflecting a drop in energy costs.
Similar to the consumer prices report on Wednesday, both the overall and core figures were softer than forecast.
Even so, inflation remains stubbornly high and will likely keep the Fed on an aggressive path to curb it.
Swaps continued to price in a 50-basis-point rate hike by the US central bank in September.
“We’ve had developments over the last couple of days that suggest that maybe the environment is getting a little bit better,” Anthony Saglimbene, global market strategist at Ameriprise, told Bloomberg Television. “But inflation is still
very, very high. There’s a lot of work for the Federal Reserve to continue to raise interest rates.”
A separate report showed applications for US unemployment insurance rose for a second week and held near the highest level since November — indicating continued moderation in the labor market.
UBS Global Wealth Management’s Mark Haefele reiterated his stance that “this is not the time to make big directional calls on the market” amid “ambiguity about the direction of the economy and Fed policy.”
Meantime, equities have been bolstered by a better-than-expected earnings season, with companies that have trailed analysts’ estimates actually being rewarded with the biggest stock gains in at least five years.
S&P 500 firms that missed expectations rose 0.6% after reporting results, according to data compiled by Bloomberg, in stark contrast to an average 1.2% decline seen during earnings seasons since 2017.
This suggests investors had already priced in negative sentiment before the reporting season kicked off.
What to watch this week:
* Euro-area industrial production, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0318
* The British pound fell 0.2% to $1.2190
* The Japanese yen fell 0.2% to 133.11 per dollar
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 2.89%
* Germany’s 10-year yield advanced eight basis points to 0.97%
* Britain’s 10-year yield advanced 11 basis points to 2.06%
Commodities
* West Texas Intermediate crude rose 2.3% to $94.09 a barrel
* Gold futures fell 0.7% to $1,801.50 an ounce
–With assistance from Andreea Papuc, John Viljoen, Jan-Patrick Barnert, Emily Graffeo, Vildana Hajric, Natalia Kniazhevich, Isabelle Lee, Elaine Chen, Felice Maranz and Edward Bolingbroke.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is in times of difficulty that great nations, like great men, display the whole energy of their character and become
an object of admiration to posterity. – Napoleon Bonaparte, 1769-1821,

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:
August 10,1846: Smithsonian Institution established.
1945: Japan surrenders.
August 10, 1993: American jurist Ruth Bader Ginsburg is sworn in as an associate justice of the U.S. Supreme Court, becoming the second woman to serve on the court.  She remained in office until her death in September 2020.
Happy 60th Anniversary Spidey!  1962 Marvel Comics superhero Spider-Man made his debut in issue 15 of “Amazing Fantasy.”  Go to article »

A ‘potentially hazardous’ blue-whale-size asteroid will zip through Earth’s orbit on Friday:  A “potentially hazardous” asteroid the size of a blue whale is set to zip past Earth on Friday (Aug. 12), according to NASA.  The asteroid, named 2015 FF, has an estimated diameter between 42 and 92 feet (13 and 28 meters), or about the body length of an adult blue whale (Balaenoptera musculus), and it will zoom past the Earth at 20,512 mph (33,012 km/h).  Full Story: Live Science (8/10) 

Online shopping prices are suddenly falling fast.  We love good inflation news. If you want to treat yourself to a little retail therapy, now is a great time to snag online deals.

This travel company wants tourists to visit Ukraine right now:  Hmmm… a tourism organization is selling tickets to experience what it’s like in the middle of a war. But for obvious reasons, Ukrainian and US officials are advising against it. 

How to watch the Perseids peak (despite the full moon):  Once a year, from mid-July to late August, Earth passes through a cosmic junk heap that pelts our planet with thousands of tiny space rocks no wider than a grain of sand. We call this annual event the Perseid meteor shower — or simply the Perseids.  This year, the Perseids peak in the dark hours between Aug. 11 and 12. Unfortunately, the fact that there’s a bright full moon around the same time will dampen the show. You may be able to see 10 – 20 meteors per hour during the peak, according to NASA – down from the 50 to 60 per hour visible on a non-full-moon year. Still, you should be able to catch some shooting stars in the nights leading up to the peak, as well.  Full Story: Live Science (8/8) 

The Rhine is about to become impassable.

Oh, goody, another new virus.

The strong force is strong.

How to tie all the climbing knots you’ll ever need.
PHOTOS OF THE DAY

A view of the Roman camp Aquis Querquennis, located on the banks of the Limia River. The camp is usually under water but can now be seen because of the low water levels
CREDIT: Brais Lorenzo/EPA

Farmers wearing handmade caps to protect them from the heat of the sun collect water lilies early in the morning
CREDIT: Mustasinur Rahman Alvi/Rex/Shutterstock

A woman experiences the feeling of colour and light projection delivered by optical fibres to her eyelids during at an exhibition on computer graphics and interactive techniques
CREDIT: Xinhua/Rex/Shutterstock
Market Closes for August 10^th, 2022

Market Index	Close	Change
Dow Jones	33309.51	+535.10
		+1.63%
S&P 500	4210.24	+87.77
		+2.13%
NASDAQ	12854.80	+360.87 +2.89%
TSX	19885.94	+307.64
		+1.57%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27819.33	-180.63
		-0.65%
HANG SENG	19610.84	-392.60
		-1.96%
SENSEX	58817.29	-35.78
		-0.06%
FTSE 100*	7507.11	+18.96 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.671	2.694
CND. 30 Year Bond	2.766	2.764
U.S.    10 Year Bond	2.7809	2.7773
U.S. 30 Year Bond	3.0326	2.9895

Currencies

BOC Close	Today	Previous
Canadian $	0.7827	0.7761
US $	1.2777	1.2885
Euro Rate 1 Euro=		Inverse
Canadian $	1.3158	0.7600
US $	1.0299	0.9710

Commodities

Gold	Close	Previous
London Gold Fix	1795.25	1784.05
Oil
WTI Crude Future	91.93	90.50

Market Commentary:
On this day in 1971, “socially responsible” investing came out of the counterculture and went mainstream. Pax World Fund, the first broadly diversified mutual fund to invest in companies based on social and environmental criteria, was launched in Washington, D.C., by Luther Tyson and Jack Corbett
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.6% at 19,885.94 in Toronto.
The move was the biggest since rising 1.8% on July 19 and follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain, increasing 9.8%.
Boyd Group Services Inc. had the largest increase, rising 20.6%.
Today, 192 of 238 shares rose, while 43 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain eight times. The next day, it advanced six times for an average 0.6% and declined twice for an average 1%
* The index declined 3% in the past 52 weeks. The MSCI AC Americas Index lost 6.9% in the same period
* The S&P/TSX Composite is 10.5% below its 52-week high on April 5, 2022 and 9.4% above its low on July 14, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.2 on a trailing basis and 12.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 15.37% compared with 14.72% in the previous session and the average of 18.19% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 120.9538| 2.0| 23/6
* Information Technology | 54.2352| 4.8| 13/1
* Materials | 30.0186| 1.4| 34/16
* Energy | 27.3130| 0.8| 31/5
* Industrials | 26.7800| 1.1| 25/4
* Consumer Discretionary | 16.0964| 2.4| 13/0
* Real Estate | 10.6741| 2.0| 23/0
* Consumer Staples | 10.4388| 1.3| 10/1
* Communication Services | 8.3829| 0.9| 7/0
* Health Care | 3.1512| 4.4| 6/1
* Utilities | -0.4050| 0.0| 7/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 36.2800| 9.8| -3.0| -70.2
* Brookfield Asset Management | 30.3100| 4.7| 51.7| -11.3
* TD Bank | 24.3200| 2.3| -47.6| -12.6
* Centerra Gold | -2.6210| -21.6| 265.7| -35.7
* Intact Financial | -2.8740| -1.2| 11.6| 15.4
* CAE | -12.8000| -17.6| 355.0| -14.2
US
By Rita Nazareth
(Bloomberg) — Stocks surged and the dollar sank as softer-than-expected inflation data fueled bets the Federal Reserve could pivot to a smaller pace of hikes — a view taken with a grain of salt by market watchers saying officials may still be a long ways from achieving their goal.
Traders went risk-on Wednesday, with the S&P 500 jumping to a three-month high.
A rally in tech shares sent both Nasdaq indexes more than 20% above their June bottom, leaving them in a bull market going by a commonly held definition.
The CBOE Volatility Index slumped below 20, a level last seen in April.
The greenback slid the most since the onset of the pandemic.
Treasury two-year yields trimmed a plunge that earlier reached 20 basis points.
For a market plagued by fears about the Fed’s struggles to tame the inflation beast, the July consumer price index brought a sigh of relief — with both core and overall measures coming in below forecasts.
Swaps are now suggesting a move of 50 basis points as more likely in September than a repeat of the 75-basis-point increases that officials have opted to implement at their past two meetings.
“This is overall good news for risky assets,” wrote Florian Ielpo, head of macro at Lombard Odier Asset Management, adding that “a lower growth rate of prices does not mean the end of inflation, and naturally the end of hawkish central banking.  Inflation remains a situation that requires the Fed’s attention and more importantly the Fed’s measures.”
One danger of the stock-market bullishness right now is that could cause a relaxation of financial conditions that would actually go against the Fed’s goals.
It’s also worth looking back to the early 1980s, when then Fed Chair Paul Volcker eased policy as inflation peaked and the economy entered a recession.
But the moderation of price pressures proved to be much slower than officials wanted — and they had to tighten again months later.
In fact, the CPI surprise is just one piece of the intricate puzzle officials are playing with at the moment – and possibly over the next several months — with the central bank still miles away from reaching its inflation target.
Food prices in the US soared the most since 1979 in July, keeping the cost of living painfully high even as lower gasoline costs offered some relief to consumers.
Two Fed officials responded to softening inflation data by saying it doesn’t change the US central bank’s path toward even higher rates this year and next.
Alluding to market pricing of the policy path, Fed Bank of Minneapolis President Neel Kashkari said it was not realistic to conclude the central bank will start cutting rates in early 2023.
His Chicago counterpart Charles Evans said officials will probably continue hiking into next year to bring down “unacceptably high” inflation.
“The easing of financial conditions likely annoys the Fed, and we should not be surprised to see Fed speakers continue to try to talk down the market and risk assets,” said Christian Hoffmann, portfolio manager at Thornburg Investment Management.

More comments on CPI:
* “The Fed still has significantly further to tighten and the US economy ultimately cannot avoid its fate. Enjoy today and the next few weeks, it won’t last for too long,” said Seema Shah, chief global strategist at Principal Global  
Investors.
* “This data point will fuel talk of a policy pivot. But, for me, the issue really does boil down to the labor market. Wage growth is running red hot and absent a turnaround in productivity, this will ultimately fuel higher prices,” wrote
Neil Dutta, head of economics at Renaissance Macro Research.
* “This is a step in the right direction but keep in mind we have many miles ahead of us before inflation normalizes. One month’s data point does not make a trend, however, so cautious optimism is likely the name of the game,” said Mike Loewengart, managing director of investment strategy at E*TRADE from Morgan Stanley.
* “Wow, finally the anecdotal evidence that inflation was easing has finally showed up in a mainstream inflation report. The Fed is rapidly losing its case for further tightening and this report reinforces for investors that either a new easing cycle has already begun or we are getting very close to one,” said Jim Paulsen, chief investment strategist at the Leuthold Group.
In corporate news, Tesla Inc. climbed after Elon Musk offloaded $6.9 billion of stock in the electric-vehicle maker to accumulate cash ahead of a trial that could force the billionaire to follow through on an agreement to acquire Twitter
Inc.
Wendy’s Co. became the latest restaurant chain to show signs of strain thanks to rising inflation as sales and restaurant margin fell short of Wall Street projections.
What to watch this week:
* US PPI, initial jobless claims, Thursday
* San Francisco Fed President Mary Daly is interviewed on Bloomberg Television, Thursday
* Euro-area industrial production, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 0.9% to $1.0302
* The British pound rose 1.2% to $1.2220
* The Japanese yen rose 1.6% to 132.93 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.79%
* Germany’s 10-year yield declined three basis points to 0.89%
* Britain’s 10-year yield declined two basis points to 1.95%
Commodities
* West Texas Intermediate crude rose 1.1% to $91.49 a barrel
* Gold futures fell 0.4% to $1,805.90 an ounce
–With assistance from Isabelle Lee, Natalia Kniazhevich, Enrique Roces, Emily Graffeo, Andreea Papuc, Sunil Jagtiani, John Viljoen, Cecile Gutscher and Peyton Forte.
Have a lovey evening.

Be magnificent!
As ever,

Carolann

War is mainly a catalogue of blunders. –Winston Churchill, 1874-1965.

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 Aug. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima.  Go to article »

Also on this day, in 1969, actress Sharon Tate  and four others were murdered by followers of Charles Manson, leader of a communal religious cult know as the “Family.”
1974: Nixon resigns.

Where you can drink some of the rarest beers in the world.  Talk about raising the bar! This beer garden in North Carolina holds the world record for most drafts on tap. 

There’s a lot more to nothingness than you think.

The human brain is a perpetual prediction machine.

At the quantum level, reality is anything but solid.

The Loch Ness monster might be a giant eel. 

PHOTOS OF THE DAY

Lightning strikes through smoke from fuel storage tanks that exploded near Cuba’s supertanker port
CREDIT: Alexandre Meneghini/Reuters

A view of the abandoned Gamsutl village, Russia’s third oldest settlement, meaning ‘at the foot of the Khan’s tower’. Its complete absence of a population means Gamsutl is called a ‘ghost village’
CREDIT: Anadolu Agency/Getty Images

Moored boats look like they are branches of a tree, on the Shitalakshya River in Narayanganj
CREDIT: Mustasinur Rahman Alvi/Rex/Shutterstock

Market Closes for August 9^th, 2022

Market Index	Close	Change
Dow Jones	32774.41	-58.13
		-0.18%
S&P 500	4122.47	-17.59
		-0.42%
NASDAQ	12493.93	-150.53 -1.19%
TSX	19578.30	-90.87
		-0.46%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27999.96	-249.28
		-0.88%
HANG SENG	20003.44	-42.33
		-0.21%
SENSEX	58853.07	+465.14
		+0.80%
FTSE 100*	7488.15	+5.78 +0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.694	2.674
CND. 30 Year Bond	2.764	2.746
U.S.    10 Year Bond	2.7773	2.7572
U.S. 30 Year Bond	2.9895	2.9847

Currencies

BOC Close	Today	Previous
Canadian $	0.7761	0.7775
US $	1.2885	1.2861
Euro Rate 1 Euro=		Inverse
Canadian $	1.3160	0.7599
US $	1.0213	0.9791

Commodities

Gold	Close	Previous
London Gold Fix	1784.05	1773.25
Oil
WTI Crude Future	90.50	90.76

Market Commentary:
On this day in 1974, President Richard M. Nixon, crippled by the Watergate scandal, resigned. The Dow Jones Industrial Average dropped by 1% to 777.30.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities tumbled, dragged down by technology stocks as investor concern over a global recession grows.
The S&P/TSX Composite fell 0.5% at 19,578.30 in Toronto, ending a 4-day gain.
The loss follows the previous session’s increase of 0.2%.
On Tuesday, 7 of 11 sectors lost; 151 of 238 shares fell, while 84 rose.
Shopify Inc. contributed the most to the index decline, decreasing 7.5%.
Nuvei Corp. had the largest percentage drop, falling 21%.
Insights
* The index declined 4.2% in the past 52 weeks. The MSCI AC Americas Index lost 8.9% in the same period
* The S&P/TSX Composite is 12% below its 52-week high on April 5, 2022 and 7.8% above its low on July 14, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14 on a trailing basis and 12.1 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$3.14t
* 30-day price volatility fell to 14.7% compared with 14.9% in the previous session and the average of 18.3% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -52.9874| -4.5| 1/13
* Financials | -24.9566| -0.4| 8/21
* Industrials | -14.8787| -0.6| 9/20
* Consumer Staples | -11.3410| -1.4| 1/10
* Health Care | -6.1354| -8.0| 0/7
* Consumer Discretionary | -5.0353| -0.7| 3/10
* Real Estate | -2.8140| -0.5| 9/13
* Utilities | 4.0311| 0.4| 11/5
* Communication Services | 4.3607| 0.5| 4/3
* Energy | 6.9309| 0.2| 22/15
* Materials | 11.9667| 0.5| 16/34
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -30.0600| -7.5| -8.2| -72.8
* Couche-Tard | -7.8110| -2.4| -6.1| 5.2
* TD Bank | -6.1420| -0.6| -71.0| -14.6
* Canadian Natural Resources | 3.3410| 0.6| -6.3| 27.0
* Barrick Gold | 3.9240| 1.5| 172.3| -12.0
* Nutrien | 14.5100| 3.5| 7.2| 19.7
US
By Rita Nazareth
(Bloomberg) — Stocks retreated as a downbeat outlook from another giant chipmaker added to recession fears, with many traders unwilling to make any risky bets before Wednesday’s pivotal inflation reading.
A rally that drove the S&P 500 up more than 10% from its June lows hit a wall amid a fourth straight day of losses.
The Nasdaq 100 underperformed after Micron Technology Inc.’s warning provided more evidence of the collapsing demand for chips.
All 30 companies in the Philadelphia Semiconductor Index fell, with the gauge down 4.6%.
The surge in meme shares like Bed Bath & Beyond Inc. and GameStop Corp. sputtered.
Investors turned more cautious ahead of July’s consumer-price index, which is forecast to cool a bit while still remaining at high levels.
The report will come on the heels of recent jobs figures underscoring solid wage growth and US productivity data highlighting another surge in labor costs that could further complicate the Federal Reserve’s efforts to tame inflation.
“A hotter-than-anticipated CPI report will pressure markets this week. An in-line report could be taken in stride as investors have priced in a 75 basis point move by the Fed” in September, wrote Lindsey Bell, chief markets and money
strategist for Ally. “Either way, we still have to get through another jobs report, more inflation data, and Jackson Hole before we get to the Fed’s September meeting. It could be a volatile several weeks ahead.”
Timing the peak in inflation isn’t easy, especially after June’s CPI print turned out to be hotter than expected, but being right in doing so has brought investors a hefty return.
Those buying the S&P 500 at major inflation peaks going back to 1940 have seen the index post an average rally of 16% in the next 12 months, according to data compiled by Leuthold Group.
A big caveat is: the price-to-earnings ratio has averaged 12.7 in prior instances on a normalized basis, compared with above 20 now.
Highly optimistic analyst recommendations are flashing a warning signal for stocks, according to Citigroup Inc. strategists led by Robert Buckland.
An index of global sell-side ratings “is back to peak bullishness levels reached in 2000 and 2007, after which global equities halved,” they wrote.
Strategists from Morgan Stanley and Goldman Sachs Group Inc. have already warned that analysts’ expectations are unrealistic.
Meanwhile, JPMorgan Chase & Co.’s Marko Kolanovic, one of Wall Street’s staunchest bulls, said investors should modestly trim stock holdings after equities outpaced other assets amid receding recession fears.
“Near the mid-June lows, we discussed that we would not be selling equities given markets were already pricing in a lot of bad news. However, with the strong equity rebound since then and our view that the near-term upside is capped, the risk/reward appears less favorable,” said Keith Lerner, chief market strategist at Truist Advisory Services.
Among other corporate highlights, Novavax Inc. plummeted as the drugmaker slashed its revenue forecast on disappointing demand for its Covid-19 vaccine that trailed competitors getting to market.
Boeing Co. delivered 23 of its 737 Max jetliners and three freighters in July, down from 51 total commercial aircraft shipments in June.
Elsewhere, Bitcoin resumed its slump, ending a four-day winning streak as volatility continued to whipsaw the crypto world.
What to watch this week:
* US CPI data, Wednesday
* Chicago Fed President Charles Evans and his Minneapolis counterpart Neel Kashkari due to speak, Wednesday
* US PPI, initial jobless claims, Thursday
* San Francisco Fed President Mary Daly is interviewed on Bloomberg Television, Thursday
* Euro-area industrial production, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.0208
* The British pound was little changed at $1.2073
* The Japanese yen fell 0.1% to 135.13 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 2.79%
* Germany’s 10-year yield advanced two basis points to 0.92%
* Britain’s 10-year yield advanced two basis points to 1.97%
Commodities
* West Texas Intermediate crude fell 0.1% to $90.63 a barrel
* Gold futures rose 0.3% to $1,811.10 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, Srinivasan Sivabalan, Cecile Gutscher, Isabelle Lee, Natalia Kniazhevich, Rich Miller and Bailey Lipschultz.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Whoever is happy will make others happy. –Anne Frank, 1929-1945.

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.
August 8, 1945: The United States, the Soviet Union, the United Kingdom, and France sign the London Agreement, which authorized the Nürnberg trials, in which former Nazi leaders were Indicted and tried as war criminals by the International Military Tribunal.
On Aug. 8, 1974, President Richard Nixon announced he would resign following damaging revelations in the Watergate scandal. Go to article »

The only pan every cook needs.  It doesn’t matter if you’re an amateur foodie or a culinary genius… this piece of cookware should always be in your kitchen. 

Photographer retakes model portraits decades later.  Like fine wine, these models got even better with time. Check out the stunning before and after photos taken years apart. 

Jewelry heist caught on security camera.  This intense footage shows a group of masked men stealing more than $2 million in diamond jewelry. Watch the video here.

Treasure trove of gold and jewels recovered from a 366-year-old shipwreck in the Bahamas:  A treasure trove of gold coins, gemstones and jewels was recently uncovered at a 366-year-old Spanish shipwreck.
In an effort to conserve what’s left of the ship and its prized cargo, an international team of preservationists and underwater archaeologists has been working to recover objects from the shipwreck, which sits in the Atlantic Ocean about 43 miles (70 kilometers) off the coast of the Bahamas.  Full Story: Live Science (8/8) 

Last supermoon of the year — the ‘Sturgeon moon’ rises Aug. 11:  As summer slips into autumn and nights begin to grow longer, the final supermoon of the year will make a big splash Thursday (Aug. 11).
Nicknamed the “Sturgeon Moon,” August’s full moon peaks around 9:36 p.m. EDT on Thursday (0136 a.m. GMT on Friday), although the moon will appear bright and full on Wednesday and Friday night (Aug. 10 and Aug. 12) as well.
Full Story: Live Science (8/8) 

PHOTOS OF THE DAY

A replica of the Swedish East India Company ship, Götheborg, sails down the River Thames. The original ship sank outside of Gothenburg harbour in 1745
CREDIT: Tony Hicks/AP

A rare view of an orangutan climbing a tree. The image won fourth prize in the nature category of the Hamdan International Photography Award
CREDIT: Thomas Vijayan/HIPA/SWNS

A performer proceeds along the 2.2 miles- (3.6km) long Jember Fashion Carnaval route
CREDIT: Robertus Pudyanto/Getty Images

Market Closes for August 8^th, 2022

Market Index	Close	Change
Dow Jones	32832.54	+29.07
		+0.09%
S&P 500	4140.06	-5.13
		-0.12%
NASDAQ	12644.46	-13.09 -0.10%
TSX	19669.17	+49.04
		+0.25%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28249.24	+73.37
		+0.26%
HANG SENG	20045.77	-156.17
		-0.77%
SENSEX	58853.07	+465.14
		+0.80%
FTSE 100*	7482.37	+42.63 +0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.674	2.743
CND. 30 Year Bond	2.746	2.815
U.S.    10 Year Bond	2.7572	2.8268
U.S. 30 Year Bond	2.9847	3.0662

Currencies

BOC Close	Today	Previous
Canadian $	0.7775	0.7731
US $	1.2861	1.2935
Euro Rate 1 Euro=		Inverse
Canadian $	1.3111	0.7627
US $	1.0194	0.9810

Commodities

Gold	Close	Previous
London Gold Fix	1773.25	1783.20
Oil
WTI Crude Future	90.76	89.01

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average, less than three months old, hit the lowest level ever recorded: 28.48, down 30.5% in just ten weeks
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 49.04 to 19,669.17 in Toronto.
The move was the biggest since rising 1.2% on July 29.
Barrick Gold Corp. contributed the most to the index gain, increasing 3.3%. Canopy Growth Corp. had the largest increase, rising 20.6%.
Today, 175 of 238 shares rose, while 61 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* The index declined 3.9% in the past 52 weeks. The MSCI AC Americas Index lost 8.5% in the same period
* The S&P/TSX Composite is 11.5% below its 52-week high on April 5, 2022 and 8.3% above its low on July 14, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14 on a trailing basis and 12.1 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$3.13t
* 30-day price volatility fell to 14.90% compared with 15.77% in the previous session and the average of 18.57% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 45.9370| 2.1| 47/3
* Energy | 18.8745| 0.6| 27/11
* Real Estate | 5.7858| 1.1| 20/3
* Communication Services | 4.6778| 0.5| 3/4
* Utilities | 4.3339| 0.4| 13/2
* Health Care | 3.9358| 5.4| 5/2
* Consumer Discretionary | 2.6941| 0.4| 9/4
* Consumer Staples | -1.7893| -0.2| 5/6
* Industrials | -7.2916| -0.3| 18/11
* Information Technology | -8.3081| -0.7| 10/4
* Financials | -19.8235| -0.3| 18/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Barrick Gold | 8.2160| 3.3| 96.2| -13.3
* Enbridge | 6.2850| 0.8| 68.2| 12.9
* Cenovus Energy | 6.2500| 3.4| 3.4| 41.8
* Canadian Pacific | -7.3700| -1.1| 75.0| 12.5
* Shopify | -12.8300| -3.1| 6.9| -70.7
* Royal Bank of Canada | -18.2600| -1.5| 1.7| -7.2
US
By Rita Nazareth
(Bloomberg) — Stocks retreated after a three-week rally, with a gloomy forecast from Nvidia Corp. weighing on tech shares and traders awaiting inflation data for clues on the pace of Federal Reserve rate hikes.
The S&P 500 erased gains that reached 1% earlier in the day, while the Nasdaq 100 underperformed after an advance that briefly drove the tech-heavy gauge 20% above its June low.
Nvidia tumbled almost 6.5%, dragging down chipmakers.
Treasuries climbed.
Mounting risks to growth have sparked earnings downgrades, and after recent figures showed gross domestic product shrank for a second straight quarter, some strategists have warned that cuts are only set to ramp up.
Friday’s blowout jobs report spurred JPMorgan Chase & Co. and Evercore ISI to say bigger US rate hikes are now in store this year, with Citigroup Inc. seeing a risk of a 1 percentage-point hike in September.
“The economy still has to digest all this tightening and that will materially slow things,” wrote Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.  “That hasn’t even really started to occur yet, so celebrating the resilience of earnings and economic data when we’re still in an expanding economy (regardless of the GDP prints) seems to be the equivalent of a coach declaring victory because the game plan should work.”
Morgan Stanley’s Mike Wilson, who correctly predicted this year’s equity selloff, called the recent rebound a “bear-market rally” amid growing fears of a recession.
While he believes inflation has peaked and “will probably fall faster than the market currently expects,” that still doesn’t bode well for stock markets as it’ll reduce operating leverage and weigh on company earnings, he said.
As major equity indexes climbed last week, global hedge funds unwound risky bets — helping explain the lack of urgency to buy protection against potential stock-market declines.
That highlights a sentiment gap between professional speculators displaying a risk-off mood amid uncertainty about the aggressive pace of rate hikes and price action in the stock market, which seemed to reflect a takeaway from Fed Chair Jerome Powell’s press conference that monetary officials will taper the size of rate hikes if growth crumbles.
“Countertrend rallies are characteristic of secular bear-market downtrends, and from that perspective, 2022 has been remarkably similar to previous bear markets in history,” said Seema Shah, chief global strategist at Principal Global
Investors. “Until inflation abates and the Federal Reserve rebalances its priorities away from inflation and toward growth, tempting rallies are likely to remain unsustainable.”
Consumer expectations for US inflation over the coming years declined sharply in the latest survey by the Fed Bank of New York, with a recent drop in gasoline prices playing a big part in those results and likely contributing to a lower
headline rate of inflation for July when the Labor Department releases the data on Wednesday.
Still, almost all inflation measures are running well above the Fed’s 2% target.
In other corporate news, Tesla Inc. joined gains in electric-vehicle firms after the US Senate passed a key tax, climate and health-care bill.
Retail traders who lurk in forums like Reddit’s WallStreetBets are back to betting against Wall Street pros as rallies for meme stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. show shades of last year’s mania.
What to watch this week:
* US CPI data, Wednesday
* Chicago Fed President Charles Evans and his Minneapolis counterpart Neel Kashkari due to speak, Wednesday
* US PPI, initial jobless claims, Thursday
* San Francisco Fed President Mary Daly is interviewed on Bloomberg Television, Thursday
* Euro-area industrial production, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.0194
* The British pound was little changed at $1.2081
* The Japanese yen was little changed at 135.06 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 2.76%
* Germany’s 10-year yield declined six basis points to 0.90%
* Britain’s 10-year yield declined 10 basis points to 1.95%
Commodities
* West Texas Intermediate crude rose 1.7% to $90.54 a barrel
* Gold futures rose 0.8% to $1,805.40 an ounce
–With assistance from Andreea Papuc, Sunil Jagtiani, John Viljoen, Vildana Hajric, Isabelle Lee and Elena Popina.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Some things have to be believed to be seen. –Ralph Hodgson, 1871-1962.

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.
August 5, 1962: American actress Marilyn Monroe is pronounced dead at 3:50 AM in her home from a drug overdose.  Monroe died between 8:30 PM & 10:30 PM on August 4^th.  Her films grossed $200 million (equivalent to $2 billion in 2022) by the time of her death in 1962.

August 5, 2011 Standard & Poor’s lowered the United States’ AAA credit rating by one notch to AA-plus. Go to article »

Weird deep-sea worm looks like a luminous lump of spaghetti:  A bizarre seafloor creature covered with luminous orange, spaghetti-like tentacles recently made its internet debut in newly released video footage.  The unusual pom-pom-shaped creature is actually a type of segmented marine worm known as a polychaete, and it belongs to an appropriately named group: spaghetti worms.  Full Story: Live Science (8/5) 

Mass grave of Revolutionary War mercenaries and rare gold coin unearthed in New Jersey:  Researchers at a Revolutionary War battlefield in New Jersey have unearthed a mass grave holding the remains of around a dozen Hessian mercenaries who died during the Battle of Red Bank in 1777.  Volunteer diggers also unearthed a number of treasures, including weapons and a rare 1776 King George III gold guinea coin.
Full Story: Live Science (8/4) 

PHOTOS OF THE DAY

Angela Crawford leans against a fence as the McKinney fire burns a hillside above her home in Klamath National Forest. Crawford and her husband stayed, as other residents evacuated, to defend their home from the fire.
CREDIT: Noah Berger/AP

Two children run through spray mist coming out of a hose in order to refresh at Karlsplatz Charles Square
CREDIT: Georg Hochmuth/APA/AFP/Getty Images

Mustafa-Ibn-Jameel has created a new world record by writing the Qur’an on a 500-metre-long paper scroll. It took him seven months
CREDIT: Anadolu Agency/Getty Images

Market Closes for August 5^th, 2022

Market Index	Close	Change
Dow Jones	32803.47	+76.65
		+0.23%
S&P 500	4145.19	-6.75
		-0.16%
NASDAQ	12657.55	-63.03 -0.50%
TSX	19620.13	+43.09
		+0.22%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28175.87	+243.67
		+0.87%
HANG SENG	20201.94	+27.90
		+0.14%
SENSEX	58387.93	+89.13
		+0.15%
FTSE 100*	7439.74	-8.32 -0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.743	2.675
CND. 30 Year Bond	2.815	2.781
U.S.    10 Year Bond	2.8268	2.6865
U.S. 30 Year Bond	3.0662	2.9662

Currencies

BOC Close	Today	Previous
Canadian $	0.7731	0.7773
US $	1.2935	1.2865
Euro Rate 1 Euro=		Inverse
Canadian $	1.3171	0.7592
US $	1.0182	0.9821

Commodities

Gold	Close	Previous
London Gold Fix	1783.20	1761.25
Oil
WTI Crude Future	89.01	88.54

Market Commentary:
On this day in 1997, the Taxpayer Relief Act of 1997 became Federal law, 136 years after Congress first created income taxes. One provision introduced the Roth IRA, which created new ways for middle-class Americans to accumulate tax-free savings.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian stocks rebounded Friday led by materials, financials, and industrials.
The S&P/TSX Composite rose for the third day, climbing 0.2%, or 43.09, to 19,620.13 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.8%.
Ero Copper Corp. had the largest percentage increase, rising 9.8%.
Today, 118 of 238 shares rose, while 117 fell; 5 of 11 sectors were higher.
Insights
* So far this week, the index fell 0.4%
* The index declined 3.7% in the past 52 weeks. The MSCI AC Americas Index lost 8.5% in the same period
* The S&P/TSX Composite is 11.7% below its 52-week high on April 5, 2022 and 8% above its low on July 14, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.2 on a trailing basis and 12.1 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$3.13t
* 30-day price volatility fell to 15.77% compared with 16.55% in the previous session and the average of 18.89% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 19.7591| 0.9| 23/28
* Financials | 16.4953| 0.3| 18/11
* Industrials | 16.3027| 0.6| 15/13
* Energy | 14.3487| 0.4| 30/7
* Health Care | 0.4808| 0.7| 3/3
* Utilities | -0.1518| 0.0| 5/11
* Consumer Discretionary | -0.4273| -0.1| 9/4
* Real Estate | -2.5464| -0.5| 3/20
* Communication Services | -3.0491| -0.3| 1/6
* Information Technology | -6.7930| -0.6| 9/5
* Consumer Staples | -11.3324| -1.4| 2/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | 14.5600| 2.8| 10.1| 25.8
* Canadian Pacific | 9.2280| 1.4| -16.6| 13.8
* Nutrien | 8.7010| 2.2| -33.0| 14.0
* Open Text | -5.5920| -5.6| 33.2| -15.8
* Couche-Tard | -6.6310| -2.0| -21.2| 8.1
* TC Energy | -14.0600| -3.2| 88.0| 8.0
US
By Isabelle Lee, Emily Graffeo and Elaine Chen
(Bloomberg) — US stocks notched a weekly gain after a surprisingly strong jobs report alleviated recession fears but cleared the path for the Federal Reserve to raise rates sharply at its next meeting.
The S&P 500 suffered a decline on Friday after falling as much as 1.1% during the session.
But the index and the Nasdaq  100 wrapped up their third straight week of gains, the longest winning streak since April.
Treasuries sank, with the 10-year yield around 2.83%, after climbing nearly 26 basis points since Monday.
The strong jobs report on Friday validated the Fed’s view of a resilient economy that can withstand additional interest-rate hikes.
Traders have now recalibrated expectations for Fed policy, with a hike of three-quarters of a percentage point the more likely scenario at the September meeting as the central bank battles inflation.
A handful of Fed officials  his week reiterated the central  bank’s resolve to bring down high prices.
Among them is Fed St Louis President James Bullard, who has said he favors a strategy of front-loading big interest-rate hikes.
That stance has likely strengthened after Friday’s job report, ruling out the possibility of a dovish pivot that Fed Chair Jerome Powell hinted at last week.
“This jobs report is consistent with an inflationary boom,” said Neil Dutta, head of economics at Renaissance Macro Research. “The Fed has a lot more work to do and in an odd way, that the Fed needs to get more aggressive in pushing up rates, makes the hard-landing scenario more likely.”
Here’s what else Wall Street is saying about the jobs
surprise:
Win Thin, global head of currency strategy at Brown Brothers Harriman & Co: “Odds of a 75 basis point move next month have shot up, as they should. We still get one more jobs report before the September FOMC but barring a disaster, I think 75 bp then is a done deal.”
Eric Theoret, global macro strategist at Manulife Investment Management: “For the Fed, this report confirms the need to continue tightening and also endorses much of this week’s Fedspeak that sought to jawbone rate expectations. For markets, the report may pose a challenge for rate-sensitive equities like tech which had recently been leading in terms of sector performance.”
Seema Shah, chief strategist at Principal Global Investors: “All the jobs lost during the pandemic have now been regained. But while that is positive news, markets will take today’s number as a timely reminder that there is significantly more Fed hiking still to come. Rates are going above 4% — today’s number should put to bed any doubters.”
Peter Boockvar, chief investment officer at Bleakley Financial Group: “This was a great number with the obvious big upside in hirings but when this is happening at the same time GDP is declining, it means productivity is plunging. Also, as the pace of firing is at the highest level in nine months, this pace of hiring is just not sustainable.”
Keith Lerner, co-chief investment officer at Truist Advisory Services: “Some of the conviction levels around recession are somewhat less. And I think that’s offsetting the other side of the equation which is, OK, that means the Fed will have to be more aggressive. So that’s why you’re netting this out to be a flat day because it really comes down to people questioning their confidence that we were in a recession, which was the primary reason why we were down.”
Corporate earnings, combined with thin liquidity that’s common in the summer, took the stock market on a ride this week.
Many firms beat expectations and proved they could handle high inflation and a gloomy economic outlook.
But investors have resumed shunning global stocks in favor of bonds, according to Bank of America Corp. strategists, who say it’s time to step back from US equities after July’s rally.
US-China tension also remained among the uncertainties clouding the outlook.
China announced it would halt cooperation with the US in a number of areas — including working-level talks on climate change and defense — after US House Speaker Nancy Pelosi’s trip to Taiwan this week.
China also sent warships across the Taiwan Strait’s median line, a day after likely firing missiles over the island.
West Texas Intermediate rose to near $90 a barrel, but remains on track for its biggest weekly decline since April.
Gold fell and Bitcoin gained.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.7% to $1.0178
* The British pound fell 0.8% to $1.2068
* The Japanese yen fell 1.6% to 135.03 per dollar
Bonds
* The yield on 10-year Treasuries advanced 14 basis points to 2.83%
* Germany’s 10-year yield advanced 15 basis points to 0.96%
* Britain’s 10-year yield advanced 16 basis points to 2.05%
Commodities
* West Texas Intermediate crude fell 0.2% to $88.36 a barrel
* Gold futures fell 0.9% to $1,791.10 an ounce
–With assistance from Cecile Gutscher, Michael McKee, Sagarika Jaisinghani, Vildana Hajric and Olivia Rockeman.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Time is a sort of river of passing events, and strong is its current; no sooner is a thing brought to sight than it is swept by and another takes its place,
and this too will be swept away. –Marcus Aurelius, 121 AD-180 AD.
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.
August 4, 1914: In response to the German invasion of Belgium, Great Britain enters World War I, officially declaring war on Germany.
August 4, 1987: The Federal Communications Commission voted to rescind the Fairness Doctrine, which required radio and TV stations to present balanced coverage of controversial issues. Go to article »
1962: Nelson Mandela arrested.
Percy Bysshe Shelley, poet, b. 1792.
Louis Armstrong, musician, b. 1900.
Wm. Schumann, composer, b. 1910.

Ancient Egyptian temple to the sun cult uncovered near Cairo:  Archaeologists have unearthed the remains of a 4,500-year-old temple dedicated to the Egyptian sun god Ra at the site of Abu Ghurab, about 12 miles (20 kilometers) south of Cairo.   The temple was built sometime during ancient Egypt’s fifth dynasty (circa 2465 B.C. to 2323 B.C.) — a “period in which the cult of the sun reached its apex with the construction of a new type of monument specifically devoted to the sun god, commonly known as ‘Sun Temple,'” said Massimiliano Nuzzolo, co-director of the archaeological dig and a researcher at the Institute of Mediterranean and Oriental Cultures of the Polish Academy of Sciences in Warsaw. Full Story: Live Science (8/4) 

James Webb telescope snaps mesmerizing image of Cartwheel Galaxy:  A stunning new image from the James Webb Space Telescope captures the gorgeous Cartwheel Galaxy in never-before-seen detail. The telescope’s composite image, released Tuesday (Aug. 2) furthers our understanding of the peculiar wheel-like star system.   The Cartwheel Galaxy is a chaotic galaxy shrouded in hot dust, 500 million light-years from Earth. And it hides a violent past.  Full Story: Live Science (8/4) 

AI’s snapshot of 200 million proteins will make drug discovery easier. — Lisa Jarvis

Missing: $500 million in copper.

Why the human brain is so efficient.

Notable Numbers:
54
Families in South Korea who volunteered to share data on everything from sleeping habits to trash volumes to help city planners design a new town.  The experiment – Busan’s Eco Delta Smart City – is one of the more far-reaching attempts around the world to create “smart cities”, which aim to use data to optimize city planning and public services.
4
Legs on Pompeii’s newest archaeologist, a robotic “dog” form US technology firm Boston Dynamics.  “Spot” patrols the ruins of the 2,600-year-old Italian city to monitor structural weaknesses and evaluate potential dangers of collapse.

PHOTOS OF THE DAY

An extremely rare sea slug has been spotted for the first time in the UK, according to Cornwall Wildlife Trust and the Isles of Scilly Wildlife Trust. The multi-coloured sea slug, Babakina anadoni, measures 2cm in length and was photographed by a diver near Melledgan, an uninhabited rock island in Scilly
CREDIT: Cornwall Wildlife Trust

People watch lava flowing from a newly erupted volcano in a fissure on the Reykjanes peninsula, south-west of Reykjavík
CREDIT: Jeremie Richard/AFP/Getty Images

The Luxor Obelisk and Arc de Triomphe before sunset. ‘Paris Henge’, when the sun sets in alignment with the Arc de Triomphe, happens twice a year
CREDIT: Stefano Rellandini/AFP/Getty Images

Birkenhead, UKA hoard of newly uncovered Nazi treasures found aboard a rare German submarine which was sunk by allied forces during the Second World War
CREDIT: Christopher Thomond/The Guardian

Market Closes for August 4^th, 2022

Market Index	Close	Change
Dow Jones	32726.82	-85.68
		-0.26%
S&P 500	4151.94	-3.23
		-0.08%
NASDAQ	12720.58	+52.42 +0.41%
TSX	19577.04	+31.10
		+0.16%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27932.20	+190.30
		+0.69%
HANG SENG	20174.04	+406.95
		+2.06%
SENSEX	58298.80	-51.73
		-0.09%
FTSE 100*	7448.06	+2.38 +0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.675	2.716
CND. 30 Year Bond	2.781	2.785
U.S.    10 Year Bond	2.6865	2.7046
U.S. 30 Year Bond	2.9662	2.9453

Currencies

BOC Close	Today	Previous
Canadian $	0.7773	0.7787
US $	1.2865	1.2841
Euro Rate 1 Euro=		Inverse
Canadian $	1.3183	0.7585
US $	1.0248	0.9759

Commodities

Gold	Close	Previous
London Gold Fix	1761.25	1779.75
Oil
WTI Crude Future	88.54	90.66

Market Commentary:
On this day in 1790, Congress enacted Alexander Hamilton’s plan to fund the public debt, ending years of turmoil and haggling over the junk bonds issued by the federal and state governments during the Revolution, making government spending possible, and giving birth to the American securities markets.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities staged a broad rally Thursday as most sectors closed in the green.
Energy trailed, declining 3.1%, as oil fell on data showing lower-than-expected demand in the U.S.
The S&P/TSX Composite rose for a second day, climbing 0.2%, or 31.1 to 19,577.04 in Toronto.
Materials stocks led the market higher, as 9 of 11 sectors gained; 147 of 238 shares rose, while 87 fell.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 2.2%.
Torex Gold Resources Inc. had the largest increase, rising 14.3%.
Insights
* So far this week, the index fell 0.6%
* The index declined 3.7% in the past 52 weeks. The MSCI AC Americas Index lost 7.8% in the same period
* The S&P/TSX Composite is 11.9% below its 52-week high on April 5, 2022 and 7.7% above its low on July 14, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 2.9% 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 12 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility fell to 16.55% compared with 17.09% in the previous session and the average of 19.05% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 55.0882| 2.6| 42/7
* Industrials | 44.7163| 1.8| 22/7
* Utilities | 12.4012| 1.2| 15/1
* Consumer Staples | 12.0002| 1.5| 9/2
* Consumer Discretionary| 10.2760| 1.5| 5/7
* Financials | 5.1848| 0.1| 20/9
* Real Estate | 1.1793| 0.2| 15/8
* Communication Services| 0.7585| 0.1| 5/2
* Health Care | 0.6733| 0.9| 4/3
* Information Technology| -4.1746| -0.3| 8/6
* Energy | -107.0071| -3.1| 2/35
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Pacific | 14.2900| 2.2| -40.8| 12.2
* Restaurant Brands | 11.4700| 7.6| 30.2| -1.0
* Barrick Gold | 9.4430| 3.9| 50.7| -15.6
* Cenovus Energy | -14.5600| -7.6| 127.8| 33.5
* Enbridge | -15.3600| -1.9| 121.8| 12.5
* Suncor Energy | -18.0200| -4.5| 31.7| 24.7
US
By Isabelle Lee and Denitsa Tsekova
(Bloomberg) — US stocks wavered on Thursday as traders parsed various corporate earnings against a backdrop of aggressive interest-rate hikes by global central banks.
The US yield curve remained inverted as recession fears persisted.
The S&P 500 ended the session little changed after fluctuating throughout the session.
The Nasdaq 100 closed up higher for the second straight day after swinging between modest gains and losses.
While the tech-heavy index was buoyed by Amazon.com Inc. and Advanced Micro Devices Inc. later in the session, it was also dragged down by Fortinet Inc. after the firm trimmed its service-revenue forecast.
Eli Lilly & Co., which dropped after missing Wall Street expectations for second-quarter revenue, weighed on the S&P 500 Index.
Thin liquidity in the summer also tends to amplify market moves.
Treasury yields wobbled throughout the session, with the 10-year rate around 2.66% after pushing past 2.80% on Wednesday.
A flurry of economic data that released this week assuaged fears of a downturn while hinting at stabilizing growth.
But the bond market, especially the persistently inverted Treasury yield curve, is flashing warnings on the economy amid a global wave of monetary tightening.
All eyes will be on the US jobs report on Friday for further clues about the Federal Reserve’s path of rate hikes.
“There’s an intense tug-of-war happening in the economy and markets,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “On one side, you have a narrative that reasonable growth is going to support continued inflation pressure and keep the Fed hiking. The other narrative is that slowing growth is going to ease inflation and allow the Fed to stop hiking.”
On Thursday, Cleveland Fed President Loretta Mester reiterated the central bank’s promise to bring down inflation by raising interest rates.
Her counterparts, this week, have also been backing this hawkish stance, forcing markets to recalibrate after initially expecting a dovish pivot Fed Chair Jerome Powell hinted at last week.
US-China tension also remains among the uncertainties clouding the outlook.
China likely fired missiles over Taiwan during military drills on Thursday, Japan said, part of Beijing’s biggest cross-strait exercises in decades after US House Speaker Nancy Pelosi visited the self-ruled island.
West Texas Intermediate stayed below $90 a barrel, a level last seen in the weeks leading up to Russia’s invasion of Ukraine.
Gold advanced and Bitcoin fell.

What to watch this week:
* US employment report for July, Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.8% to $1.0246
* The British pound rose 0.2% to $1.2170
* The Japanese yen rose 0.7% to 132.88 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.66%
* Germany’s 10-year yield declined seven basis points to 0.80%
* Britain’s 10-year yield declined two basis points to 1.89%
Commodities
* West Texas Intermediate crude fell 2.6% to $88.33 a barrel
* Gold futures rose 1.9% to $1,810.30 an ounce
–With assistance from Cecile Gutscher, Tassia Sipahutar, Garfield Reynolds, Vildana Hajric, Julia Fanzeres, Cindy Wang and Isabel Reynolds.
Have  a lovely evening.

Be magnificent!

As ever,

Carolann

When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods, but in favors; when you see that men get rich more easily by graft than by work, and your laws no longer protect you against them, but protect them against you….
You may know your society is doomed. –Ayn Rand, 1905-1982.

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