Month: November 2022

Dear Friends,

Tangents:
November 30, 1835: Author Mark Twain was born Samuel Langhorne Clemens in Florida, Mo. Go to article »
1982: American singer and songwriter Michael Jackson releases Thriller, which became the best-selling album in the world and won a record setting eight Grammy Awards.

Winston Churchill, statesman, b. 1874.
Mark Twain, writer, b. 1835.

Rockefeller Center Christmas tree lighting set for today.  The kickoff to the Christmas season in New York City isn’t complete without the annual tree lighting at Rockefeller Center. Here’s how to watch.

Photos: the last time humans walked on the moon.

What Kind of Man Was Anthony Bourdain?

RIP, Christine McVie.
PHOTOS OF THE DAY

Hawaii’s Mauna Loa volcano erupts
The eruption began on Sunday night at the summit of the volcano after a series of large earthquakes.
Photograph: Andrew Richard Hara/Getty Images

Hawaii’s Mauna Loa volcano erupts
Some parts of Big Island are under an ashfall advisory issued by the national weather service in Honolulu, which said up to 0.6cm of ash could accumulate in some areas.
Photograph: MediaPunch/REX/Shutterstock

Christine McVie of Fleetwood Mac
. ‘I haven’t thought about making another record. The Songbird album might be my swansong. I’m going to be 80 next year, so I gotta slow down a bit, you know?’
Photograph: Randee St Nicholas
Market Closes for November 30^th, 2022

Market Index	Close	Change
Dow Jones	34589.77	+737.24
		+2.18%
S&P 500	4080.11	+122.48
		+3.09%
NASDAQ	11468.00	+484.22
		+4.41%
TSX	20453.26	+175.85
		+0.87%

International Markets

Market Index	Close	Change
NIKKEI	27968.99	-58.85
		-0.21%
HANG SENG	18597.23	+392.55
		+2.16%
SENSEX	63099.65	+417.81
		+0.67%
FTSE 100*	7573.05	+61.05
		+0.81%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.941		2.997
CND. 30 Year Bond		2.999		3.022
U.S.    10 Year Bond		3.6091		3.7441
U.S. 30 Year Bond		3.7452		3.8015

Currencies

BOC Close	Today	Previous
Canadian $	0.7449	0.7360
US $	1.3425	1.3587
Euro Rate 1 Euro=		Inverse
Canadian $	1.3973	0.7157
US  $	1.0409	0.9607

Commodities

Gold	Close	Previous
London Gold Fix	1752.70	1746.55
Oil
WTI Crude Future	80.55	78.20

Market Commentary:
On this day in 1988, Kohlberg Kravis Roberts & Co. won the bidding war to do a leveraged buyout of tobacco-and-food conglomerate RJR Nabisco for more than $25 billion. The deal generated over $1 billion in fees for Wall Street—and setting the high-water mark for the LBO craze and junk-bond binge of the 1980s.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9%, or 175.85 to 20,453.26 in Toronto.
The move was the biggest since rising 1.2% on Nov. 22.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 9.5%.
Today, 177 of 236 shares rose, while 56 fell; 10 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index fell 3.6%, heading for the worst year since 2018
* This month, the index rose 5.3%
* The index declined 1% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 7.9% below its 52-week high on April 5, 2022 and 14.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 5.3% 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 12.9 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$3.23t
* 30-day price volatility fell to 14.76% compared with 14.87% in the previous session and the average of 19.30% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 58.0135| 5.2| 12/2
Financials | 42.8630| 0.7| 23/6
Industrials | 39.7080| 1.5| 24/2
Materials | 24.8563| 1.0| 44/7
Utilities | 11.6200| 1.3| 15/1
Consumer Discretionary | 10.4268| 1.4| 11/3
Communication Services | 2.3295| 0.2| 4/2
Real Estate | 2.1671| 0.4| 10/11
Consumer Staples | 2.0951| 0.2| 8/3
Health Care | 1.6975| 2.0| 5/2
Energy | -19.9332| -0.5| 21/17
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 39.2900| 9.5| 142.3| -68.3
Brookfield Asset Management | 23.2100| 3.9| 126.5| -17.0
Canadian National | 11.4500| 1.6| 121.2| 11.1
Nutrien | -10.2400| -2.5| 166.4| 13.7
Suncor Energy | -11.4000| -2.6| 99.4| 39.7
TC Energy | -11.5700| -2.7| 313.8| 1.3
US
By Rita Nazareth
(Bloomberg) — Stocks rallied across the board as Jerome Powell signaled a slowdown in the pace of tightening as early as December, while indicating more hikes to fight inflation.
Bond yields slumped with the dollar.
Amid all the optimism, the S&P 500 closed at a two-month high, notching its longest monthly winning streak since August 2021.
The gauge also breached its 200-day moving average: a threshold seen by some analysts as heralding more gains.
The Nasdaq 100 jumped about 4.5% while the Dow Jones Industrial Average was up 20% from its September low — meeting the bull- market definition.
Bond traders dialed back their expectations for how high they think the Fed might need to push its benchmark, with swap markets suggesting the key overnight rate might peak below 5%.
Powell’s comments likely cement expectations for the Fed to raise interest rates by 50 basis points when they meet Dec. 13-14, following four straight 75 basis-point moves.
Though he also noted that rates are likely to reach a “somewhat higher” level than officials estimated in September.

Comments:
* Callie Cox at eToro: Powell just said what the market has been thinking all along. But before you get too excited, remember that this is a shift, not a pivot. Powell has been clear that rates could stay high for some time.  At this point, it may be time to start sowing seeds for the next bull market, but try not to get carried away. High rate environments favor quality companies that prove they can execute, so keep that in mind as you pile back into risky markets.
* Krishna Guha at Evercore ISI: Most importantly for risk assets, Powell’s remarks embraced the return of some two-sided risk management. That is a big deal for equities and means an outsized move in stocks relative to the rates market is justified.  The caveat is that Powell’s tone can be unstable from one event to the next, and he might in retrospect judge that he was a bit too risk-friendly, given the risks associated with letting go of financial conditions too soon.
* Jeffrey Roach at LPL Financial: Much of Chair Powell’s comments were benign and predictable.  Overall, this speech will likely be bullish for the markets in the near term.
* Neil Dutta at Renaissance Macro Research: Powell is giving the Fed an off-ramp to 75 basis point moves, but I don’t think you can rule out anything else. There is a reasonably strong chance the Fed extends 50 basis point hikes or 25 basis point hikes.
* Roberto Bagnato at Immobiliare Quadronno Srl: This rally is a nonsense: Powell said they will slow down, but that rates will have to go higher than forecasted earlier.  The market wants to listen only to the first part of Powell’s
statement.

Traders also scoured several economic reports, with key gauges of US activity painting a mixed third-quarter picture.
Job openings fell in October — a hopeful sign for the Fed as it seeks to curb demand.
The figures precede Friday’s jobs report, which is currently forecast to show employers added 200,000 workers to payrolls in November.
Economists are expecting the unemployment rate to hold at 3.7%, and for average hourly earnings to moderate.
Key events this week:
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 3.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 4.6%
* The Dow Jones Industrial Average rose 2.2%
* The MSCI World index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.8% to $1.0408
* The British pound rose 0.9% to $1.2056
* The Japanese yen rose 0.4% to 138.05 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $17,083.33
* Ether rose 6.2% to $1,294.71
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.63%
* Germany’s 10-year yield was little changed at 1.93%
* Britain’s 10-year yield advanced six basis points to 3.16%
Commodities
* West Texas Intermediate crude rose 3.1% to $80.62 a barrel
* Gold futures rose 1.2% to $1,784.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Richard Nixon would have been a great, great man had somebody loved him. –Henry Kissinger, b.1923.

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:
November 29, 1989: Czechoslovakia ends Communist rule.

1990: The U.N. Security Council voted 12-2 to authorize military action if Iraq did not withdraw its troops from Kuwait and release all foreign hostages by Jan. 15, 1991.  Go to article »
2021: Jack Dorsey announces he is stepping down as CEO of Twitter, to be replaced by Parag Agrawal (who was later fired by Elon Musk).  In March 2006, Dorsey sent the first Tweet that read, “just settin up my twttr.”

C.S. Lewis, b. 1878.

Merriam-Webster announces word of the year:  The online dictionary chose this word after searches for the term increased a staggering 1,740% in recent months.

Nicole Kidman stuns Broadway crowd with generous bid during auction.  Broadway theater goers were astonished by actress Nicole Kidman’s large auction bid for Hugh Jackman’s hat from “The Music Man.”

You can improve your memory by eating these foods, study says: Antioxidants found in certain vegetables, fruits, tea and wine (yes, wine!) may slow your rate of memory loss, a new study finds.

Tomb aligned with winter solstice sunrise excavated in Egypt: Archaeologists have unearthed an unfinished, 3,800-year-old ancient Egyptian tomb with a chapel perfectly aligned with the sunrise on the winter solstice. Archaeologists say that this might be the oldest known tomb in Egypt that is aligned with the winter solstice.  The tomb, near modern-day Aswan, was built during Egypt’s 12th dynasty, part of a time period sometimes called the “Middle Kingdom” in which Egypt thrived.  Full Story: Live Science (11/29)

Meet a medieval woman named ‘Tora’ who lived 800 years ago in Norway: A life-size 3D model of a grinning old woman holding a walking stick looks like a contemporary elder on a stroll through her neighborhood.
In reality, this woman lived nearly 800 years ago in Norway, and the model is a sculpted life-sized reconstruction based on her skeleton.  Full Story: Live Science (11/29)
PHOTOS OF THE DAY

Hawaii, US
Lava flows from Mokuaweoweo Crater down the north-east rift of Mauna Loa, the world’s largest active volcano, which has erupted for the first time since 1984
Photograph: Bruce Omori/Paradise Helicopters/EPA

Srinagar, Kashmir
A man steers a boat across Dal Lake in Indian-administered Kashmir amid a thick blanket of fog
Photograph: Tauseef Mustafa/AFP/Getty Images

London, UK
A Christmas tree, an annual gift of gratitude from Norway for Britain’s help in the second world war, is erected in Trafalgar Square
Photograph: Guy Bell/Rex/Shutterstock
Market Closes for November 29^th, 2022

Market Index	Close	Change
Dow Jones	33852.53	+3.07
		+0.01%
S&P 500	3957.63	-6.31
		-0.16%
NASDAQ	10983.78	-65.72
		-0.59%
TSX	20277.41	+56.92
		+0.28%

International Markets

Market Index	Close	Change
NIKKEI	28027.84	-134.99
		-0.48%
HANG SENG	18204.68	+906.74
		+5.24%
SENSEX	62681.84	+177.04
		+0.28%
FTSE 100*	7512.00	+37.98
		+0.51%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.997		2.944
CND. 30 Year Bond		3.022		2.961
U.S.    10 Year Bond		3.7441		3.6830
U.S. 30 Year Bond		3.8015		3.7267

Currencies

BOC Close	Today	Previous
Canadian $	0.7360	0.7411
US $	1.3587	1.3493
Euro Rate 1 Euro=		Inverse
Canadian $	1.4041	0.7122
US  $	1.0335	0.9676

Commodities

Gold	Close	Previous
London Gold Fix	1746.55	1751.85
Oil
WTI Crude Future	78.20	77.24

Market Commentary:
On this day in 1912, John Marks Templeton was born in Winchester, Tenn., to Vella Handly and Harvey Maxwell Templeton, a lawyer and cotton-gin operator. He went on to found the Templeton Growth Fund and invent the discipline of global investing.
Canada
Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 20,277.41 in Toronto.
The move follows the previous session’s decrease of 0.8%.
Cenovus Energy Inc. contributed the most to the index gain, increasing 4.7%.
Teck Resources Ltd. had the largest increase, rising 7.8%.
Today, 165 of 236 shares rose, while 66 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.5%, heading for the worst year since 2018
* This month, the index rose 4.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
13.5 on a trailing basis and 12.8 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$3.22t
* 30-day price volatility fell to 14.87% compared with 15.14% in the previous session and the average of 19.50% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 69.2750| 3.0| 48/2
Energy | 7.6509| 0.2| 31/6
Real Estate | 4.6971| 0.9| 21/1
Financials | 2.6376| 0.0| 19/9
Health Care | 1.3566| 1.7| 6/1
Consumer Discretionary | -0.2619| 0.0| 8/6
Communication Services | -2.5465| -0.3| 3/4
Utilities | -5.7907| -0.7| 5/11
Information Technology | -6.0942| -0.5| 8/6
Industrials | -6.5406| -0.2| 12/13
Consumer Staples | -7.4455| -0.9| 4/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Cenovus Energy | 11.9700| 4.7| 5.1| 79.2
Teck Resources | 11.0600| 7.8| 26.7| 33.0
Nutrien | 9.6100| 2.4| -21.2| 16.6
Suncor Energy | -7.3170| -1.7| 29.0| 43.5
Bank of Nova Scotia| -14.7000| -2.5| 80.7| -22.2
TC Energy | -28.7000| -6.3| 184.9| 4.1
US
By Rita Nazareth
(Bloomberg) — Stocks pared most of their losses, with traders unwilling to make big bets ahead of Jerome Powell’s speech Wednesday.
Gains in energy and financial firms tempered a slide in big tech.
Amazon.com Inc., which is selling investment-grade debt, saw its shares slump.
Trading volume was below the average of the past month.
A gauge measuring the global yield curve inverted for the first time in at least two decades – signaling a recession.
Powell is expected to cement expectations the Fed will slow its pace of hikes next month — while reminding Americans that its fight against inflation will run into 2023.
Some policymakers stressed this week they will raise borrowing costs further, with one key official saying that he sees rates heading somewhat higher than he had forecast just a couple of months ago.
“The Fed has hiked enough — and quickly enough — to make recession a base-case scenario in our book,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “Volatility and risk premia are likely to remain elevated as long as the Fed is fighting inflation in a growth slowdown.”
Goodwin also noted that equity earnings don’t usually begin to drop until an economic recession starts.
That means equity market fundamentals “may still deteriorate,” she added.
Corporate America’s bloated margins are likely to start coming down in 2023 as certain expenses start to normalize, according to Goldman Sachs Group Inc.’s David Kostin.
The firm’s strategists, along those at other banks including Morgan Stanley have been saying they see a slowdown in earnings growth next year.
Alicia Levine at BNY Mellon Wealth Management says that even in a shallow recession, S&P 500 companies can still see earnings declines of 20%.
“There is still risk here in the end,” Levine told Bloomberg Television. “This is the transition year. Next year is, ‘OK, now your rates are higher, what does it mean for the real economy?’ And that I think we really have not priced in.”
The Fed’s actions, stubborn inflation, the war in Ukraine and the outlook for corporate earnings “make for a tough tale to tell for the stock market over the next 12 months,” said Kevin Philip, partner at Bel Air Investment Advisors.
Last week, institutional clients and hedge funds poured money into stocks, while retail clients sold off for a fifth straight week — with selling likely to continue through next month, according to Bank of America Corp. strategists led by
Jill Carey Hall.
Recent flow momentum along with lack of “capitulation-like outflows” signal that investors believe the market has already bottomed.
But BofA strategists say they see further downside risk ahead of a first half of 2023 bottom.
Several widely followed DeMark indicators, which try to anticipate momentum and long-term trend reversals, suggest the Cboe Volatility Index may be poised for a reversal.
History shows that the appearance of a “countdown 13” pattern has led to turns in the past, with a cluster of such signals occurring at the more-recent lows.
The so-called fear gauge last week fell to its lowest level since August as the S&P 500 advanced.
Meantime, former greenback bulls including JPMorgan Asset Management and Morgan Stanley say the era of dollar strength is ending as cooling prices spur markets to trim bets on further Fed tightening.
That may spell buying opportunities for the currencies of Europe, Japan and emerging markets.
Key events this week:
* EIA crude oil inventory report, Wednesday
* China PMI, Wednesday
* Fed Chair Jerome Powell speech, Wednesday
* Fed releases its Beige Book, Wednesday
* US wholesale inventories, GDP, Wednesday
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was unchanged
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro fell 0.1% to $1.0326
* The British pound fell 0.1% to $1.1947
* The Japanese yen rose 0.1% to 138.79 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $16,492.11
* Ether rose 4.3% to $1,222.22
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.76%
* Germany’s 10-year yield declined seven basis points to 1.92%
* Britain’s 10-year yield declined three basis points to 3.10%
Commodities
* West Texas Intermediate crude rose 1.7% to $78.54 a barrel
* Gold futures rose 0.4% to $1,762.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte, Vildana Hajric and Garfield Reynolds.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann

I look at a stonecutter hammering away at his rock perhaps a hundred times without as much as a crack showing in it.
Yet at the hundred and first blow it will split in two, and I know it was not that blow that did it,
but all that had gone before. -Jacob Riis, 1849-1914.

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.

November 28, 2001: Enron Corp., once the world’s largest energy trader, collapsed after would-be rescuer Dynegy Inc. backed out of an $8.4 billion deal to take it over.  Go to article »
1886: Sadie Allen becomes the first woman to go over Niagara Falls in a barrel.  The barrel also contained her partner, George Hazlett, and 227 kg (500 lbs) of sand.

William Blake, poet, b. 1757.
Friedrich Engels, philosopher, b. 1820.
Berry Gordy Jr., cofounder of Motown, b. 1929.
Jon Stewart, comedian, b. 1962.

Dozens of earthquakes swarm Hawaii as the world’s largest volcano erupts.  Hawaii’s Mauna Loa, the world’s largest active volcano, is erupting for the first time in nearly 40 years.
Dozens of earthquakes — one of them a magnitude 4.2 quake — have swarmed the region after the volcano’s Moku’āweoweo summit caldera erupted on Sunday (Nov. 27) night. Officials have issued an ashfall advisory for Hawaii’s Big Island and residents have been asked to remain vigilant.  Full Story: Live Science (11/28)
.

A journey to the quietest place on Earth.

What NASA’s discovery means for life beyond Earth: Watch astrophysicist Neil deGrasse Tyson react to the discovery of organic matter on Mars and what it could mean for life beyond Earth.

Abandoned Greek airport to be transformed into a 600-acre park.  View the impressive renderings of a coastal park that will bring much-needed green space to the Greek capital of Athens.

Stars reveal their favorite Christmas movies — and one had a controversial pick.  Tom Hanks, a few celebrities, and some of your favorite CNN journalists say these are the movies they love to watch during the holidays. Enjoy!

PHOTOS OF THE DAY

Villingaholtskirkja, Iceland
The northern lights appear over Villingaholtskirkja church on the country’s south coast
Photograph: Owen Humphreys/PA

Martinique, France
A woman stands on Plage du Diamant (Diamond beach) at sunset
Photograph: Charly Triballeau/AFP/Getty Images

Al Rayyan, Qatar
Japan fans inside the stadium before the World Cup match against Costa Rica
Photograph: Issei Kato/Reuters
Market Closes for November 28^th, 2022

Market Index	Close	Change
Dow Jones	33849.46	-497.57
		-1.45%
S&P 500	3964.02	-62.10
		-1.54%
NASDAQ	11049.50	-176.86
		-1.58%
TSX	20229.49	-154.28
		-0.76%

International Markets

Market Index	Close	Change
NIKKEI	28162.83	-120.20
		-0.43%
HANG SENG	17297.94	-275.64
		-1.57%
SENSEX	62504.80	+211.16
		+0.34%
FTSE 100*	7474.02	-12.65
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.944		2.932
CND. 30 Year Bond		2.961		2.958
U.S.    10 Year Bond		3.6830		3.6776
U.S. 30 Year Bond		3.7267		3.7326

Currencies

BOC Close	Today	Previous
Canadian $	0.7411	0.7474
US $	1.3493	1.3380
Euro Rate 1 Euro=		Inverse
Canadian $	1.3956	0.7165
US  $	1.0342	0.9669

Commodities

Gold	Close	Previous
London Gold Fix	1751.85	1755.40
Oil
WTI Crude Future	77.24	77.84

Market Commentary:
On this day in 1895, the “horseless carriage” began to seem practical, as the Chicago Times-Herald sponsored the first automobile race in U.S. history. The winner of the 54-mile contest, Frank Duryea, clocked in an average speed of roughly 7 miles per hour.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 20,220.49 in Toronto.
The move was the biggest since falling 0.9% on Nov. 14 and follows the previous session’s increase of 0.2%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.2%.
Endeavour Silver Corp. had the largest drop, falling 8.7%.
Today, 193 of 236 shares fell, while 41 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index fell 4.7%, heading for the worst year since 2018
* This month, the index rose 4.1%
* The index declined 4.3% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 9% below its 52-week high on April 5, 2022 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.2% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 15.14% compared with 14.91% in the previous session and the average of 19.86% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -67.3719| -1.1| 4/24
Materials | -55.3901| -2.3| 1/50
Energy | -49.1582| -1.3| 3/34
Real Estate | -11.1665| -2.2| 0/22
Utilities | -9.6554| -1.1| 0/16
Consumer Discretionary | -1.8357| -0.3| 5/9
Health Care | -1.0472| -1.3| 1/6
Communication Services | 0.5240| 0.1| 4/3
Industrials | 5.0869| 0.2| 11/16
Consumer Staples | 12.8612| 1.5| 7/4
Information Technology | 13.8859| 1.2| 5/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -15.3600| -1.2| -18.2| -0.8
TD Bank | -13.0600| -1.2| 28.7| -7.2
Suncor Energy | -11.2100| -2.5| 245.2| 46.0
Canadian National | 4.0720| 0.6| 29.2| 9.5
Couche-Tard | 6.0710| 1.8| 62.9| 17.0
Shopify | 17.6400| 4.4| 14.0| -70.5
US
By Rita Nazareth
(Bloomberg) — Stocks sank as Federal Reserve officials stressed that more rate hikes are coming, with risk appetite also hit by uncertainties around China’s Covid curbs and their impact on the global economy.
The S&P 500 pared its monthly gain as Fed Bank of St. Louis President James Bullard said markets may be underestimating the chances of higher rates while his New York counterpart John Williams noted policymakers have more work to do to curb inflation.
Fed Vice Chair Lael Brainard said the string of supply shocks is keeping inflation risks elevated.
Investors are now looking ahead to Jerome Powell’s speech Wednesday, with many economists expecting he’ll cement bets that the Fed will slow its pace of rate increases next month – while reminding Americans that its fight against inflation will run into 2023.
“We expect Powell will push back more narrowly on market bets on early rate cuts that have once again crept a bit too far into 23, emphasizing that a stronger-for-longer labor market suggests that rates will need to be higher for longer,” wrote Krishna Guha, vice chairman of Evercore ISI.
As traders sought safety, the dollar rose alongside the Japanese yen. Investor anxiety also hit Bitcoin, with the crypto market digesting BlockFi Inc.’s bankruptcy filing.
US-listed Chinese shares rebounded from a selloff.
Apple Inc. slid as Bloomberg News reported that turmoil in China is likely to result in a production shortfall of close to 6 million iPhone Pro units this year.
China’s woes complicate expectations of its path to reopening, with authorities deploying a heavy police presence in Beijing and Shanghai to deter a repeat of the weekend’s demonstrations.
Chances are growing of a messy exit from the Covid Zero policy, analysts at Goldman Sachs Group Inc. warned.
“This is going to keep economic activity subdued in the country, and beyond,” said Fawad Razaqzada, market analyst at City Index and Forex.com. “The civil unrest is adding another layer of uncertainty over the economic situation there. It is certainly hurting investor sentiment across the financial markets.”
Just when the S&P 500 was trying to break above the highs of mid-November, sentiment turned negative, threatening the market’s recent momentum.
Timing is most inconvenient here as the index approaches a crucial technical zone in the shape of both the 2022 downtrend and the 200-day moving average.
Should the recent bullishness evaporate, short-term tactical bear trades might spark a bout of profit taking.
Stock markets are in for a wild ride next year as they don’t yet reflect the risk of a US recession, according to strategists at Goldman Sachs and Deutsche Bank.
Their calls are a warning after equities rallied sharply in the past two months on bets that a peak in inflation will lead to a softening of hawkish central bank policies.
BlackRock Inc.’s Chief Investment Officer Rick Rieder sees a chance for rates volatility to turn lower and provide a necessary, “though perhaps not sufficient” condition for stabilization in risk assets markets.
Stagflation is the key risk for the global economy in 2023, according to investors who said hopes of a rally in markets are premature following this year’s brutal selloff.
Almost half of the 388 respondents to the latest MLIV Pulse survey said a scenario where growth continues to slow while inflation remains elevated will dominate globally next year.
Elsewhere, oil climbed as OPEC+ is seen considering deeper output cuts amid a faltering market.
Key events this week:
* Euro area economic confidence, consumer confidence, Tuesday
* US Conference Board consumer confidence, Tuesday
* EIA crude oil inventory report, Wednesday
* China PMI, Wednesday
* Fed Chair Jerome Powell speech, Wednesday
* Fed releases its Beige Book, Wednesday
* US wholesale inventories, GDP, Wednesday
* S&P Global PMIs, Thursday
* US construction spending, consumer income, initial jobless claims, ISM Manufacturing, Thursday
* BOJ’s Haruhiko Kuroda speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* ECB’s Christine Lagarde speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.6% to $1.0336
* The British pound fell 1.2% to $1.1949
* The Japanese yen rose 0.2% to 138.93 per dollar
Cryptocurrencies
* Bitcoin fell 1.9% to $16,252.51
* Ether fell 3.4% to $1,174.4
Bonds
* The yield on 10-year Treasuries advanced one basis point to 3.69%
* Germany’s 10-year yield advanced two basis points to 1.99%
* Britain’s 10-year yield was little changed at 3.13%
Commodities
* West Texas Intermediate crude rose 0.8% to $76.87 a barrel
* Gold futures fell 0.8% to $1,754.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao, John Viljoen, Vildana Hajric, Peyton Forte and Isabelle Lee.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

The measure of who we are is what we do with what we have. –Vince Lombardi, 1913-1970.

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

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

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

Dear Friends,

Tangents: Happy Friday.

On Nov. 25, 1986, the Iran-Contra affair erupted as President Reagan and Attorney General Edwin Meese revealed that profits from secret arms sales to Iran had been diverted to Nicaraguan rebels.  Go to article »

PHOTOS OF THE DAY

Selfoss, Iceland
People watch the northern lights from a farm in Arabær near Selfoss
Photograph: Owen Humphreys/PA

Nazaré, Portugal
Surfer Justine Dupont of France rides a wave at Praia do Norte
Photograph: Octávio Passos/Getty Images

Bali, Indonesia
A monkey makes use of a statue at the Sacred Monkey Forest sanctuary
Photograph: Anadolu Agency/Getty Images
Market Closes for November 25^th, 2022

Market Index	Close	Change
Dow Jones	34347.03	+152.97
		+0.45%
S&P 500	4026.12	-1.14
		-0.03%
NASDAQ	11226.36	-58.96
		-0.52%
TSX	20383.77	+39.70
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	28283.03	-100.06
		-0.35%
HANG SENG	17573.58	-87.32
		-0.49%
SENSEX	62293.64	+20.96
		+0.03%
FTSE 100*	7486.67	+20.07
		+0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.932		2.934
CND. 30 Year Bond		2.958		2.961
U.S.    10 Year Bond		3.6776		3.6927
U.S. 30 Year Bond		3.7326		3.7276

Currencies

BOC Close	Today	Previous
Canadian $	0.7474	0.7497
US $	1.3380	1.3339
Euro Rate 1 Euro=		Inverse
Canadian $	1.3912	0.7188
US  $	1.0398	0.9617

Commodities

Gold	Close	Previous
London Gold Fix	1755.40	1740.15
Oil
WTI Crude Future	77.84	77.84

Market Commentary:
On this day in 1835, Andrew Carnegie, the future steel king, was born in Dunfermline, Scotland. Carnegie came to the U.S. when he was 13 and went on to forge the steel industry that made America’s railroads, bridges and automobiles possible. He also established the public library system. In 1901 Carnegie became the world’s richest man, selling out to J.P. Morgan for $400 million; but by his death in 1919 he had given away $350 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 39.7 to 20,383.77 in Toronto.
The index advanced to the highest closing level since June 9.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.0%.
Transcontinental Inc. had the largest increase, rising 2.9%.
Today, 134 of 236 shares rose, while 95 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 4%, heading for the worst year since 2018
* This month, the index rose 4.9%
* So far this week, the index rose 2%
* The index declined 5.7% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.2% below its 52-week high on April 5, 2022 and 14% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.6 on a trailing basis and 12.8 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$3.24t
* 30-day price volatility fell to 14.91% compared with 15.39% in the previous session and the average of 20.42% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 18.2938| 0.3| 22/6
Utilities | 10.7304| 1.2| 16/0
Energy | 9.8737| 0.3| 19/15
Industrials | 7.3552| 0.3| 15/11
Consumer Staples | 5.2410| 0.6| 8/3
Real Estate | 4.4235| 0.9| 20/2
Communication Services | 3.5138| 0.4| 5/2
Consumer Discretionary | 2.4273| 0.3| 9/5
Health Care | 0.2022| 0.2| 3/3
Information Technology | -3.6333| -0.3| 8/6
Materials | -18.7405| -0.8| 9/42
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific | 6.8500| 1.0| -35.4| 19.3
Enbridge | 6.1340| 0.8| -26.0| 13.2
TC Energy | 5.0160| 1.1| -56.9| 12.1
Suncor Energy | -4.0860| -0.9| 67.8| 49.7
Barrick Gold | -5.3630| -2.0| -50.7| -10.6
Shopify | -6.6170| -1.6| -45.7| -71.8
US
By John Viljoen
(Bloomberg) — US stocks ended Friday little changed as investors assessed prospects for less-aggressive central bank tightening and weighed China’s latest move to stimulate its economy.
The S&P 500 wavered for most of Friday’s shortened trading session.  
But its weekly gain of 1.5% took the index to the highest level since early September.
The Nasdaq 100 also eked out a gain for the week, despite dropping on Friday.
Treasury yields and the dollar rose on Friday.
“It’s a slow day with US market holiday,” said Marija Veitmane, senior multiasset strategist at State Street Global Markets. “We’re seeing a bit of profit taking and position adjustment post a strong risk rally last week.”
Sentiment was boosted this week after the Federal Reserve’s Nov. 1-2 meeting minutes showed most officials backing slowing the pace of interest-rate hikes. Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
All eyes will be on the jobs report next week and on Fed Chair Jerome Powell and New York Fed President John Williams, who are among central bank officials scheduled to speak.
Both officials will make clear that a tight labor market and elevated services inflation will keep the Fed hiking for longer, strategists with TD Securities wrote in a note.
“As markets welcome the prospect of smaller hikes, we expect them to counter that by emphasizing the need to reach an appropriately higher terminal rate,” they said.
Trading on Monday will also hinge on Black Friday sales and further information on the virus outbreak in China, said Julian Emanuel, Evercore ISI’s chief equity and quantitative strategist.
China’s central bank on Friday cut the amount of cash lenders must hold in reserve for the second time this year, an escalation of support for an economy racked by surging Covid cases and a continued property downturn.
US-listed Chinese stocks fell and are set for their first weekly decline this month.
“How effective that will prove to be when cities are seeing restrictions and effective lockdowns reimposed is hard to say,” said Craig Erlam, senior market analyst at Oanda. “But combined with other measures to boost the property market and ease Covid curbs, the cut could be supportive over the medium term when growth remains highly uncertain.”
European Union diplomats, meanwhile, won’t meet on Friday or over the weekend to discuss the oil-price cap as divisions within the bloc remain entrenched, according to people familiar with the matter.
Oil suffered a third weekly loss. 
Some of the main moves in markets:
Stocks
* Futures on the S&P 500 were little changed as of 1 p.m. New York time
* Futures on the Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0404
* The British pound fell 0.2% to $1.2093
* The Japanese yen fell 0.4% to 139.13 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $16,501.34
* Ether fell 0.4% to $1,190.77
Bonds
* The yield on 10-year Treasuries was little changed at 3.70%
* Germany’s 10-year yield advanced 12 basis points to 1.97%
* Britain’s 10-year yield advanced eight basis points to 3.12%
Commodities
* West Texas Intermediate crude fell 1.4% to $76.83 a barrel
* Gold futures rose 0.4% to $1,767.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Brett Miller, Natalia Kniazhevich, Isabelle Lee and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

One of the reasons why we crave love, and seek it so desperately, is that love is the only cure for loneliness, and shame, and sorrow.
But some feelings sink so deep into the heart that only loneliness can help you find them again.  Some truths about yourself are so
painful that only shame can help you live with them.  And some things are just so sad
that only your soul can do the crying for you. –Gregory David Roberts, b. 1952.

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

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

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

Dear Friends,

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

On Nov. 24, 1963, Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President Kennedy. Go to article »

Who was Charlemagne, the Carolingian Emperor of Europe?
Charlemagne was a Middle Ages king who founded an empire and became the Father of Europe. Full Story: Live Science

Fluorescent flashes reveal the leaf-closing secrets of ‘touch-me-not’ plant
Flashy new videos of the plant shame plant (Mimosa pudica), which is renowned for its ability to rapidly fold up its leaves, reveal how chemical and electrical signals help to trigger its lightning reflexes. Full Story: Live Science
PHOTOS OF THE DAY

Peterborough, England
The Beginning, a spectacular son-et-lumière show by Luxmuralis, in the nave of the city’s cathedral. The show is based around the nativity story and timed to coincide with the start of the Advent season
Photograph: Joe Giddens/PA

Stag party
‘I saw this stag one October morning at Tatton Park near Manchester, with the rutting season well under way. It was feeding after a fight, which must have taken place through the night. The stag’s neck was injured and I could see traces of blood.’
Photograph: Kurt Mueller

Leishan county, China
Women from the Miao people, a minority ethnic group, take part in the Kuzang festival, an ancestor worship ceremony celebrated every 13 years and then held for four consecutive years
Photograph: AFP/Getty Images
Market Closes for November 24^th, 2022

Market Index	Close	Change
Dow Jones	Market Close	N.A.
S&P 500	Market Close	N.A.
NASDAQ	Market Close	N.A.
TSX	20344.07	+61.81
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	28383.09	+267.35
		+0.95%
HANG SENG	17660.90	+137.09
		+0.78%
SENSEX	62272.68	+762.10
		+1.24%
FTSE 100*	7466.60	+1.36
		+0.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.934		2.970
CND. 30 Year Bond		2.961		2.977
U.S.    10 Year Bond		N.A.		3.6927
U.S. 30 Year Bond		N.A.		3.7276

Currencies

BOC Close	Today	Previous
Canadian $	0.7497	0.7490
US $	1.3339	1.3351
Euro Rate 1 Euro=		Inverse
Canadian $	1.3882	0.7204
US  $	1.0408	0.9608

Commodities

Gold	Close	Previous
London Gold Fix	1740.15	1742.95
Oil
WTI Crude Future	N.A.	77.84

Market Commentary:
The New York Stock Exchange, Nasdaq and U.S. bond markets are closed for the Thanksgiving holiday
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 61.81 to 20,344.07 in Toronto. The index advanced to the highest closing level since June 9.
Nutrien Ltd. contributed the most to the index gain, increasing 2.0%. Corus Entertainment Inc. had the largest increase, rising 5.7%.
Today, 180 of 236 shares rose, while 53 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.1%, heading for the worst year since 2018
* This month, the index rose 4.7%
* So far this week, the index rose 1.8%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 8.4% below its 52-week high on April 5, 2022 and 13.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.3% in the past 5 days and rose 7.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.8 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$3.23t
* 30-day price volatility fell to 15.39% compared with 16.42% in the previous session and the average of 20.76% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 19.3094| 0.8| 39/11
Financials | 12.3821| 0.2| 21/7
Information Technology | 8.6433| 0.8| 12/2
Energy | 7.8197| 0.2| 33/5
Industrials | 4.6882| 0.2| 16/11
Communication Services | 4.3158| 0.4| 6/1
Real Estate | 3.6659| 0.7| 20/1
Consumer Discretionary | 1.5584| 0.2| 11/3
Health Care | 0.5138| 0.6| 5/2
Consumer Staples | -0.2522| 0.0| 6/5
Utilities | -0.8522| -0.1| 11/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 7.8660| 2.0| -54.8| 14.6
Shopify | 7.0250| 1.8| -83.0| -71.3
Brookfield Asset | | | |
Management | 6.8830| 1.2| -65.5| -19.2
Fortis | -1.1860| -0.7| -55.4| -12.4
Bank of Montreal | -1.6250| -0.3| -66.7| -2.8
Canadian Pacific | -1.7290| -0.3| -80.5| 18.1
US
US Markets closed for Thanksgiving.
Have a wonderful evening everyone.

Be magnificent.
As ever,

Isabel

Success is achieved by developing our strength, not by eliminating our weaknesses.   – Marilyn Vos Savant, 1946 – present

Assistant to Carolann Steinhoff

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:
November 23, 1936: Life magazine premiered.
2006: Former KGB spy Alexander Litvinenko died in London from radiation poisoning after making a deathbed statement blaming Russian President Vladimir Putin.  Go to article »
2019: The last Sumatran rhinoceros in Malaysia, Imam, dies, making the species officially extinct in the country.

A group of Indonesian islands is about to hit the auction block.  To some billionaires, islands are like potato chips: you can’t buy just one.

Lopsided star cluster may disprove Newton and Einstein, controversial new study claims: Astronomers observing star clusters in our galaxy have found evidence that controversially challenges Newton’s laws of gravity and could upend our understanding of the universe.  The puzzling finding could support a controversial idea that does away entirely with dark matter. Full Story: Live Science (11/21)

Writing by hand is the best way to retain information.

Science doesn’t really know why so many viruses are flourishing at once. — Faye Flam.

The future of consumer products is influencers like MrBeast making and selling their own stuff. — Trung Phan
PHOTOS OF THE DAY

Web browser
‘A classic autumn morning in the vines near the Corbières town of Tuchan, France. I took this photo while walking my dog – that’s his back intruding into the bottom corner of the frame.’
Photograph: Robert Heath

Walking on water
‘This shot is of our ski guide, Simon, herringbone-walking across pristine snow covering a high Alpine pond on the morning of an epic freeride tour day in January, in the Silvretta Montafon resort in Austria.’
Photograph: Gary Mackney

Oxford, England
People walk past a Mini car decorated in 3,000 lights. The car’s owner, Nicholas Martin, is hoping to raise £10,000 for charity with his festive illuminative show
Photograph: Ben Birchall/PA
Market Closes for November 23^rd, 2022

Market Index	Close	Change
Dow Jones	34194.06	+95.96
		+0.28%
S&P 500	4027.26	+23.68
		+0.59%
NASDAQ	11285.32	+110.91
		+0.99%
TSX	20282.26	+62.25
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSE	N.A.
HANG SENG	17523.81	+99.40
		+0.57%
SENSEX	61510.58	+91.62
		+0.15%
FTSE 100*	7465.24	+12.40
		+0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.970		3.036
CND. 30 Year Bond		2.977		3.084
U.S.    10 Year Bond		3.6927		3.7559
U.S. 30 Year Bond		3.7276		3.8273

Currencies

BOC Close	Today	Previous
Canadian $	0.7490	0.7477
US $	1.3351	1.3374
Euro Rate 1 Euro=		Inverse
Canadian $	1.3885	0.7202
US  $	1.0400	0.9615

Commodities

Gold	Close	Previous
London Gold Fix	1742.95	1740.40
Oil
WTI Crude Future	77.84	80.90

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closed at a record high of 382.74, finally surpassing its previous high—set a quarter-century earlier on Sept. 3, 1929.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 62.25 to 20,282.26 in Toronto.
The index advanced to the highest closing level since June 9.
Shopify Inc. contributed the most to the index gain, increasing 4.1%. Converge Technology Solutions Corp. had the largest increase, rising 22.6%.
Today, 148 of 236 shares rose, while 84 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 4.4%, heading for the worst year since 2018
* This month, the index rose 4.4%
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 7.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 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$3.22t
* 30-day price volatility fell to 16.42% compared with 17.40% in the previous session and the average of 20.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 28.9143| 0.5| 22/7
Information Technology | 23.4955| 2.2| 10/4
Materials | 13.6290| 0.6| 38/12
Industrials | 11.6476| 0.4| 21/6
Utilities | 7.0782| 0.8| 13/3
Communication Services | 0.6909| 0.1| 5/2
Health Care | 0.0976| 0.1| 4/2
Real Estate | -1.1109| -0.2| 8/13
Consumer Discretionary | -2.6878| -0.4| 10/4
Consumer Staples | -4.2639| -0.5| 8/3
Energy | -15.2464| -0.4| 9/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 15.7600| 4.1| -21.9| -71.8
Brookfield Asset Management | 11.7000| 2.0| -20.6| -20.2
Enbridge | 7.5280| 1.0| -10.3| 12.0
Suncor Energy | -5.4160| -1.2| 105.3| 50.8
Couche-Tard | -7.3710| -2.2| 53.4| 13.4
Canadian Natural Resources | -9.0510| -1.4| 33.4| 52.9
US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — US stocks ended the session higher after the Federal Reserve’s latest meeting minutes showed most officials backing slowing the pace of interest-rate hikes soon.
The S&P 500 and the Nasdaq 100 notched gains for a second straight session. Treasuries rallied, with the benchmark 10-year yield around 3.69%.
Wall Street’s fear gauge, the Cboe Volatility Index, fell to its lowest level in more than three months.
US stock and bond markets will be closed on Thursday for the Thanksgiving holiday.
Several Fed officials backed the need to moderate the pace of rate hikes, the central bank’s Nov. 1-2 meeting minutes show.
Only a small number of these officials underscored the need for a higher terminal rate.
Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
“The minutes were dovish as they recognized a softening in consumer demand and tightening international economic and financial conditions,” said Jay Hatfield of Infrastructure Capital Management.
Still, some investors think that the meeting minutes didn’t convey anything new and that markets may be overreacting to the perceived shift in tone.
“The minutes said that hikes can be smaller than 75bps but also that the terminal rate will need to be higher than previously thought — which also is pretty much what everyone at the Fed has been signaling anyway,” said Max Gokhman, chief investment officer at asset manager AlphaTrAI. “It’s almost weird we’re getting any kind of big moves on the minutes. I guess the market is happy to take a longer road to a more painful outcome given the reaction to the minutes.”
Meanwhile, the dollar dropped for a second straight session as investors assessed a bevy of economic data.
Business activity in the US continued to contract and separate data showed US unemployment applications rising more than expected, in a sign of cooling in the labor market.
Key events this week:
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 1% to $1.0402
* The British pound rose 1.5% to $1.2065
* The Japanese yen rose 1.2% to 139.50 per dollar
Cryptocurrencies
* Bitcoin rose 2.9% to $16,594.92
* Ether rose 3.9% to $1,173.48
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.69%
* Germany’s 10-year yield declined five basis points to 1.93%
* Britain’s 10-year yield declined 13 basis points to 3.01%
Commodities
* West Texas Intermediate crude fell 4.3% to $77.44 a barrel
* Gold futures rose 0.7% to $1,766.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Peyton Forte.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

Expectation is the root of all heartache. –William Shakespeare, bapt. 1564-1616.

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 Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article »

1859: On the Origin of Species is published by Charles Darwin.
1995: Toy Story is released as the first feature-length film created completely using computer- generated imagery.

Ancient Egyptian mummification was never intended to preserve bodies, new exhibit reveals: It’s long been believed that ancient Egyptians used mummification as a way to preserve a body after death.  However, an upcoming museum exhibition indicates that was never the case, and instead the elaborate burial technique was actually a way to guide the deceased toward divinity.  Full Story: Live Science (11/22)

New interactive map of the universe is a rainbow-colored slice of cosmic pie: Astronomers have created a new map of the universe that looks remarkably like a rainbow-colored slice of cosmic pie.
The interactive image, which has been named The Map of the Observable Universe, was released online Nov. 17 and is made of real-color specks of light emitted by more than 200,000 galaxies and quasars — including the Milky Way, which sits at the tip of the slice. However, in reality, the wedge-shaped map only offers a small serving of the observable universe, measuring 90 degrees across and 10 degrees deep from our viewpoint of the sky from Earth.
Full Story: Live Science (11/22)

At 10:11 p.m., the time and date will form a palindrome. (h/t Mark Gilbert)

New pristine meteorite just dropped.
PHOTOS OF THE DAY

Kamchatka, Russia
The Shiveluch volcano erupts after spewing volcanic ash and smoke
Photograph: Institute Of Volcanology And Seismology/Reuters

Frankfurt, Germany
Lights illuminate the traditional Christmas market
Photograph: Michael Probst/AP

Hula Valley, Israel
Cranes rest in the Agamon Hula lake area on their seasonal migration route from Europe to Africa
Photograph: Jalaa Marey/AFP/Getty Images
Market Closes for November 22nd, 2022

Market Index	Close	Change
Dow Jones	34098.10	+397.82
		+1.18%
S&P 500	4003.58	+53.64
		+1.36%
NASDAQ	11174.41	+149.90
		+1.36%
TSX	20220.01	+242.88
		+1.22%

International Markets

Market Index	Close	Change
NIKKEI	28115.74	+170.95
		+0.61%
HANG SENG	17424.41	-231.50
		-1.31%
SENSEX	61418.96	+274.12
		+0.45%
FTSE 100*	7452.84	+75.99
		+1.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.036		3.082
CND. 30 Year Bond		3.084		3.140
U.S.    10 Year Bond		3.7559		3.8269
U.S. 30 Year Bond		3.8273		3.9004

Currencies

BOC Close	Today	Previous
Canadian $	0.7477	0.7433
US $	1.3374	1.3454
Euro Rate 1 Euro=		Inverse
Canadian $	1.3780	0.7257
US  $	1.0304	0.9705

Commodities

Gold	Close	Previous
London Gold Fix	1740.40	1751.60
Oil
WTI Crude Future	80.90	79.73

Market Commentary:
On this day in 1937, the Law Committee of the New York Stock Exchange delivered a harshly-worded letter to William O. Douglas, chairman of the U.S. Securities and Exchange Commission, declaring that the NYSE’s leaders would refuse to appoint an independent president or even to apologize for claiming that the SEC has contributed to the stock-market crash. In response, Douglas growled, “All right, then, we’ll take the Exchange over.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 20,220.01 in Toronto.
The move was the biggest since rising 3.3% on Nov. 10 and follows the previous session’s little change.
Nutrien Ltd. contributed the most to the index gain, increasing 4.9%.
Eldorado Gold Corp. had the largest increase, rising 9.8%.
Today, 194 of 236 shares rose, while 37 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 4.7%, heading for the worst year since 2018
* This month, the index rose 4.1%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 9% below its 52-week high on April 5, 2022 and 13.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 7.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 17.40% compared with 17.24% in the previous session and the average of 21.20% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.6489| 3.5| 50/1
Energy | 77.6697| 2.1| 36/1
Financials | 55.0171| 0.9| 25/4
Industrials | 13.9023| 0.5| 18/9
Utilities | 4.5556| 0.5| 12/4
Information Technology | 4.4410| 0.4| 8/4
Real Estate | 4.3199| 0.9| 17/4
Consumer Staples | 3.3922| 0.4| 9/2
Consumer Discretionary | 0.3509| 0.0| 12/2
Communication Services | -0.6384| -0.1| 4/2
Health Care | -0.7800| -0.9| 3/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 18.6300| 4.9| -10.1| 13.9
RBC | 18.0500| 1.4| -3.1| 0.4
TD Bank | 12.1900| 1.1| -9.3| -6.4
Shopify | -1.3070| -0.3| -39.9| -72.9
Couche-Tard | -2.2760| -0.7| 28.0| 16.0
Restaurant Brands | -2.2970| -1.2| -16.7| 18.1
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US stocks rose as investors adjusted their expectations in response to Federal Reserve officials indicating that they’ll continue to raise interest rates but are open to slowing their tempo.
The S&P 500 closed at its highest level since Sept. 12.
The Nasdaq 100 climbed more than 1%. Upbeat earnings from a handful of retailers including Best Buy Co. and Abercrombie & Fitch Co. boosted sentiment.
Treasuries rallied, with the benchmark 10-year yield around 3.76%.
Oil rose amid an uncertain supply outlook alongside an European Union proposal to soften Russian crude sanctions.
The dollar snapped a three-day rally.
In recent days, Fed officials have broadly maintained their steadfast stance to fight inflation.
Yet San Francisco Fed President Mary Daly also said that officials need to be mindful of the lags in the transmission of policy changes, while her Cleveland counterpart Loretta Mester said she’s open to moderating the size of rate hikes.
On Tuesday, the Richmond Fed Manufacturing Survey came in slightly below expectations, with data confirming the peak inflation narrative.
“We think the Fed leadership wants to get off the 75-basis-point-a-meeting hamster wheel even though it is finding it hard to do so while maintaining control of financial conditions,” Evercore ISI analyst Krishna Guha wrote in a note. “We think the Fed is still heading for a ‘hawkish slowing.’ And, for us at least, the slowing part is what matters.”
Despite hints of moderation, the Fed is likely to raise its estimate of the terminal rate as early as December, in part because inflation may prove sticky, said Sonia Meskin, head of US macro at BNY Mellon Investment Management.
“I don’t know if I would read too much into the sort of daily repricing from the macro perspective at this stage, but I would be interested to see the labor market data for November and then any indication of whether this information weakening is sustained or not,” Meskin said by phone. “I think those would really be more indicative of the future of the policy trajectory.”
Thanksgiving week in the US also tends to carry a “historically bullish tone” for stocks, Craig Johnson, chief market technician at Piper Sandler, said in a note.
The week has started with a dip on Monday and then improves around the Thursday holiday about 68% of the time since 1950, he said.
The bond market, meanwhile, isn’t pushing the idea that rates are going to go up anymore, according to Chris Iggo, chief investment officer at AXA Investment Managers.
“Further increases are priced in, but the Fed seems to be okay with the market’s belief that rates will go to 5%,” he said. “I think we’re close to the Fed pausing on interest rates, although they are not going to admit that until they actually do it.”
Despite Tuesday’s rally, China’s Covid control restrictions are still weighing on investors.
Shutdowns can have a negative impact on supply-chain dynamics and possibly exacerbate inflation issues across economies.
These restrictions now impact a fifth of China’s economy.
Chinese stocks listed in the US fell on Tuesday.
The OECD said the world’s central banks must continue to raise interest rates to fight soaring and pervasive inflation, even as the global economy sinks into a significant slowdown.
The unexpected surge in prices and its impact on real incomes is hurting people everywhere, creating problems that will only worsen if policy makers fail to act, the Paris-based organization said.
Key events this week:
* S&P Global PMIs: US, Euro area, UK, Wednesday
* US MBA mortgage applications, durable goods, initial jobless claims, University of Michigan sentiment, new home sales, Wednesday
* Minutes of the Federal Reserve’s Nov. 1-2 meeting, Wednesday
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.6% to $1.0300
* The British pound rose 0.6% to $1.1889
* The Japanese yen rose 0.6% to 141.24 per dollar
Cryptocurrencies
* Bitcoin rose 3.1% to $16,116.23
* Ether rose 3% to $1,126.48
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.76%
* Germany’s 10-year yield declined two basis points to 1.98%
* Britain’s 10-year yield declined five basis points to 3.14%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.14 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Felice Maranz, Vildana Hajric, John Viljoen and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The great enemy of the truth is very often not the lie – deliberate, contrived and dishonest, but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought. –John F. Kennedy, 1917-1963.

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.
November 21, 1986: Mike Tyson becomes the youngest heavyweight champion in boxing history with a 2^nd round knockout of Trevor Berbick.  At just 20 years old, he was 2 years younger than when Muhammad Ali won the title in1963.
November 21, 2010:  Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks.  Go to article »
1783: Man’s first flight in a balloon.

Voltaire, philosopher, b. 1694.
Henry Purcell, composer, d.1695.

Who was the world’s first author?  The oldest known writing dates back more than 5,000 years to ancient Mesopotamia, in what is now mostly present-day Iraq.
But who was the first author known by name?  Full Story: Live Science (11/21)

4.6 billion-year-old meteorite may reveal the origin of Earth’s water:  An ancient meteorite that crash-landed on a U.K. driveway may have solved the mystery of where Earth’s water came from.
The 4.6 billion-year-old space rock, which landed in front of a family home in the English town of Winchcombe in February 2021, contains water that closely resembles the chemical composition of water found on Earth — presenting a possible explanation for how our planet was seeded with the life-giving substance.  Full Story: Live Science (11/18)

Here’s who won at last night’s American Music Awards:  Beyoncé and Taylor cleaned up YET AGAIN.

PHOTOS OF THE DAY

Jukkasjarvi, Sweden
The northern lights illuminate the sky
Photograph: Jonathan Nackstrand/AFP/Getty Images

Villarrica, Chile
The Villarrica volcano erupts
Photograph: Reuters

Shanghai, China
A shipwreck dating back to the reign of the Qing dynasty’s Emperor Tongzhi (1862-1875) is lifted out of the water
Photograph: Xinhua/REX/Shutterstock
Market Closes for November 21st, 2022

Market Index	Close	Change
Dow Jones	33700.28	-45.41
		-0.13%
S&P 500	3949.94	-15.40
		-0.39%
NASDAQ	11024.51	-121.55
		-1.09%
TSX	19977.13	-3.78
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	27944.79	+45.02
		+0.16%
HANG SENG	17655.91	-336.63
		-1.87%
SENSEX	61144.84	-518.64
		-0.84%
FTSE 100*	7376.85	-8.67
		-0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.082		3.120
CND. 30 Year Bond		3.140		3.210
U.S.    10 Year Bond		3.8269		3.8214
U.S. 30 Year Bond		3.9004		3.9189

Currencies

BOC Close	Today	Previous
Canadian $	0.7433	0.7470
US $	1.3454	1.3387
Euro Rate 1 Euro=		Inverse
Canadian $	1.3842	0.7224
US  $	1.0242	0.9764

Commodities

Gold	Close	Previous
London Gold Fix	1751.60	1758.60
Oil
WTI Crude Future	79.73	80.08

Market Commentary:
On this day in 1995, the Dow Jones Industrial Average broke through the 5000 barrier for the first time, just nine months after first closing above 4000.  Never before had a market milestone fallen so quickly, and even bullish analysts were astonished at the speed of the market’s rise
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,977.13 in Toronto.
The move follows the previous session’s increase of 0.5%.
Shopify Inc. contributed the most to the index decline, decreasing 3.4%.
Bausch Health Cos. had the largest drop, falling 7.7%.
Today, 119 of 236 shares fell, while 114 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 5.9%, heading for the worst year since 2018
* This month, the index rose 2.8%
* The index declined 7.3% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.1% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 5.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 17.24% compared with 18.56% in the previous session and the average of 21.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -29.4806| -0.8| 2/36
Information Technology | -14.0878| -1.3| 4/10
Materials | -3.9414| -0.2| 25/24
Health Care | -2.2774| -2.7| 2/5
Communication Services | -0.7232| -0.1| 4/3
Utilities | 0.3173| 0.0| 8/8
Real Estate | 2.4394| 0.5| 14/8
Consumer Discretionary | 5.8154| 0.8| 6/8
Consumer Staples | 7.2817| 0.9| 11/0
Financials | 9.8916| 0.2| 17/11
Industrials | 20.9858| 0.8| 21/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -13.5600| -3.4| -21.8| -72.8
Cenovus Energy | -5.5520| -2.1| 36.7| 71.9
Bank of Montreal | -5.4800| -0.9| -39.6| -3.7
Restaurant Brands | 4.8460| 2.6| 38.1| 19.5
Canadian Pacific | 8.7710| 1.3| -3.2| 17.0
Bank of Nova Scotia| 9.4450| 1.7| -11.3| -21.6
US
By Peyton Forte and Emily Graffeo
(Bloomberg) — US stocks dropped as investors parsed comments from Federal Reserve officials who broadly remained steadfast in their fight against inflation.
Mounting concerns that China may tighten Covid curbs after a string of reported deaths also continued to weigh on investors.
Technology stocks, which are typically more sensitive to interest rates, dragged the S&P 500 lower.
The Nasdaq 100 ended the day down 1.1%.
Oil emerged from a volatile session largely unchanged after Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month.
The dollar climbed for a third day as investors sought haven assets.
Treasuries were mixed.
Investors are closely watching what Fed speakers say about the outlook for interest rates.
While several central bank officials in recent days have restated their intention to remain relentless until inflation is under control, they differ on how far they’ll go.
On Monday, San Francisco Fed President Mary Daly said that officials will need to be mindful of the lags with which monetary policy is transmitted through the economy as they raise rates further.
Her Cleveland counterpart Loretta Mester said she’s open to slowing the tempo of rate hikes.
“This shouldn’t be regarded as a pivot or anything new,” said Michael Contopoulos, director of fixed income at Richard Bernstein Advisors. “A real pivot is when the Fed starts to cut rates and/or pause quantitative tightening. That is nowhere in sight.”
Atlanta Fed President Raphael Bostic, meanwhile, has said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes, to try to ensure the economy has a soft landing.
Boston Fed President Susan Collins has reiterated her view that options are open for the size of the December interest-rate increase, including the possibility of a 75 basis-point move.
Traders this week will also be looking to minutes of the most recent Fed policy meeting for further clues on the central bank’s path ahead.
“For the Fed right now, if we do get some slowing in inflation — which it seems like we might — but you’re not seeing it in the slowing of service inflation, that’s related to a tight labor market,” Veronica Clark, economist at Citigroup,
said on Bloomberg Television. “You do need to see that loosening in the labor market data.”
Meanwhile, China saw its first Covid-related death in almost six months on Saturday and another two were reported on Sunday.
Worsening outbreaks across the nation are stoking concerns that authorities may again resort to harsh restrictions.
Shutdowns could have a negative impact on supply-chain dynamics and possibly exacerbate inflation issues across economies. 
Key events this week:
* US Richmond Fed manufacturing index, Tuesday
* OECD releases Economic Outlook, Tuesday
* Fed’s Loretta Mester and James Bullard speak, Tuesday
* S&P Global PMIs: US, Euro area, UK, Wednesday
* US MBA mortgage applications, durable goods, initial jobless claims, University of Michigan sentiment, new home sales, Wednesday
* Minutes of the Federal Reserve’s Nov. 1-2 meeting, Wednesday
* ECB publishes account of its October policy meeting, Thursday
* US stock and bond markets are closed for the Thanksgiving holiday, Thursday
* US stock and bond markets close early, Friday

Some of the main moves in markets :
Stocks
* The S&P 500 fell 0.4% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.8% to $1.0239
* The British pound fell 0.6% to $1.1818
* The Japanese yen fell 1.2% to 142.11 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $15,800.01
* Ether fell 3.2% to $1,104.71
Bonds
* The yield on 10-year Treasuries was little changed at 3.83%
* Germany’s 10-year yield declined two basis points to 1.99%
* Britain’s 10-year yield declined five basis points to 3.19%
Commodities
* West Texas Intermediate crude fell 0.4% to $79.73 a barrel
* Gold futures fell 0.8% to $1,755.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Far more crucial than what we know or do not know is what we do to want to know. –Eric Hoffer, 1902-1983.

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.

November 18, 1883: The United States and Canada adopted a system of standard time zones, Eastern, Central, Mountain, and Pacific, replacing over 100 previous time zones.  Go to article »
Mickey Mouse, b. 1928.

Webb telescope finds two of the most distant galaxies ever observed.  Prepare to be amazed. Take a look at one of the earliest galaxies formed after the big bang, about 350 million years after the universe began.

Logic-defying ‘bottom blooms’ could sustain hidden ecosystems in Arctic and Antarctica: Logic-defying phytoplankton blooms have been discovered lurking beneath the ocean’s surface in both of Earth’s polar regions, two unrelated new studies have revealed.
The highly unlikely “bottom blooms,” which grow near the seafloor in the Arctic and below sea ice in Antarctica, could support hidden ecosystems that scientists know nothing about.  Full Story: Live Science (11/17)

PHOTOS OF THE DAY

Le Gosier, Guadeloupe
A man rides a fly board off the French overseas island of Guadeloupe, in the Caribbean
Photograph: Loïc Venance/AFP/Getty Images

San Antonio de Areco, Argentina
A girl rides a horse during the 83rd Tradition Festival. The celebration aims to preserve gaucho traditions. A gaucho is described as a countryman, nomadic horseman and cowboy of the Argentine Pampas.
Photograph: Natacha Pisarenko/AP

A gopher tortoise crosses the road near Nasa’s next-generation moon rocket at Cape Canaveral, Florida, US.
Photograph: Steve Nesius/Reuters
Market Closes for November 18^th, 2022

Market Index	Close	Change
Dow Jones	33745.69	+199.37
		+0.59%
S&P 500	3965.34	+18.78
		+0.48%
NASDAQ	11146.06	+1.10
		+0.01%
TSX	19980.91	+96.33
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	27899.77	-30.80
		-0.11%
HANG SENG	17992.54	-53.12
		-0.29%
SENSEX	61663.48	-87.12
		-0.14%
FTSE 100*	7385.52	+38.98
		+0.53%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.120		3.108
CND. 30 Year Bond		3.210		3.190
U.S.    10 Year Bond		3.8214		3.7657
U.S. 30 Year Bond		3.9189		3.8760

Currencies

BOC Close	Today	Previous
Canadian $	0.7470	0.7502
US $	1.3387	1.3329
Euro Rate 1 Euro=		Inverse
Canadian $	1.3842	0.7224
US  $	1.0340	0.9671

Commodities

Gold	Close	Previous
London Gold Fix	1758.60	1773.00
Oil
WTI Crude Future	80.08	81.64

Market Commentary:
⏰ On this day in 1883, spurred by the American Railway Association, the U.S. divided into four simple time zones, replacing the old “system” in which each state had dozens of mini-zones where time differed by a few minutes from the next.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 19,980.91 in Toronto.
The move follows the previous session’s decrease of 0.4%.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 1.5%. Cronos Group Inc. had the largest increase, rising 6.6%.
Today, 155 of 236 shares rose, while 75 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 5.9%, heading for the worst year since 2018
* So far this week, the index fell 0.6%, heading for the biggest decline since the week ended Oct. 14
* The index declined 7.7% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 18.56% compared with 19.83% in the previous session and the average of 21.92% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 29.4846| 0.5| 19/10
Industrials | 29.3767| 1.1| 19/8
Materials | 16.4885| 0.7| 35/15
Communication Services | 13.7390| 1.4| 6/1
Consumer Discretionary | 8.1066| 1.1| 13/1
Utilities | 6.3463| 0.7| 10/6
Energy | 2.6237| 0.1| 23/11
Real Estate | 2.0936| 0.4| 16/6
Consumer Staples | -0.7604| -0.1| 6/5
Health Care | -1.7549| -2.0| 3/3
Information Technology | -9.4221| -0.9| 5/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific | 9.7310| 1.5| -25.2| 15.5
BCE | 8.8520| 2.3| 105.5| -3.7
TD Bank | 8.5830| 0.8| -1.1| -7.8
Nutrien | -3.7470| -1.0| -16.8| 9.5
Suncor Energy | -6.4610| -1.4| 9.5| 50.6
Shopify | -10.1300| -2.5| 15.4| -71.9
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US stocks ended with a slight gain Friday after shrugging off Federal Reserve warnings that there was more policy tightening to come.
Oil futures fell on signs that the market is currently awash in supply.
The S&P 500 Index added 0.5% Friday to finish the week down 0.7% and the Nasdaq 100 fell 1.2% in the five-day period.
Trading volumes was muted throughout Friday’s $2.1 trillion options expiration, normally a day when volatility spikes as traders and dealers rebalance their big exposures.
Treasury yields rose again after hawkish comments Thursday from St. Louis Fed President James Bullard, who said interest rates needed to rise at least to 5%-5.25% to curb inflation.
Also on Thursday, Minneapolis Fed President Neel Kashkari said it was an “open question” how far the central bank has to go with rates to bring demand back into balance.
Relentlessly rising interest rates are already weighing on global demand.
Growth-sensitive copper and oil prices were set for weekly losses on concerns about a worsening outlook.
US crude futures signaled an oversupply for the first time in almost a year.
Higher mortgage rates sent sales of previously owned US homes down for a record ninth straight month in October.
Yet some equity investors said hawkish Fed commentary did not necessarily mean rates would peak at levels higher than previously thought.
And traders continued to bet that the Fed will reverse course and begin cutting rates in the later part of 2023.
“The Fed’s steady drumbeat that the campaign to curtail inflation isn’t finished hasn’t fallen on the market’s collective deaf ears,” Quincy Krosby, chief global strategist at LPL Financial, wrote.
“Rather the growing evidence that inflation has plateaued has traders and investors alike poised to take advantage of the Fed’s step down to 50 basis points on December 14.”
Despite somber Fed comments and continued turmoil in the cryptocurrency world, the S&P 500 was headed toward a loss of less than 1% on the week.
“This week’s somewhat tight range might merely be a ‘breather’ that helps the market digest its recent gains before it heads higher,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote. “Besides, Thanksgiving week tends to be a good one for the stock market.”
Chris Harvey of Wells Fargo expects the market to bounce around the 3,950 level until mid-December, when the next inflation print and Fed decision will provide traders with more clarity.
But after that, the market trend will become “a ‘coin toss,’ with increasing evidence of an impending recession,” his  team wrote in a note.
Hong Kong’s benchmark Hang Seng Index enjoyed a third straight week of gains, thanks to China’s steps to support the property sector and ease Covid restrictions.
European stocks climbed on optimism over both China and bets that central banks will slow their rate hikes. 
Stocks
* The S&P 500 rose 0.5% as of 4:03 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.6%, more than any closing gain since Nov. 10
* The MSCI World index fell 0.6% to the lowest since Nov. 10
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to the highest since Nov. 10
* The euro slipped 0.4%, more than any closing loss since Nov. 9
* The British pound rose 0.1% to $1.1881
* The Japanese yen fell 0.1% to 140.41 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $16,630.65
* Ether rose 0.3% to $1,209.61
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.82%
* Germany’s 10-year yield was little changed at 2.01%
* Britain’s 10-year yield advanced four basis points to 3.24%
Commodities
* West Texas Intermediate crude fell 1.5% to $80.38 a barrel
* Gold futures fell 0.7% to $1,765.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It’s no use for a man to hold himself too grand or too low, ‘cause the wheel of fortune
was always correcting itself one way or t’other.  And whichever way it was, a man could always
count on one thing for sure: It wouldn’t last long. -Harry Combs, 1913-2003.

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.

On Nov. 17, 1973, President Nixon told an Associated Press managing editors meeting in Orlando, Fla., that “people have got to know whether or not their president is a crook. Well, I’m not a crook.”  Go to article »

The Leonid meteor shower peaks this week. Here’s how to watch:  The annual Leonid meteor shower will peak this week as Earth passes through the trail of icy, rocky debris left behind nearly 30 years ago by the comet Tempel-Tuttle.
On Thursday (Nov. 17) around 7 p.m. EST, Earth will swoop near a particularly dense patch of debris, resulting in sightings of about 15 meteors per hour, according to Live Science’s sister site Space.com. Skywatchers in Europe and western Asia will have the best view, while observers in North America will have to wait until after midnight for their best look at the shower.  Full Story: Live Science (11/16)

Scientists solved a 500-million-year-old mystery about strange Cambrian structures found in China: Over 500 million years ago, sea-dwelling invertebrates pioneered a new evolutionary experiment: skeletons. But while those durable, tubelike structures stood the test of time as fossils, the animals’ soft bodies decayed and vanished, erasing all evidence of what these ancient animals may have looked like.
Now, a recent re-examination of those ancient skeletal tubes has finally unveiled the identity of one of these mysterious organisms.  Full Story: Live Science (11/17)

‘Most Cringiest Thing’: Daniel Craig dances in new ad:  The man we know as James Bond ditched his dapper suits to perform a hilarious dance number in a vodka ad. Watch the video here.

Andy Warhol artwork sells for ‘monumental’ $85.4 million.  Warhol may be best known for his pop art prints of Marilyn Monroe and Campbell’s soup cans, but this piece just joined the most valuable post-war works ever to sell at auction.

Porsche debuts a modern, $220,000 off-road 911 

Every apple, rated.

PHOTOS OF THE DAY

Battle, UK
Battle Abbey in Sussex is bathed in colourful illuminations as visitors are offered the opportunity to experience the site after dark through a series of tableaux featuring light, sound and performers
Photograph: Jim Holden/English Heritage

Villarrica, Chile
An active Villarrica volcano during the night
Photograph: Reuters

Oakland, US
Some of the 100-plus animal lanterns on display during the zoo’s Glowfari festival. The real animal exhibits are closed during the festival
Photograph: Anadolu Agency/Getty
Market Closes for November 17^th, 2022

Market Index	Close	Change
Dow Jones	33546.32	-7.51
		-0.02%
S&P 500	3946.56	-12.23
		-0.31%
NASDAQ	11144.96	-38.70
		-0.35%
TSX	19884.58	-73.38
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	27930.57	-97.73
		-0.35%
HANG SENG	18045.66	-210.82
		-1.15%
SENSEX	61750.60	-230.12
		-0.37%
FTSE 100*	7346.54	-4.65
		-0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.108		3.059
CND. 30 Year Bond		3.190		3.141
U.S.    10 Year Bond		3.7657		3.6899
U.S. 30 Year Bond		3.8760		3.8421

Currencies

BOC Close	Today	Previous
Canadian $	0.7502	0.7504
US $	1.3329	1.3326
Euro Rate 1 Euro=		Inverse
Canadian $	1.3813	0.7240
US  $	1.0365	0.9648

Commodities

Gold	Close	Previous
London Gold Fix	1773.00	1771.35
Oil
WTI Crude Future	81.64	85.59

Market Commentary:
Only when the tide goes out do you discover who’s been swimming naked. –Warren Buffett.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second  day, dropping 0.4%, or 73.38 to 19,884.58 in Toronto.
The index dropped to the lowest closing level since Nov. 9.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 1.9%. Equinox Gold Corp. had the largest drop, falling 9.2%.
Today, 164 of 236 shares fell, while 70 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index fell 6.3%, heading for the worst year since 2018
* So far this week, the index fell 1.1%, heading for the biggest decline since the week ended Oct. 14
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.5% below its 52-week high on April 5, 2022 and 11.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.5% in the past 5 days and rose 6.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 12.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 19.83% compared with 20.28% in the previous session and the average of 22.13% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -28.5600| -1.2| 8/43
Energy | -21.2874| -0.6| 11/26
Information Technology | -20.7290| -1.8| 2/12
Utilities | -10.9377| -1.2| 3/13
Real Estate | -2.7018| -0.5| 4/18
Communication Services | -0.0641| 0.0| 3/4
Industrials | 0.7987| 0.0| 11/16
Health Care | 1.2677| 1.5| 3/4
Financials | 2.4002| 0.0| 14/14
Consumer Discretionary | 2.7900| 0.4| 4/10
Consumer Staples | 3.6362| 0.4| 7/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Asset Management | -11.4100| -1.9| 28.3| -21.6
Shopify | -8.8220| -2.1| -28.5| -71.1
Canadian Natural Resources | -6.8080| -1.1| 64.8| 52.9
TD Bank | 7.4640| 0.7| -15.5| -8.5
RBC | 7.6810| 0.6| -19.1| -1.4
Restaurant Brands | 7.8600| 4.4| 69.9| 15.6
US
By Isabelle Lee
(Bloomberg) — US stocks and Treasuries slumped as Federal Reserve officials hammered home their resolve to remain persistent in their fight against inflation and warned of more pain to come.
The S&P 500 and the tech-heavy Nasdaq 100 declined for the second straight session.
Commodities from oil to copper fell while the dollar snapped a two-day drop.
US 10-year Treasury yields climbed after St. Louis Fed President James Bullard said policy makers should increase interest rates to at least 5% to 5.25% to curb inflation.
He also warned of further financial stress ahead.
With inflation only starting to ease and a gauge of US retail sales increasing at the fastest pace in eight months, Fed speakers in recent days have emphasized that they need to go further to extinguish prices pressures.
Bullard’s comments came a day after San Francisco Fed President Mary Daly said a pause in rate hikes was “off the table.”
Their hawkish tone was echoed by Minneapolis Fed President Neel Kashkari on Thursday afternoon.
“The takeaway is that the Fed is following the same playbook they have now for a long time,” said Johan Grahn, head of ETFs at Allianz Investment Management.
Fed Chair Jerome Powell persistently reiterates his hawkish stance to keep markets at bay, so the rally after softer inflation data was not what central bank officials wanted to see, he said.
“It’s a game of chicken between basically the economy, the markets and the Fed right now,” Grahn said. “And most people, I think, would be wise to believe that the Fed might win in the end.”
On Thursday, fresh data showing weekly jobless claims came in below the forecast further underscored the strength of the labor market.
US mortgage rates posting their biggest weekly decline since 1981 briefly improved sentiment, even though Freddie Mac’s chief economist said there’s a long road ahead for the housing market.
A handful of earnings reports trickled in after markets closed on Thursday. Applied Materials Inc., the biggest maker of chip-manufacturing equipment, gave a better-than-feared sales forecast for the current period.
Gap Inc., meanwhile, jumped after its quarterly sales and profit surpassed Wall Street’s estimates.
Meanwhile, European Central Bank policy makers are said to be mulling a smaller 50 basis-point rate hike next month, signaling their concern for the economy and pushing the euro lower.
The pound dropped after Chancellor Jeremy Hunt outlined a £55 billion ($65 billion) package of tax rises and spending cuts even as the economy slid into recession. Gilt yields rose.
Key events this week:
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.3% to $1.0368
* The British pound fell 0.4% to $1.1863
* The Japanese yen fell 0.5% to 140.19 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $16,682.04
* Ether fell 0.4% to $1,200.56
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.77%
* Germany’s 10-year yield advanced two basis points to 2.02%
* Britain’s 10-year yield advanced five basis points to 3.20%
Commodities
* West Texas Intermediate crude fell 4.3% to $81.95 a barrel
* Gold futures fell 0.7% to $1,763.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte and Vildana Hajric.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

It takes courage to live— courage and strength and hope and humor. And courage and strength and hope and humor
have to be bought and paid for with pain and work and prayers and tears. -Jerome P. Fleishman, 1922-2007.

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