Month: November 2022

Dear Friends,

Tangents:
1885: Louis Riel hanged in Manitoba; led North West Rebellion.
Rodgers and Hammerstein’s musical The Sound Of Music opened on Broadway on this day in 1959.
November 16, 1988: Benazir Bhutto is elected prime minister of Pakistan and becomes the first woman in modern history to lead a Muslim country.
1973: Skylab 4, with three astronauts on board, was launched from Cape Canaveral, Fla., on an 84-day mission.  Go to article »

Americans are using European ancestry to get European passports.

An ancient bronze hand could unlock the mystery of the Basque language.

To the moon! NASA launches Artemis 1, the most powerful rocket ever built:  After months of delay, the most powerful space rocket ever built has blasted off from its Florida launchpad, embarking on the first of two test journeys preceding the mission that will return humans to the moon for the first time since 1972.   The $20 billion Artemis 1 rocket — made up of the six-person Orion capsule perched atop the 30-story Space Launch System (SLS) “mega moon rocket” — fired 8.8 million pounds (3.9 million kilograms) of thrust to lift off at 1:47 a.m. ET Wednesday (Nov. 16) from Launch Pad 39B at NASA’s Kennedy Space Center in Florida, embarking on a 30 day, 1.3 million mile (2.1 million kilometers) maiden voyage to the moon and back.  Full Story: Live Science (11/16)

Hundreds of mummies and pyramid of an unknown queen unearthed near King Tut’s tomb: Just a stone’s throw from King Tut’s tomb, archaeologists have unearthed the pyramid of a never-before known ancient Egyptian queen; a cache of coffins, mummies and artifacts; and a series of interconnected tunnels.  For the past two years, archaeologists have been working at Saqqara, an archaeological site in Giza, about 20 miles (32 kilometers) south of Cairo. Recently, they discovered a trove of coffins and mummies, which may belong to some of King Tut’s closest generals and advisors during his reign (1333 B.C. until his death in 1323 B.C.).  Full Story: Live Science (11/16)

Stunning video captures a virus on the verge of breaking into a cell:  The eerily random path of a virus poised to attack has been caught on video.  Using a new microscopy technique, researchers at Duke University in Durham, North Carolina have visualized a virus bouncing around the intestinal lining, looking for entry into a cell.  Full Story: Live Science (11/15)

How The Simpsons predicted Trump would run in 2024.

PHOTOS OF THE DAY

Florida, US
Nasa’s new Artemis 1 moon rocket lifts off from the Kennedy Space Center in Cape Canaveral, as seen from Harbortown marina on Merritt Island
Photograph: Malcolm Denemark/AP

Prayagraj, India
Boatmen are silhouetted against the setting sun at the Triveni Sangam, the confluence of the Ganges, Yamuna and mythical Saraswati rivers
Photograph: Sanjay Kanojia/AFP/Getty Images

Caracas, Venezuela
The lights of homes covering a hill in the Petare neighbourhood of the city
Photograph: Matias Delacroix/AP
Market Closes for November 16^th, 2022

Market Index	Close	Change
Dow Jones	33553.83	-39.09
		-0.12%
S&P 500	3958.79	-32.94
		-0.83%
NASDAQ	11183.66	-174.75
		-1.54%
TSX	19957.96	-36.82
		-0.18%

International Markets

Market Index	Close	Change
NIKKEI	28028.30	+38.13
		+0.14%
HANG SENG	18256.48	-86.64
		-0.47%
SENSEX	61980.72	+107.73
		+0.17%
FTSE 100*	7351.19	-18.25
		-0.25%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.059		3.119
CND. 30 Year Bond		3.141		3.217
U.S.    10 Year Bond		3.6899		3.7622
U.S. 30 Year Bond		3.8421		3.9491

Currencies

BOC Close	Today	Previous
Canadian $	0.7504	0.7533
US $	1.3326	1.3276
Euro Rate 1 Euro=		Inverse
Canadian $	1.3855	0.7218
US  $	1.0396	0.9619

Commodities

Gold	Close	Previous
London Gold Fix	1771.35	1768.90
Oil
WTI Crude Future	85.59	86.92

Market Commentary:
On this day in 1999, Jay Walker, the founder of Priceline.com, bought 2.1 million shares of Priceline’s stock from Delta Air Lines (an early backer of Priceline). Delta locked in a gain of more than $120 million on shares for which it paid less than $2 million. A year later, Walker sold those shares for $8 million—losing $117 million by buying his own stock at the top and selling it at the bottom.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 19,957.96 in Toronto.
The move follows the previous session’s increase of 0.4%.
Shopify Inc. contributed the most to the index decline, decreasing 3.6%.
OceanaGold Corp. had the largest drop, falling 6.6%.
Today, 157 of 236 shares fell, while 74 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 6%, heading for the worst year since 2018
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.2% below its 52-week high on April 5, 2022 and 11.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.2% in the past 5 days and rose 8.9% 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 20.28% compared with 20.42% in the previous session and the average of 22.23% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -43.6930| -1.1| 3/34
Materials | -30.6223| -1.3| 9/40
Financials | -12.2900| -0.2| 7/22
Information Technology | -10.5102| -0.9| 6/8
Real Estate | -3.6612| -0.7| 5/17
Health Care | -1.4833| -1.7| 1/6
Communication Services | 4.1960| 0.4| 3/2
Utilities | 5.5078| 0.6| 13/3
Consumer Discretionary | 8.8606| 1.3| 7/7
Consumer Staples | 11.6368| 1.4| 8/3
Industrials | 35.2526| 1.4| 12/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -15.5200| -3.6| -5.3| -70.5
Canadian Natural Resources | -14.7000| -2.3| 66.3| 54.6
Suncor Energy | -8.3620| -1.8| 103.5| 52.6
Canadian National | 10.0900| 1.5| -7.4| 5.3
Restaurant Brands | 11.7600| 7.0| 81.5| 10.8
Canadian Pacific | 20.7400| 3.2| 43.9| 13.7
US
By Elaine Chen and Isabelle Lee
(Bloomberg) — US stocks declined after strong retail sales data and comments from at least two Federal Reserve speakers recast bets that the central bank’s policy tightening regime is nearing an end.
About 68% of S&P 500 companies ended Wednesday’s session lower.
The index fell after a report showed retail sales posted the biggest increase in eight months in October, outpacing estimates and indicating the economy can withstand additional Fed hikes.
Target Corp.’s disappointing earnings also dampened sentiment.
The tech-heavy Nasdaq 100, which is typically more sensitive to interest rates, dropped as much as 1.7%.
A closely watched part of the US yield curve is now the most inverted it has been since the early 1980s, signaling concerns that restrictive Fed policy will sap the economy.
The market pullback came after a hefty rally fueled by softer-than-expected US inflation data that fanned expectations the Fed may be able to slow its tempo of interest-rate hikes.
While a slew of Fed officials in recent days have backed these expectations, they’ve also emphasized the need to keep hiking into next year.
On Wednesday, New York Fed President John Williams bruised sentiment after he said the central bank should avoid incorporating financial stability risks into its considerations.
San Francisco Fed President Mary Daly, meanwhile, stressed that a pause is “off the table.”
Goldman Sachs Group Inc. now expects the Fed to boost its key rate to a range of 5% to 5.25%, up from the previous call of 4.75% to 5%.
“The market is just trying to grasp for news and it’s prone to overcompensate for the news, whether it’s good news or bad news,” Sandi Bragar, chief client officer at Aspiriant, said by phone. “We’re just at that point in the cycle where we think there’s still the high likelihood for potential downward trajectory of stocks as we head into 2023.”
The stronger retail numbers give the Fed more room to be aggressive, as officials have consistently communicated, Oksana Aronov, alternative fixed income head of markets strategy at JPMorgan Asset Management, said on Bloomberg TV.
The disparate economic data that has hit the markets in recent weeks complicates the central bank’s mandate, she said.
Earlier, comments from US President Joe Biden that Ukrainian air defenses, rather than by Russia, had likely caused Tuesday’s explosion in Poland soothed fears of an escalation in military conflict.
While the White House backed Poland’s call on the matter, it emphasized that Russia was ultimately to blame.
Elsewhere, European Central Bank policy makers may slow down their tempo of rate hikes, with only a 50 basis-point increase next month, according to people with knowledge of the matter.
Key events this week:
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.5% to $1.0396
* The British pound rose 0.4% to $1.1916
* The Japanese yen fell 0.1% to 139.44 per dollar
Cryptocurrencies
* Bitcoin fell 1.9% to $16,561.13
* Ether fell 2.8% to $1,211.08
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.68%
* Germany’s 10-year yield declined 11 basis points to 2.00%
* Britain’s 10-year yield declined 15 basis points to 3.15%
Commodities
* West Texas Intermediate crude fell 1.7% to $85.48 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Emily Graffeo and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Prepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable. -General George S. Patton, 1885-1945.

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

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

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

Dear Friends,

Tangents:
1965: Craig Breedlove sets a land speed record of 600.601 mph (966.574 km/h) in his car, the Spirit of America, at the Bonneville Salt Flats in Utah.
1943: Gypsies condemned by Himmler; up to 500,000 killed.
2011: Hundreds of police officers in riot gear raided the Occupy Wall Street encampment in New York City, evicting hundreds of protesters and then demolishing the tent city. Go to article »

Georgia O’Keefe, artist, b.1887.

Huzzah! The 8 billionth member of our human family was born.

Humans cooked fish 780,000 years ago.

Something is wrong with Einstein’s theory of gravity: Everything in the universe has gravity – and feels it too. Yet this most common of all fundamental forces is also the one that presents the biggest challenges to physicists.
Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets, but it doesn’t seem to apply perfectly on all scales.  Full Story: Live Science (11/15)

Scientists just found a hidden 6th mass extinction in Earth’s ancient past:  The height of the Ediacaran period, about 550 million years ago, was a boom time for life in Earth’s oceans. Petalonamids shaped like feathers sucked nutrients from the water, slug-like Kimberella grazed on microbial mats, and the ancestors of jellyfish were just beginning to make waves.  But then 80% of life on Earth disappeared, leaving no traces in the fossil record. Now, a new study suggests that these missing fossils point to the earliest known mass extinction event on Earth.  Full Story: Live Science (11/15)

Electrical zaps can ‘reawaken’ lost neural connections, helping paralyzed people walk again:  People with paralyzing spinal cord injuries can walk again with the help of medical devices that zap their nerves with electricity. But the designers of these new implants weren’t completely sure of how they restored motor function over time — now, a new study provides clues.  The new study of humans and lab mice, published Nov. 9 in the journal Nature, pinpoints a specific population of nerve cells that seems key to recovering the ability to walk after a paralyzing spinal cord injury.  Full Story: Live Science (11/15)

Black hole discovered after ripping a star to pieces: Astronomers have discovered a black hole as it spaghettified a hapless star.  The intermediate-size black hole, located 850 million light-years from Earth in the galaxy SDSS J152120.07+140410.5, snared and shredded the star after it wandered too close, sending out a powerful beam of light that astronomers used to locate it. Full Story: Live Science (11/14)

PHOTOS OF THE DAY

Barnsley, UK
A life-sized replica of the innermost coffin of King Tutankhamun by the artist Amanda Stoner goes on display inside a traditional red telephone box, as part of Barnsley Museum’s plan to showcase culture in unexpected places
Photograph: Danny Lawson/PA

Leuk, Switzerland
Old satellite dishes, which can be turned towards the sun, are lined with solar panels to generate winter power during a pioneering project in the Valais Alps
Photograph: Gabriel Monnet/EPA

North Yorkshire, UK
People enjoy a light installation over a lake at the Enchanted Forest Winter Illuminations at Stockeld Park near Wetherby
Photograph: Danny Lawson/PA
Market Closes for November 15^th, 2022

Market Index	Close	Change
Dow Jones	33592.92	+56.22
		+0.17%
S&P 500	3991.73	+34.48
		+0.87%
NASDAQ	11358.41	+162.19
		+1.45%
TSX	19994.78	+72.97
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	27990.17	+26.70
		+0.10%
HANG SENG	18343.12	+723.41
		+4.11%
SENSEX	61872.99	+248.84
		+0.40%
FTSE 100*	7369.44	-15.73
		-0.21%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.119		3.161
CND. 30 Year Bond		3.217		3.268
U.S.    10 Year Bond		3.7622		3.8686
U.S. 30 Year Bond		3.9491		4.0470

Currencies

BOC Close	Today	Previous
Canadian $	0.7533	0.7511
US $	1.3276	1.3314
Euro Rate 1 Euro=		Inverse
Canadian $	1.3736	0.7280
US  $	1.0346	0.9665

Commodities

Gold	Close	Previous
London Gold Fix	1768.90	1759.35
Oil
WTI Crude Future	86.92	85.87

Market Commentary:

On this day in 1867, the first practical stock ticker went “online,” as Thomas Edison’s improved gizmo made continuous nationwide transmission of stock prices possible for the first time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 19,994.78 in Toronto.
The move follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.2%.
West Fraser Timber Co. had the largest increase, rising 4.9%.
Today, 143 of 236 shares rose, while 93 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index fell 5.8%, heading for the worst year since 2018
* The index declined 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 16% in the same period
* The S&P/TSX Composite is 10% below its 52-week high on April 5, 2022 and 11.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.7% in the past 5 days and rose 9.1% 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$3.17t
* 30-day price volatility fell to 20.42% compared with 21.69% in the previous session and the average of 22.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 46.9266| 1.2| 34/4
Information Technology | 27.9209| 2.5| 11/3
Financials | 13.9922| 0.2| 25/4
Consumer Discretionary | 3.4483| 0.5| 9/5
Real Estate | 0.8814| 0.2| 11/11
Health Care | 0.1980| 0.2| 6/1
Consumer Staples | -0.0657| 0.0| 8/3
Industrials | -1.8229| -0.1| 17/10
Utilities | -4.8238| -0.5| 3/13
Materials | -5.0868| -0.2| 18/33
Communication Services | -8.5973| -0.9| 1/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 17.3200| 4.2| 30.5| -69.4
Canadian Natural Resources | 13.4600| 2.2| 12.0| 58.2
Suncor Energy | 9.2170| 2.0| -34.3| 55.4
Barrick Gold | -3.7790| -1.4| -35.0| -11.6
CIBC | -6.5960| -1.7| 33.8| -14.3
Canadian Pacific | -7.4900| -1.2| 11.7| 10
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks rose as fresh data added to evidence inflation may have peaked, strengthening the case for the Federal Reserve to moderate its pace of interest-rate hikes.
Treasuries also ended Tuesday higher while the dollar fell.
The S&P 500 climbed 0.9% and the tech-heavy Nasdaq 100 closed at its highest level since Sept. 19.
While equities soared for most of Tuesday’s session, it gave back some of its gains after an Associated Press report citing an unidentified US intelligence official said that Russian missiles landed in NATO-member Poland.
Commodities from oil to corn also jumped on geopolitical worries from Europe.
While Poland later said an explosion near its eastern border with Ukraine killed two people, it didn’t confirm the Associated Press report.
Markets have turned risk-on in recent days, trading off a softer-than-expected US consumer price index reading that many reckon will allow the Fed to raise rates in half-point increments.
While a slew of Fed speakers in recent days indicated that officials could slow their tempo, they also emphasized the central bank has more work to do to tame inflation.
On Tuesday, the producer price index for October came in at 8% year-on-year, undershooting the 8.3% estimate and further easing inflation concerns.
Still, some investors are not convinced the recent data will do much to move the Fed.
“Markets appear to be pricing in a best case scenario of a soft landing and falling inflation triggering a Fed pause,” Venu Krishna, head of US equity strategy at Barclays Plc. “In our view, this is not a given and remains a low probability scenario – these are just a few data points on inflation and it needs to be sustained. Even if the Fed eventually pauses, it might not be able to prevent a shallow recession.”
Key events this week:
* US business inventories, cross-border investment, retail sales, industrial production, Wednesday
* Fed’s John Williams, Lael Brainard and SEC Chair Gary Gensler speak, Wednesday
* ECB President Christine Lagarde speaks, Wednesday
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0353
* The British pound rose 0.9% to $1.1863
* The Japanese yen rose 0.5% to 139.21 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $16,816.92
* Ether rose 2.1% to $1,251.32
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.78%
* Germany’s 10-year yield declined four basis points to 2.11%
* Britain’s 10-year yield declined seven basis points to 3.29%
Commodities
* West Texas Intermediate crude rose 0.9% to $86.67 a barrel
* Gold futures rose 0.3% to $1,782.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Natalia Kniazhevich.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

In Greece, there was always the concept that every right also had an obligation or a duty. -Dr. Rufus J. Fears, 1945-2012.

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 14, 1666: First blood transfusion.
King Charles, current British Monarch, b. 1948.
Claude Monet, artist, b. 1840
On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16.  Go to article »

Banksy unveils mural in Ukrainian town liberated from Russians.  People speculated that the mysterious street artist was in Ukraine. His mural in a liberated town confirms it.

Dolly Parton receives $100 million award from Jeff Bezos.  The country music legend received a massive grant from Bezos and his long time partner.

Long-lost wreckage from the Challenger spacecraft discovered near Bermuda Triangle: NASA has confirmed that debris found on the ocean floor off Florida’s Atlantic coast comes from the fallen space shuttle Challenger, which exploded on Jan. 28, 1986, killing all seven astronauts on board.  Divers discovered the 20-foot (6 meters) section of Challenger’s hull while searching for downed World War II-era aircraft as part of a History Channel documentary series, “The Bermuda Triangle: Into Cursed Waters.” Northwest of the Triangle, the filmmakers found a patch of seafloor containing modern-looking debris, partially covered in sand. Full Story: Live Science (11/11)

One of the oldest written sentences on record blasts hair and beard lice:  One of the oldest known sentences ever written was a plea against contracting lice, a new study has found.  Archaeologists made the hair-raising discovery several years after unearthing a hair comb, which they found in 2016 at an Israeli archaeological site called Tel Lachish, located south of Tel Aviv. The site was once a city inhabited by the Canaanites, who lived in what is now Syria between 3500 B.C. and 1150 B.C., during the Bronze Age. One of the oldest known sentences ever written was a plea against contracting lice, a new study has found. Full Story: Live Science (11/14)

The richest art auction season in history continues this week.
PHOTOS OF THE DAY

Gumushane, Turkey
An aerial view of forested areas with trees with yellow, brown and green-coloured leaves during the autumn season
Photograph: Hakan Burak Altunoz/Anadolu Agency/Getty Images

Prague, Czech Republic
Girls lead a gaggle of geese, backdropped by a banner against the war in Ukraine, during a St Martin’s Day procession next to the Charles Bridge in Prague. St Martin’s day marks the end of the harvest season and the start of winter.
Photograph: Vadim Ghirdă/AP

Piedmont, Italy
Flag-wavers in medieval period costume perform at a parade at the castle of Grinzane Cavour, northern Italy, during the 23rd Alba White Truffle World auction
Photograph: Vincenzo Pinto/AFP/Getty Images
Market Closes for November 14^th, 2022

Market Index	Close	Change
Dow Jones	33536.70	-211.16
		-0.63%
S&P 500	3957.53	-35.40
		-0.89%
NASDAQ	11196.22	-127.11
		-1.12%
TSX	19936.44	-175.07
		-0.87%

International Markets

Market Index	Close	Change
NIKKEI	27963.47	-300.10
		-1.06%
HANG SENG	17619.71	+294.05
		+1.70%
SENSEX	61624.15	-170.89
		-0.28%
FTSE 100*	7385.17	+67.13
		+0.92%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.161		3.145
CND. 30 Year Bond		3.268		3.265
U.S.    10 Year Bond		3.8686		3.8125
U.S. 30 Year Bond		4.0470		4.0153

Currencies

BOC Close	Today	Previous
Canadian $	0.7511	0.7545
US $	1.3314	1.3254
Euro Rate 1 Euro=		Inverse
Canadian $	1.3752	0.7272
US  $	1.0329	0.9681

Commodities

Gold	Close	Previous
London Gold Fix	1759.35	1744.75
Oil
WTI Crude Future	85.87	88.96

Market Commentary:
☕ Coffee was one of the hottest commodities earlier this year, but it has now gone cold, with prices declining more than 20% in the past month.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9% at 19,921.81 in Toronto.
The move follows the previous session’s increase of 0.6%.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 2.2%.
Algonquin Power & Utilities Corp. had the largest drop, falling 14.0%.
Today, 181 of 236 shares fell, while 50 rose; 10 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index fell 6.1%, heading for the worst year since 2018
* The index declined 8.5% in the past 52 weeks. The MSCI AC Americas Index lost 17% in the same period
* The S&P/TSX Composite is 10.3% below its 52-week high on April 5, 2022 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.9% in the past 5 days and rose 8.7% 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$3.2t
* 30-day price volatility fell to 21.69% compared with 22.32% in the previous session and the average of 22.45% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -68.4265| -1.8| 5/33
Financials | -39.0364| -0.6| 3/26
Information Technology | -23.1970| -2.0| 2/11
Utilities | -17.5100| -2.0| 2/14
Industrials | -10.9578| -0.4| 6/20
Real Estate | -10.5259| -2.1| 3/19
Consumer Discretionary | -10.0274| -1.4| 2/12
Consumer Staples | -6.4165| -0.8| 2/9
Materials | -5.9536| -0.3| 18/31
Health Care | -2.0211| -2.3| 1/5
Communication Services | 4.3857| 0.5| 6/1
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Brookfield Asset Management | -13.4700| -2.2| 63.8| -20.6
Shopify | -9.9650| -2.3| -6.6| -70.6
Canadian Natural Resources | -8.3550| -1.3| 4.9| 54.9
Ritchie Bros | 1.4270| 2.6| 26.2| -3.7
Rogers Communications| 2.2440| 1.6| 87.3| -3.0
Nutrien | 6.7160| 1.8| -25.3| 8.9
US
By Isabelle Lee
(Bloomberg) — US stocks ended a choppy session lower after two Federal Reserve officials highlighted the central bank’s resolve to be persistent until it brings inflation down meaningfully.
The S&P 500 was down 0.9%, snapping a two-day rally.
The tech-heavy Nasdaq 100 also fell. Treasury yields climbed, with the 10-year rate around 3.87%.
Fed Vice Chair Lael Brainard briefly buoyed sentiment after she said, during a Bloomberg event in Washington, that it would be appropriate “soon” for the central bank to slow its pace of interest-rate hikes.
However, she also emphasized that the Fed had “additional work to do” to bring inflation down, which kept some investors on the edge.
Brainard did not explicitly commit to a step-down to a half-point hike in December, nor did she elaborate what she meant by “soon.”
“I think Brainard’s comments underscore the uncertainty of the path forward and the data dependence of the Committee,” said Jake Schurmeier, portfolio manager at Harbor Capital Advisors.
“They don’t want a slower pace of rate hikes to be confused for less restrictive policy.”
Earlier, Fed Governor Christopher Waller’s hawkish comments wobbled markets as investors mulled whether the post-CPI euphoria was overblown.
Last week’s CPI-fueled rally, which propelled the S&P 500 to its best week since June, may be unsustainable, according to Christopher Smart, chief global strategist at Barings and head of the Barings Investment Institute.
“The bad news is that in an economic moment that remains so uncertain, the data is more likely than not to be messy and contradictory in the months ahead.
The pace of decline will be uneven,” he said. “Moreover, there’s still a long way to go to get to the Fed’s target of 2% average inflation.
That’s why Fed governors have been lining up to talk down any market euphoria that a real pivot is in sight.”
The cumulative impact of prior interest-rate hikes will also continue to weigh on economic growth and corporate profits, according to Mark Haefele, chief investment officer at UBS Global Wealth Management, who recommends that investors take a defensive position.
Meanwhile, Chinese stocks listed in the US extended their rally to a third day, after Joe Biden and Xi Jinping called for reduced tensions between the world’s two biggest economies during a meeting in Bali, Indonesia. 
Key events this week:
* Fed’s John Williams moderates panel, Monday
* China retail sales, industrial production, surveyed jobless, Tuesday
* Former US President Donald Trump plans to make an announcement, Tuesday
* US empire manufacturing, PPI, Tuesday
* US business inventories, cross-border investment, retail sales, industrial production, Wednesday
* Fed’s John Williams, Lael Brainard and SEC Chair Gary Gensler speak, Wednesday
* ECB President Christine Lagarde speaks, Wednesday
* Eurozone CPI, Thursday
* US housing starts, initial jobless claims, Thursday
* Fed’s Neel Kashkari, Loretta Mester speak, Thursday
* US Conference Board leading index, existing home sales, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $1.0333
* The British pound fell 0.6% to $1.1758
* The Japanese yen fell 0.7% to 139.74 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $16,246.64
* Ether fell 0.2% to $1,213.63
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.87%
* Germany’s 10-year yield declined one basis point to 2.15%
* Britain’s 10-year yield advanced one basis point to 3.37%
Commodities
* West Texas Intermediate crude fell 4.1% to $85.30 a barrel
* Gold futures rose 0.4% to $1,776.30 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sujata Rao, Cecile Gutscher, Brett Miller and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark. –Chinese Proverb.

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

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

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

Dear Friends,

Tangents:  Armistice Day.
On Nov. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany.  Go to article »

If people bring so much courage to the world the world has to kill them to break them, so of course it kills them.
The world breaks every one and afterward many are strong at the broken places. But those that will not break it kills.
It kills the very good and the very gentle and the very brave impartially. If you are none of these you can be sure
it will kill you too but there will be no special hurry.” ― Ernest Hemingway, A Farewell to Arms.

November 11, 1909: Construction of US Naby base begins at Pearl Harbour, Hawaii.
PHOTOS OF THE DAY

Staffordshire, UK
Lennon Sefton pays his respects after an Armistice Day service at the Armed Forces Memorial in the National Memorial Arboretum, Alrewas
Photograph: Jacob King/PA

London, UK
Chelsea pensioners and military veterans visit the Field of Remembrance at Westminster Abbey
Photograph: Henry Nicholls/Reuters

Sheffield, UK
Rev Canon Geoffrey Harbord Precentor takes a photograph of Peace Doves, a large installation created by the sculptor Peter Walker and composer David Harper on display in the cathedral
Photograph: Danny Lawson/PA
Market Closes for November 11^th, 2022

Market Index	Close	Change
Dow Jones	33747.86	+32.49
		+0.10%
S&P 500	3992.93	+36.56
		+0.92%
NASDAQ	11323.33	+209.18
		+1.88%
TSX	20111.51	+121.15
		+0.61%

International Markets

Market Index	Close	Change
NIKKEI	28263.57	+817.47
		+2.98%
HANG SENG	17325.66	+1244.62
		+7.74%
SENSEX	61795.04	1181.34
		+1.95%
FTSE 100*	7318.04	-57.30
		-0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.145		3.143
CND. 30 Year Bond		3.265		3.263
U.S.    10 Year Bond		3.8125		3.8125
U.S. 30 Year Bond		4.0153		4.0602

Currencies

BOC Close	Today	Previous
Canadian $	0.7545	0.7506
US $	1.3254	1.3322
Euro Rate 1 Euro=		Inverse
Canadian $	1.3725	0.7286
US  $	1.0355	0.9657

Commodities

Gold	Close	Previous
London Gold Fix	1744.75	1715.25
Oil
WTI Crude Future	88.96	86.47

Market Commentary:
On this day in 1929, for much of the abbreviated three-hour trading day, investors breathed a sigh of relief as the market’s recent panic seemed to lift. Up until the last hour, volume was light and stocks held steady. Then a tidal wave of selling crashed onto the floor of the New York Stock Exchange, driving the Dow Jones Industrial Average to one of its worst days ever, losing 6.8%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 121.15 to 20,111.51 in Toronto.
The index advanced to the highest closing level since Aug. 25.
Today, energy stocks led the market higher, as 8 of 11 sectors gained; 170 of 236 shares rose, while 63 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.6%. Converge Technology Solutions Corp. had the largest increase, rising 13.9%.
Insights
* This year, the index fell 5.2%, heading for the worst year since 2018
* So far this week, the index rose 3.4%, heading for the biggest advance since the week ended July 29
* The index declined 6.8% in the past 52 weeks. The MSCI AC Americas Index lost 15% in the same period
* The S&P/TSX Composite is 9.5% below its 52-week high on April 5, 2022 and 12.5% 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$3.18t
* 30-day price volatility little changed to 22.32% compared with 22.32% in the previous session and the average of 22.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 72.7100| 1.9| 37/1
Financials | 41.3962| 0.7| 23/6
Information Technology | 37.2400| 3.4| 11/3
Materials | 4.2258| 0.2| 33/16
Health Care | 3.7545| 4.4| 7/0
Consumer Discretionary | 3.3677| 0.5| 9/5
Communication Services | 1.8133| 0.2| 6/0
Real Estate | 0.0000| 3.8| 17/5
Consumer Staples | -5.3864| -0.7| 4/7
Utilities | -16.0847| -1.8| 6/10
Industrials | -29.3173| -1.1| 17/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 30.1400| 7.6| 32.7| -69.9
Brookfield Asset Management | 24.5800| 4.2| 55.3| -18.8
Enbridge | 13.2400| 1.7| -33.4| 12.3
Algonquin Power | -13.6800| -19.3| 630.3| -32.5
Nutrien | -13.8800| -3.6| -8.6| 7.0
Canadian Pacific | -14.0200| -2.1| 37.5| 11.9
US
By Stephen Kirkland and Isabelle Lee
(Bloomberg) — US stocks gained surer footing after a choppy morning session, extending a rally sparked by a slowdown in inflation.
The dollar fell, declining for a fourth week.
The S&P 500 closed near session highs in the biggest weekly gain since June.
The tech-heavy Nasdaq 100 climbed more than 1.5%, notching its best week in two years.
Cash Treasury trading is closed for Veterans Day.
Elsewhere, China easing some Covid restrictions helped underpin risk sentiment Friday, with US-listed Chinese stocks rising along with commodities from oil to soybeans to precious metals.
Meanwhile, cryptocurrencies resumed a selloff amid FTX’s deepening woes with Sam Bankman-Fried’s crypto empire filing for bankruptcy.
While that news weighed on sentiment in early trading, investors downplayed contagion risks.
“From my vantage point, the real-world impact seems somewhat limited,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors LLC. “It’s hard to imagine how it has a big impact on the overall economy. Crypto makes up a relatively small portion of financial markets, financial transaction, jobs, consumer spending, business spending, etc.”
US stocks soared the most since 2020 on Thursday after a better-than-forecast cooling in US inflation improved prospects of a dovish tilt by the Federal Reserve.
On Friday, the University of Michigan’s preliminary November survey showed US consumer inflation expectations increased in the short and long run while sentiment retreated.
Boston Fed President Susan Collins said that the risks of going too far have risen after a string of jumbo-sized rate hikes, but noted a smaller, more “deliberate” increase should not be confused with backing down from curbing price pressures.
“The moderation in the pace of inflation is a welcome development, while it is still far too early to declare the inflation threat over,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote. “We still think the Fed is likely to raise at least another 100 basis points in total before it pauses the rate hiking cycle.”
While markets reacted positively to the inflation print Thursday, Credit Suisse strategists led by Jonathan Golub said the rally was “out of sync with the size of the surprise.”
This, they note, follows a pattern of outsize responses to CPI prints, which has averaged 2.8% on the day in the past seven releases.
The dollar slumped more than 1% on Friday in the biggest weekly drop since the pandemic-fueled volatility in March 2020.
Bitcoin dropped as much as 8% to $16,376 and Ether fell as much as 9.2%.
FTX.com’s bankruptcy filing capped a swift reversal of fortune for the crypto exchange led by Bankman-Fried.
Summers Says FTX Meltdown Has ‘Whiffs’ of Enron-Like Scandal.
Pinduoduo Inc. and JD.com Inc. jumped in US trading amid growing optimism Beijing is on its way to ending the crippling Covid Zero policy.
China reduced the amount of time travelers and close contacts must spend in quarantine. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.8%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 1.3%
* The euro rose 1.4% to $1.0357
* The British pound rose 1.1% to $1.1845
* The Japanese yen rose 1.6% to 138.68 per dollar
Cryptocurrencies
* Bitcoin fell 6.7% to $16,606.42
* Ether fell 5.8% to $1,244.44
Bonds
* The yield on 10-year Treasuries was little changed at 3.81%
* Germany’s 10-year yield advanced 15 basis points to 2.16%
* Britain’s 10-year yield advanced seven basis points to 3.36%
Commodities
* West Texas Intermediate crude rose 2.9% to $88.94 a barrel
* Gold futures rose 1% to $1,770.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Georgina Mckay, Masaki Kondo, Tassia Sipahutar, Farah Elbahrawy, Srinivasan Sivabalan and Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

It could be worse,’ Passini said respectfully. “There is nothing worse than war.”
Defeat is worse.”
I do not believe it,” Passini said still respectfully. “What is defeat? You go home.”  ― Ernest Hemingway, 1899-1961, A Farewell to Arms.

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.

November 10, 1801: US State Kentucky Outlaws dueling.  The last recorded duel took place in France in 1967.
1871: Stanley finds Livingstone.
November 10, 1951: Direct-dial, coast-to-coast telephone service began with a call between the mayors of Englewood, N.J., and Alameda, Calif. Go to article »
Also on this day in 1951: Area codes introduced.
1983: Microsoft releases Windows.

Heat shield that could land humans on Mars is heading to space today.  NASA said this inflatable heat shield will hitch a ride to space today in the hope that it could eventually assist with human travel to other planets.

PHOTOS OF THE DAY

Draw-dropping
Art imitating life in Richmond Park, London.
Photograph: Martin Long

Fantastic foliage
‘These leaves came from a smoke bush in my garden – all 100% natural colours. This year’s display is especially eye popping.’
Photograph: Giselle Dye

London, UK
Shoppers traverse Regent Street as the Spirit of Christmas festive lights are switched on
Photograph: Anadolu Agency/Getty Images
Market Closes for November 10^th, 2022

Market Index	Close	Change
Dow Jones	33715.37	+1201.43
		+3.70%
S&P 500	3956.37	+207.80
		+5.54%
NASDAQ	11114.15	+760.98
		+7.35%
TSX	19990.36	+646.11
		+3.34%

International Markets

Market Index	Close	Change
NIKKEI	27446.10	-270.33
		-0.98%
HANG SENG	16081.04	-277.48
		-1.70%
SENSEX	60613.70	-419.85
		-0.69%
FTSE 100*	7375.34	+79.09
		+1.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.143		3.396
CND. 30 Year Bond		3.263		3.468
U.S.    10 Year Bond		3.8125		4.0986
U.S. 30 Year Bond		4.0602		4.2761

Currencies

BOC Close	Today	Previous
Canadian $	0.7506	0.7390
US $	1.3322	1.3531
Euro Rate 1 Euro=		Inverse
Canadian $	1.3591	0.7358
US  $	1.0202	0.9802

Commodities

Gold	Close	Previous
London Gold Fix	1715.25	1678.65
Oil
WTI Crude Future	86.47	85.83

Market Commentary:
On this day in 1494, the first edition of Luca Pacioli’s Summa de Arithmetica, Geometria, Proportioni et Proportionalita was printed in Venice. Corporate balance sheets and income statements can trace their heritage to this day, as the book contained 36 brief chapters on accounting and, for the first time, popularized the concept of double-entry bookkeeping (which offsets assets against liabilities and revenues against expenses).
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 3.3% at 19,990.36 in Toronto.
The move was the biggest since rising 5.1% on April 6, 2020 and follows the previous session’s decrease of 1.6%.
Today, financials stocks led the market higher, as all sectors gained; 217 of 236 shares rose, while 18 fell.
Shopify Inc. contributed the most to the index gain, increasing 16.5%.
CAE Inc. had the largest increase, rising 18.2%.
Insights
* This year, the index fell 5.8%, heading for the worst year since 2018
* So far this week, the index rose 2.8%
* The index declined 6.9% in the past 52 weeks. The MSCI AC Americas Index lost 16% 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
* The S&P/TSX Composite is up 3.9% in the past 5 days and rose 7.6% 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 12.5 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$3.08t
* 30-day price volatility rose to 22.32% compared with 20.64% in the previous session and the average of 22.48% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 200.4217| 3.4| 27/2
Materials | 115.1169| 5.2| 49/1
Energy | 90.3662| 2.5| 36/2
Information Technology | 90.0558| 9.0| 13/1
Industrials | 57.8609| 2.3| 22/5
Utilities | 24.1812| 2.7| 14/2
Consumer Discretionary | 20.0173| 2.9| 13/1
Real Estate | 18.4951| 3.8| 21/1
Consumer Staples | 12.4454| 1.5| 10/1
Communication Services | 11.4456| 1.2| 6/1
Health Care | 5.6973| 7.2| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 56.2000| 16.5| 32.1| -72.1
Brookfield Asset Management | 46.2100| 8.6| 49.4| -22.0
RBC | 29.0000| 2.4| -21.8| -2.5
Loblaw | -1.0280| -0.9| 106.8| 8.0
Canadian Tire | -1.3540| -2.4| 289.2| -19.4
Vermilion Energy | -2.6850| -8.0| 565.7| 71.4
US
By Stephen Kirkland
(Bloomberg) — Stocks surged in a buy-everything relief rally after slower-than-projected price growth spurred bets the Federal Reserve can downshift its aggressive rate-hike path.
The S&P 500 climbed 5.5% for the best first-day reaction to a CPI report since at least 2003 when records began.
About 96% of stocks in the benchmark were in the green, the broadest advance since Oct. 4, according to Bloomberg data.
The rally caught short-sellers wrong-footed, helping spur the outsized gains.
Crypto markets stabilized despite the turmoil surrounding crypto exchange FTX.
Headline inflation came in at 7.7%, the lowest since January, before Russia’s war in Ukraine pushed up commodity prices.
More important for the Fed, the core measure that excludes food and energy slowed more than anticipated.
Thursday’s intense rally only partially clawed back steep losses this year for risk assets hammered by Fed’s tightening.
The S&P 500 is still down 17% in 2022 and the Nasdaq 100 is off nearly 30%, with both headed for their worst years since 2008.
Treasuries soared, sending the rate on two-year notes, more sensitive to monetary policy, down 28 basis points.
Rates traders downgraded the odds of another three-quarter-point rate increase in December almost to nil, while continuing to price in a half-point hike.
The Bloomberg dollar index sank 2%, the biggest drop for records dating back to 2005.
“The first downside surprise in inflation in several months will inevitably be received by an equity market ovation,” Seema Shah, chief global strategist at Principal Asset Management, wrote.
“A 0.5% hike, rather than 0.75%, in December is clearly on the cards but, until we have had a run of these types of CPI reports, a pause is still some way out.”
Fed officials appeared to back a downshift in rate hikes after a stretch of four jumbo-sized increases.
They also stressed the need for policy to remain tight.
Dallas Fed President Lorie Logan said it may soon be appropriate to slow the pace to better assess economic conditions.
San Francisco’s Mary Daly said the moderation was “good news,” but noted “pausing is not the discussion, the discussion is stepping down.”
Swaps markets pulled back bets on a peak rate to slightly less than 4.9% in the first half of next year, from more 5% before the CPI data.
Market reaction to CPI report Rick Rieder, chief investment officer of global fixed income at BlackRock Financial Management Inc.:
“Today’s CPI report showed some moderate improvement as some of the previously elevated excessively high inflation-drivers, such as used cars, started to decline at a faster pace.”
Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management:
“We are preparing for an environment where interest rates remain higher for longer. Investors should be more concerned with the effect that rising rates into a decelerating economy has on their portfolio values rather than the current level of inflation.”
Max Gokhman, chief investment officer for AlphaTrAI:
“We expected that there would be deceleration of core goods prices, but seeing services slump too was a bigger bonus than any banker will get this year. That said, this won’t budge the Fed to rethink a 50bp hike in December, so traders curb their initial enthusiasm.”
Ipek Ozkardeskaya, senior analyst at Swissquote Bank:
“Hallelujah! We finally saw a strong beat in terms of inflation in the US. Both the headline and the core figures came lower than expected. And that helped softening the hawkish Fed expectations, pull the US dollar and the yields lower. The soft inflation has been a puff of fresh air for the entire market.”
Guillermo Hernandez Sampere, head of trading at asset manager MPPM GmbH:
“Pivot Party to start right now, short squeeze will ignite the rally. If the remaining cash comes to work we’ve seen the lows for a while.”
James Athey, investment director at Aberdeen Asset Management:
“Equities will love this and are likely to pick up the baton and keep running. Of course that may make the Fed uncomfortable at this early stage in the disinflation process and so watch out for Fedspeak if equities get too frothy.”
Key events this week:
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 5.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 7.5%
* The Dow Jones Industrial Average rose 3.7%
* The MSCI World index rose 4.5%
Currencies
* The Bloomberg Dollar Spot Index fell 2%
* The euro rose 1.8% to $1.0196
* The British pound rose 3.1% to $1.1713
* The Japanese yen rose 3.6% to 141.26 per dollar
Cryptocurrencies
* Bitcoin rose 15% to $18,080.76
* Ether rose 21% to $1,336.02
Bonds
* The yield on 10-year Treasuries declined 27 basis points to 3.82%
* Germany’s 10-year yield declined 16 basis points to 2.01%
* Britain’s 10-year yield declined 16 basis points to 3.29%
Commodities
* West Texas Intermediate crude rose 0.5% to $86.27 a barrel
* Gold futures rose 2.5% to $1,756.90 an ounce

–With assistance from Peyton Forte, Sagarika Jaisinghani, Macarena Muñoz, Farah Elbahrawy, Emily Graffeo, Lu Wang, Richard Henderson, Srinivasan Sivabalan, Isabelle Lee, Vildana Hajric and Debarati Roy.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is always the secure who are humble. -Gilbert Keith Chesterton, 1874-1936.

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

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

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

Dear Friends,

Tangents:
On Nov. 9, 1989, East Germany lifted restrictions on emigration or travel to the West, and within hours tens of thousands of East and West Berliners swarmed across the infamous Berlin Wall
for a boisterous celebration.  Go to article »

1938: Kristallnacht,  “Crystal Night” pogrom against Jews in Germany.
1989: Berlin Wall opened.
1965: East Coast blackout.

Gorgeous and ghostly photos of the Beaver blood moon total lunar eclipse: On Tuesday, Nov. 8, the final total lunar eclipse until 2025 unfolded high in the sky over Earth.  The eclipse — also known as a blood moon, for the rusty, reddish hue that the moon takes on after fully entering into Earth’s shadow — was visible throughout East Asia, Australia, the Pacific and North America for several hours. Photographers around the world took to the streets, eager to catch the night sky spectacle.  Full Story: Live Science (11/8)

Italy hails ‘exceptional’ discovery of ancient bronze statues in Tuscany:  Archaeologists have uncovered beautifully preserved bronze statues dating back to ancient Roman times. Take a look at the photos.

Sleep deprivation affects nearly half of American adults, study finds: Are you having trouble falling or staying asleep? If so, you’re not alone. Check out these expert tips on achieving better rest.

‘The Whale’ trailer previews Brendan Fraser’s buzz-worthy performance: The actor’s portrayal of a reclusive, obese teacher has already been touted as Oscar-worthy. Watch the film’s new trailer here.

PHOTOS OF THE DAY

Chiang Mai, Thailand
People release krathong, small lotus-shaped boats traditionally made from banana leaves, during Yi Peng, a celebration held on the evening of the 12th month’s full moon
Photograph: Guillaume Payen/SOPA Images/Rex/Shutterstock

Great Ayton, UK
Knitted poppies arranged around the war memorial outside Christ church before Remembrance Day
Photograph: Ian Forsyth/Getty Images

Kyiv, Ukraine
Volodymyr Zelenskiy meets the Hollywood actor and philanthropist Sean Penn. Penn gave Zelenskiy one of his Oscar statuettes, saying: ‘When you win, bring it back to Malibu’
Photograph: UPI/Rex/Shutterstock
Market Closes for November 9^th, 2022

Market Index	Close	Change
Dow Jones	32513.94	-646.89
		-1.95%
S&P 500	3748.57	-79.54
		-2.08%
NASDAQ	10353.18	-263.02
		-2.48%
TSX	19344.25	-316.06
		-1.61%

International Markets

Market Index	Close	Change
NIKKEI	27716.43	-155.68
		-0.56%
HANG SENG	16358.52	-198.79
		-1.20%
SENSEX	61033.55	-151.60
		-0.25%
FTSE 100*	7296.25	-9.89
		-0.14%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.396		3.483
CND. 30 Year Bond		3.468		3.520
U.S.    10 Year Bond		4.0986		4.1318
U.S. 30 Year Bond		4.2761		4.2738

Currencies

BOC Close	Today	Previous
Canadian $	0.7390	0.7447
US $	1.3531	1.3428
Euro Rate 1 Euro=		Inverse
Canadian $	1.3545	0.7383
US  $	1.0012	0.9988

Commodities

Gold	Close	Previous
London Gold Fix	1678.65	1678.95
Oil
WTI Crude Future	85.83	88.91

Market Commentary:
On this day in 1731, Benjamin Banneker, the brilliant African-American mathematician and inventor, was born on a farm in Ellicott’s Mills, Md. In 1752 he built what is believed to have been the first clock made entirely in America. Banneker later published an authoritative annual almanac and helped conduct the land survey that laid out the boundaries of Washington, D.C.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.6% at 19,344.25 in Toronto.
The move was the biggest since falling 2% on Oct. 11 and follows the previous session’s increase of 0.6%.
Shopify Inc. contributed the most to the index decline, decreasing 5.3%.
Converge Technology Solutions Corp. had the largest drop, falling 13.4%.
Today, 196 of 236 shares fell, while 39 rose; 10 of 11 sectors were lower, led by energy stocks.
Insights
* In the past year, the index had a similar or greater loss 15 times. The next day, it declined 12 times for an average 0.7% and advanced three times for an average 0.3%
* This year, the index fell 8.9%, heading for the worst year since 2018
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 12.9% below its 52-week high on April 5, 2022 and 8.2% 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 12.9 on a trailing basis and 12.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 20.64% compared with 20.52% in the previous session and the average of 22.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -103.3921| -2.7| 2/36
Financials | -75.7491| -1.3| 6/23
Materials | -57.8686| -2.5| 4/47
Industrials | -33.8866| -1.3| 3/24
Information Technology| -22.4175| -2.2| 4/10
Utilities | -6.1371| -0.7| 5/11
Consumer Staples | -6.0113| -0.7| 4/7
Consumer Discretionary| -5.4365| -0.8| 2/12
Real Estate | -4.3985| -0.9| 4/18
Health Care | -2.1096| -2.6| 1/5
Communication Services| 1.3643| 0.1| 4/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -18.9500| -5.3| -20.1| -76.0
Suncor Energy | -15.9600| -3.5| 8.7| 47.4
Cenovus Energy | -14.8400| -5.4| -6.5| 74.6
Open Text | 1.2250| 1.8| 8.3| -37.8
Rogers Communications| 2.1960| 1.6| 45.4| -4.1
TC Energy | 10.4500| 2.5| -17.4| 4.8
US
By Stephen Kirkland
(Bloomberg) — US stocks declined as renewed selling in cryptocurrencies and disappointing earnings weighed on risk sentiment ahead of a key inflation report.
The dollar gained for the first time in four days.
The S&P 500 put paid to a three-day rally, with all 11 major industry groups in the red.
The tech-heavy Nasdaq 100 dropped the most among benchmarks, closing down 2.4%.
Walt Disney Co. and News Corp. tumbled after posting results that fell short of expectations.
Bitcoin dropped below $16,000 to a level not seen since 2020 amid a deepening selloff in cryptocurrencies as Binance walked away from its planned takeover of FTX.com.
After midterm elections failed to deliver a Republican sweep, attention shifted toward the closely watched inflation report due Thursday for clues on the path of Federal Reserve policy tightening.
“Elections matter, but other factors matter more for markets and the economy,” Keith Lerner, co-chief investment officer at Truist Wealth, said in a note. “The path of inflation, interest rates, monetary policy, the economy, and earnings will continue to exert the greatest influence on markets over the next year.”
US inflation probably moderated slightly in October, with the consumer price index and the core measure that excludes food and energy both seen cooling on an annual basis.
But with the overall annual inflation rate exceeding forecasts in six of the prior seven months, another upside surprise could dash hopes of a Fed downshift after four jumbo rate hikes.
On the election front, investors had eyed prospects of a Republican comeback in Congress, with GOP taking control of both the House of Representatives and Senate.
But US voters delivered a mixed verdict, with Republicans heading for control of the House by smaller margins than forecast and the race for Senate still wide open. 

More commentary
* “Portfolios will assess and adjust their risk now that the ‘uncertainty’ of the U.S. mid-term elections fading,” wrote Craig Johnson, chief market technician at Piper Sandler. “Soon enough, their focus will shift back to this week’s corporate earnings results and the upcoming October CPI data.”
* “The market is still going to fixate on inflation, which is going to stay high and sticky at least over the next couple of quarters,” Luke Barrs, global head of fundamental equity client portfolio management at Goldman Sachs Asset Management, said on Bloomberg TV.

Key events this week:
* US CPI, US initial jobless claims, Thursday
* Fed officials Lorie Logan, Esther George, Loretta Mester speak at events, Thursday
* US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 1.9%
* The MSCI World index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.6% to $1.0011
* The British pound fell 1.7% to $1.1349
* The Japanese yen fell 0.6% to 146.52 per dollar
Cryptocurrencies
* Bitcoin fell 13% to $16,216.08
* Ether fell 13% to $1,163.86
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.11%
* Germany’s 10-year yield declined 11 basis points to 2.17%
* Britain’s 10-year yield declined 10 basis points to 3.46%
Commodities
* West Texas Intermediate crude fell 3.7% to $85.58 a barrel
* Gold futures fell 0.5% to $1,707.80 an ounce
–With assistance from Vildana Hajric, Muyao Shen, Tassia Sipahutar, Srinivasan Sivabalan and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The secret to success is to do common things uncommonly well. – John D. Rockefeller Sr., 1839-1937.

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

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

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

Dear Friends,

Tangents: Full moon tonight.
November 8, 1971: The album “Led Zeppelin IV,” which included the song “Stairway to Heaven,” was released.  Go to article »
November 8, 1989: Ernest Coveley who used a cucumber wrapped in a bin liner as a pretend shotgun in 14 robberies, was imprisoned for seven years.  Police stated that Coveley destroyed the evidence by making cucumber sandwiches.
1519: Cortes conquers Mexico.
1929: MOMA opens to the public.

Edmund Halley, astronomer, b. 1656
Margaret Mitchell, writer, b. 1900
Bonnie Raitt, musician, b. 1949

Stanley Tucci has five rules for making perfect pasta.
What would you bid for a T. rex skull?

Stone Age child may have been buried with a wolf:  A Stone Age burial in Finland holds the remains of a child, as well as an assortment of grave goods, bird feathers, canine hairs and plant fibers, giving archaeologists insight into burial practices from that time period.
First discovered in 1991 in Majoonsuo, an archaeological site near the town of Outokumpu in eastern Finland, the grave contains the teeth of a child, who, based on a dental analysis, died between the ages of 3 and 10.
Full Story: Live Science (11/7)

In a 1st, two people receive transfusions of lab-grown blood cells: Two people in the U.K. are the first ever to receive transfusions of lab-grown red blood cells.  The pair are healthy volunteers in the “Recovery and survival of stem cell originated red cells” (RESTORE) trial, a one-of-a-kind clinical trial taking place at Addenbrooke’s Hospital in Cambridge. The trial will ultimately include at least 10 participants, each of whom will receive a tiny transfusion of about one to two teaspoons-worth of lab-grown red blood cells.  Full Story: Live Science (11/8)

Gas cloud 20 times bigger than the Milky Way may have been left by a cosmic intruder, study reveals: Scientists have discovered a gigantic trail of gas drifting out from a quintet of warring galaxies.
The mysterious gas cloud — the largest ever seen around a group of galaxies — may have been left behind by a “cosmic intruder,” a new study reveals.  Full Story: Live Science (11/7)
PHOTOS OF THE DAY

A composite image of the total lunar eclipse, in which the moon is completely covered by the Earth’s shadow, seen from the city of Gwangju, south-west South Korea
Photograph: Yonhap/EPA

The blood-red moon passes over the Empire State Building in New York City
Photograph: Gary Hershorn/Getty Images

The eclipse is visible in Kolkata, India
Photograph: Piyal Adhikary/EPA
Market Closes for November 8^th, 2022

Market Index	Close	Change
Dow Jones	33160.83	+333.83
		+1.02%
S&P 500	3828.11	+21.31
		+0.56%
NASDAQ	10616.20	+51.68
		+0.49%
TSX	19660.31	+114.40
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	27872.11	+344.47
		+1.25%
HANG SENG	16557.31	-38.60
		-0.23%
SENSEX	61185.15	+234.79
		+0.39%
FTSE 100*	7306.14	+6.15
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.483		3.601
CND. 30 Year Bond		3.520		3.621
U.S.    10 Year Bond		4.1318		4.2135
U.S. 30 Year Bond		4.2738		4.3190

Currencies

BOC Close	Today	Previous
Canadian $	0.7447	0.7411
US $	1.3428	1.3493
Euro Rate 1 Euro=		Inverse
Canadian $	1.3529	0.7392
US  $	1.0075	0.9926

Commodities

Gold	Close	Previous
London Gold Fix	1678.95	1674.40
Oil
WTI Crude Future	88.91	91.79

Market Commentary:
On this day in 1887, the Johannesburg Stock Exchange was founded in Johannesburg, South Africa.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.6%, or 114.4 to 19,660.31 in Toronto.
The index advanced to the highest closing level since Sept. 14.
Nutrien Ltd. contributed the most to the index gain, increasing 5.9%.
Maple Leaf Foods Inc. had the largest increase, rising 12.4%.
Today, 151 of 236 shares rose, while 82 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index fell 7.4%, heading for the worst year since 2018
* The index declined 8.8% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 11.5% below its 52-week high on April 5, 2022 and 10% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 5.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.9 on a trailing basis and 12.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility little changed to 20.52% compared with 20.52% in the previous session and the average of 22.57% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 102.6095| 4.7| 45/6
Utilities | 10.4343| 1.2| 13/2
Financials | 10.3285| 0.2| 15/14
Information Technology | 7.8521| 0.8| 10/4
Industrials | 6.0320| 0.2| 17/10
Real Estate | 2.0116| 0.4| 16/6
Consumer Staples | 1.7829| 0.2| 6/5
Health Care | -0.6872| -0.8| 3/4
Communication Services | -3.0028| -0.3| 2/4
Consumer Discretionary | -4.4929| -0.6| 8/6
Energy | -18.4691| -0.5| 16/21
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 21.6300| 5.9| 18.2| 9.9
Barrick Gold | 16.3300| 6.8| 64.0| -12.8
Franco-Nevada | 13.6500| 6.1| 77.7| 2.9
Power of Canada | -3.9670| -3.1| 3.3| -23.2
Suncor Energy | -4.4660| -1.0| -21.6| 52.7
Canadian Natural Resources | -6.6530| -1.0| -55.8| 55.9
US
By Stephen Kirkland and Emily Graffeo
(Bloomberg) — US stocks rose for a third day as investors awaited midterm election results and monitored the selloff in crypto tokens that wiped out more than 10% from the price of Bitcoin.
The dollar fell with Treasury yields.
The S&P 500 closed higher, after earlier wiping out gains that had topped 1%.
Sentiment was dented after Bitcoin plunged as the owner of the largest crypto exchange swooped in to buy a smaller rival that ran into liquidity trouble.
The yield on two-year Treasuries, more sensitive to Federal Reserve policy changes, shed 6 basis points, while a gauge of the dollar dropped for a third day.
In postmarket trading, shares in Walt Disney Co. declined after the company reported sales and profit that fell below Wall Street expectations.
Equities gained in the regular session as investors eyed potential gridlock from midterm results.
Still, any final outcome may not be known for days or even weeks if races are as close as polls suggest and if losers challenge results.
In an unexpected development, billionaire Changpeng “CZ” Zhao consolidated his position atop the crypto world on Tuesday with a move to take over FTX.com.
Terms of the emergency buyout were scant, helping to send prices of cryptocurrencies tumbling after a brief rebound.
“The mini crash in Bitcoin/crypto did destabilize the stock market and cause a sharp drop,” Jay Hatfield of Infrastructure Capital said. “Investors don’t like to see any disruptions or mini crashes in any risk asset.”          ‘
A history of robust performance following midterm results has helped buoy optimism about the outlook for equity markets.
While polls suggest Republicans could make gains, thereby placing a check on Democratic policies, there are multiple scenarios.
The best outcome for Treasuries could be a Republican control of both the House of Representatives and Senate, while the dollar could find support should Democrats keep both chambers.

For many the biggest headwind for markets is the Fed’s monetary tightening with Thursday’s consumer-price-index data the next event risk coming on the heels of core consumer prices rising more than forecast to a 40-year high in September.
Even if prices begin to moderate, the CPI is far above the Fed’s comfort zone.
Going forward there may be a silver lining in gridlock for policy makers, according to Art Hogan, chief market strategist at B. Riley Wealth.
“Divided government, particularly leading into a presidential election, will most likely create a standstill where very little gets done,” Hogan wrote. “That’s probably a good thing for the Fed because various stimuli have not made
their work easier.”
More commentary
* “The more and more you just get polls or even some slight acknowledgements from places that the Republicans are probably going to take up at least one chamber of Congress, I think the market is actually seeing that as a good outcome,” Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview.  “They actually want a little bit of gridlock out of Washington.”
* “The inflation statistics are going to be more important than the election,” Michael Darda, chief economist at MKM Partners, said on Bloomberg TV. “Inflation will tend to lag the cycle so if you have the Fed chasing down lagging indicators with a very rapid succession of interest rate increases and quantitative tightening, there is a very significant risk that the Fed significantly overshoots neutral.”
* “The gridlock rally is a bit overdone, as we were already there,” said Victoria Greene, G Squared Private Wealth CIO.  “Investors will need to temper expectations on results coming in this evening. Many contested races it might be weeks, or god forbid, months before we know results. Politics matters personally, less so to the markets.”

Treasuries gained across the board Tuesday, with the benchmark 10-year rate dropping as much as 9 basis points.
Meanwhile, traders shaved bets on rate hikes, with swap markets still leaning toward a 50 basis-point Fed hike in December.
More notable moves were further out, with the peak reaching just above 5% in the first half of 2023.
Nvidia Corp. climbed as it began producing a processor for China.
Take-Two Interactive Software Inc. fell after reducing its forecast for net bookings.
Europe’s Stoxx 600 rallied, after a weak open.
Chinese equities halted a rally as traders considered a jump in virus infections and official comments defending Covid Zero.
Oil fell as China’s renewed commitment to strict Covid-19 policies overshadowed a global market backdrop of shrinking fuel inventories.
Key events this week:
* US midterm elections, Tuesday
* EIA oil inventory report, Wednesday
* China aggregate financing, PPI, CPI, money supply, new yuan loans, Wednesday
* US wholesale inventories, MBA mortgage applications, Wednesday
* Fed officials John Williams, Tom Barkin speak at events, Wednesday
* US CPI, US initial jobless claims, Thursday
* Fed officials Lorie Logan, Esther George, Loretta Mester speak at events, Thursday
* US University of Michigan consumer sentiment, 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 0.8%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0071
* The British pound rose 0.2% to $1.1536
* The Japanese yen rose 0.7% to 145.63 per dollar
Cryptocurrencies
* Bitcoin fell 12% to $18,172.17
* Ether fell 17% to $1,310.88
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.14%
* Germany’s 10-year yield declined six basis points to 2.28%
* Britain’s 10-year yield declined nine basis points to 3.55%
Commodities
* West Texas Intermediate crude fell 2.8% to $89.18 a barrel
* Gold futures rose 2.1% to $1,715.10 an ounce
–With assistance from Jan-Patrick Barnert, Haidi Lun, Brett Miller, Srinivasan Sivabalan, Isabelle Lee, Natalia Kniazhevich and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Most of the important things in the world have been accomplished by people
who have kept on trying when there seemed to be no hope at all. –Dale Carnegie, 1888-1955.

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.

On Nov. 7, 1917, Russia’s Bolshevik Revolution took place as forces led by Vladimir Ilyich Lenin overthrew the provisional government of Alexander Kerensky.  Go to article »

Marie Curie, physicist, b. 1867
Albert Camus, French existentialist writer, b. 1913
Billy Graham, evangelist, b. 1918
Joni Mitchell, musician, b. 1943

Houston Astros won the World Series.  In a thrilling Game 6, the Houston Astros defeated the Philadelphia Phillies on Saturday 4-1. See the World Series in pictures here

Last total lunar eclipse until 2025 rises on Tuesday, Nov. 8. Here’s how to watch. On Tuesday, Nov. 8, the full Beaver Moon will pass into the darkest part of Earth’s shadow for nearly 90 minutes in the final lunar eclipse of 2022 — and the last total lunar eclipse until 2025, according to NASA.  At least part of the lunar eclipse will be visible throughout East Asia, Australia, the Pacific and North America. Viewers in the United States and Canada will need to rise bright and early to catch the show, as the first phase of the eclipse will begin at 4:09 a.m. EST (0900 GMT).  Full Story: Live Science (11/5)

Scientists are working on an official ‘alien contact protocol’ for when ET phones Earth: If extraterrestrial life sent us a message tomorrow, how would humanity respond? According to researchers, we don’t know yet — and that’s a problem.  That’s why, for the first time in 35 years, a team of policy experts and scientists have united to establish a set of alien-contact protocols for the entire world to follow in the event of a sudden encounter with E.T.
Full Story: Live Science (11/5)

Meta’s new AI just predicted the shape of 600 million proteins in 2 weeks:  Scientists at Meta, the parent company of Facebook and Instagram, have used an artificial intelligence (AI) language model to predict the unknown structures of more than 600 million proteins belonging to viruses, bacteria and other microbes. The program, called ESMFold, used a model that was originally designed for decoding human languages to make accurate predictions of the twists and turns taken by proteins that determine their 3D structure.  Full Story: Live Science (11/5)
PHOTOS OF THE DAY

San Sebastián, Spain
A man watches the waves in the early morning next to part of the Eduardo Chillida’s artwork El Peine del Viento
Photograph: Javier Etxezarreta/EPA

Bad Tölz, Germany
People from the farming community dressed in traditional Bavarian clothing drink schnapps in a wooden carriage during the Leonhardi Ritt procession, on the way to pray to St Leonhard, the patron saint of animals
Photograph: Lukas Barth/Reuters

New York, US
The full moon rises behind the EdgeNYC observation deck in Hudson Yards, as seen from Hoboken, New Jersey
Photograph: Lokman Vural Elibol/Anadolu Agency/Getty Images
Market Closes for November 7^th, 2022

Market Index	Close	Change
Dow Jones	32827.00	+423.78
		+1.31%
S&P 500	3806.80	+36.25
		+0.96%
NASDAQ	10564.52	+89.27
		+0.85%
TSX	19545.91	+96.10
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	27527.64	+327.90
		+1.21%
HANG SENG	16595.91	+434.77
		+2.69%
SENSEX	61185.15	+234.79
		+0.39%
FTSE 100*	7299.99	-34.85
		-0.48%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.601		3.504
CND. 30 Year Bond		3.621		3.505
U.S.    10 Year Bond		4.2135		4.1563
U.S. 30 Year Bond		4.3190		4.2496

Currencies

BOC Close	Today	Previous
Canadian $	0.7411	0.7419
US $	1.3493	1.3479
Euro Rate 1 Euro=		Inverse
Canadian $	1.3517	0.7398
US  $	1.0018	0.9982

Commodities

Gold	Close	Previous
London Gold Fix	1674.40	1628.75
Oil
WTI Crude Future	91.79	92.61

Market Commentary:
🗠 On this day in 1929, the stock market endured volatile trading as 2.4 million shares changed hands in the first half hour, one of the heaviest openings yet on record. By lunchtime, the market had slumped 6%. Then J.P. Morgan & Co. stepped in publicly and began to buy stocks for its own account. By day’s end, the Dow managed to squeeze out a small gain.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 96.1 to 19,545.91 in Toronto.
The index advanced to the highest closing level since Sept. 19.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.0%.
Summit Industrial Income REIT had the largest increase, rising 25.5%.
Today, 149 of 236 shares rose, while 84 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index fell 7.9%, heading for the worst year since 2018
* The index declined 8.9% in the past 52 weeks. The MSCI AC Americas Index lost 20% in the same period
* The S&P/TSX Composite is 12% below its 52-week high on April 5, 2022 and 9.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 12.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.1t
* 30-day price volatility fell to 20.52% compared with 20.74% in the previous session and the average of 22.63% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 35.1750| 0.6| 20/9
Industrials | 24.4021| 1.0| 19/8
Real Estate | 15.6647| 3.3| 20/2
Information Technology | 13.2531| 1.3| 9/5
Energy | 7.0861| 0.2| 25/11
Consumer Staples | 6.3910| 0.8| 8/3
Materials | 1.3914| 0.1| 28/23
Communication Services | 1.0485| 0.1| 5/2
Consumer Discretionary | 0.4990| 0.1| 9/5
Health Care | 0.4287| 0.5| 3/4
Utilities | -9.2467| -1.0| 3/12
================================================================
| | | | YTD
|Index Points| | Volume VS | Change
Top Contributors | Move |% Change |20D AVG (%)| (%)
================================================================
Brookfield Asset Management | 10.8200| 2.0| -31.9| -27.2
Canadian Pacific | 10.6300| 1.6| 27.9| 14.2
RBC | 8.5450| 0.7| -29.2| -4.5
Fortis | -2.5050| -1.4| -3.3| -13.8
Enbridge | -4.7400| -0.6| 109.8| 8.9
Ritchie Bros | -11.3800| -17.7| 1,049.3| -10.7
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — US shares rose in a broad-based rally that swept up small caps as well as blue-chip stocks, ahead of midterm elections and inflation data later this week.
The dollar fell with Treasuries.
The S&P 500 closed near session highs, with all but three of the 11 industry groups advancing.
The tech-heavy Nasdaq 100 also caught bids, while the Dow Jones Industrial Average outperformed, rising as much as 1.5% with health-care names topping the leaderboard.
The Russell 2000 rallied, reversing losses in afternoon trading.
Stocks gained for a second day ahead of US midterms.
Morgan Stanley’s Michael Wilson said polls pointing to Republicans winning at least one chamber of Congress provide a potential catalyst for lower bond yields and higher equity prices.
“Has the stock market been voting early?” said Ed Yardeni, founder of his namesake research firm, referring to the S&P 500 bounce back from an October low. “Tomorrow’s midterm elections may further boost stock prices in coming months if history is a guide. Our soft-landing economic outlook, if it pans out (60% subjective odds), may be another wind at the stock market’s back.”

Optimism, for the moment, is outweighing concerns over the Federal Reserve’s resolute campaign against price surges, signs of stress in US corporate performance and China’s announcement it will “unswervingly” adhere to current Covid Zero policy.
Meanwhile, Facebook parent Meta Platforms Inc. rallied on plans to cut jobs.
Tesla Inc. was the biggest drag on the S&P 500 as the stock continued to sell off in the wake of Chief Executive Officer Elon Musk’s purchase of Twitter Inc.
Apple Inc. bounced back from earlier losses triggered by a report saying it expected to produce at least three million fewer iPhone 14 handsets than originally anticipated this year.
Lyft Inc. fell in postmarket trading after the ride-hailing giant reported weaker-than-expected rider growth, overshadowing better profits from higher fares.
Stocks rose on Friday after data showed strong hiring and wage increases along with higher unemployment.
That offered a mixed picture for Fed officials debating how long to extend their campaign to curb elevated inflation.
Swaps markets are leaning toward a 50 basis-point Fed rate increase in December, after a fourth consecutive jumbo hike to a target range of 3.75% to 4% at last week’s meeting.
Rates are expected to peak slightly above 5% around mid-2023.
The latest US inflation reading due Thursday will be closely watched after the core consumer price index rose more than forecast to a 40-year high in September.
Even if prices begin to moderate, the CPI is far above the Fed’s comfort zone.
“Since we might not know the answer to what the makeup of Congress will be this week, Thursday’s CPI number will be very important once again,” Matt Maley, chief market strategist at Miller Tabak + Co., said in a note. “Even if we get a better-than-expected CPI number later this week, the odds that it will only create a very short-term bounce are high. Before long, the stock market should roll-over once again.”
In the corporate debt market, Oracle Corp.’s long-awaited acquisition financing is leading 15 US high-grade issuers looking to get ahead of consumer price index data on Thursday and a bond market holiday on Friday.
Meanwhile, Chinese stocks listed in the US fell Monday after health authorities repeated their strict adherence to the country’s Covid Zero policies.
The Nasdaq Golden Dragon China Index slid more than 2%, halting a four-day rally.
Key events this week:
* Euro-zone retail sales, Tuesday
* US midterm elections, Tuesday
* EIA oil inventory report, Wednesday
* China aggregate financing, PPI, CPI, money supply, new yuan loans, Wednesday
* US wholesale inventories, MBA mortgage applications, Wednesday
* Fed officials John Williams, Tom Barkin speak at events, Wednesday
* US CPI, US initial jobless claims, Thursday
* Fed officials Lorie Logan, Esther George, Loretta Mester speak at events, Thursday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0021
* The British pound rose 1.2% to $1.1514
* The Japanese yen was little changed at 146.60 per dollar
Cryptocurrencies
* Bitcoin fell 1.6% to $20,794.56
* Ether fell 0.2% to $1,600.58
Bonds
* The yield on 10-year Treasuries advanced six basis points to4.22%
* Germany’s 10-year yield advanced five basis points to 2.34%
* Britain’s 10-year yield advanced 10 basis points to 3.64%
Commodities
* West Texas Intermediate crude fell 0.7% to $91.99 a barrel
* Gold futures were little changed
–With assistance from Michael G. Wilson, Tassia Sipahutar, Srinivasan Sivabalan and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Nobody cares how much you know, until they know how much you care. -Theodore Roosevelt, 1858-1919.

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 4, 1922: British archaeologist Howard Carter discovers the tomb of the Egyptian pharaoh Tutankhamen, the best preserved pharaonic tomb ever found in the Valley of the Kings.
1946: UNESCO  founded.
November 4, 1960: Jane Goodall observes a chimp making tools.
November 4, 1979: The Iranian hostage crisis began as militants stormed the U.S. Embassy in Tehran. Go to article »

Iranian artist’s paintings of women take on a new sense of urgency.  These symbol-laden paintings are charged with emotion and allude to issues that have recently sparked protests across Iran.

Most UFOs are ‘Chinese surveillance’ drones and ‘airborne clutter,’ Pentagon officials reveal:  Intelligence agencies in the U.S. have spent the last few years analyzing footage of hundreds of recent UFO encounters, and they want the American people to know: It’s still not aliens.  According to several U.S. Department of Defense (DoD) officials who spoke anonymously to The New York Times last week, many recent sightings of UFOs — or unidentified aerial phenomena (UAPs), as the government prefers to call them — are likely just observations of foreign surveillance operations or airborne clutter, such as weather balloons.  Full Story: Live Science (11/3)

Ghostly neutrino particles are blasting out of a nearby galaxy, and scientists aren’t sure why:  A nearby spiral galaxy is pumping out ghostly neutrinos — mysterious particles that barely interact with the matter around them, scientists have found.  The elusive particles are coming from a hotspot of neutrino production in the heart of the spiral galaxy Messier 77, which is anchored by a black hole. Full Story: Live Science (11/3)
PHOTOS OF THE DAY

New York, US
A heart is created by 500 drones over the skyline of lower Manhattan and One World Trade Center, as seen from New Jersey, during an advertising promotion for the 10th anniversary of the video game Candy Crush Saga
Photograph: Gary Hershorn/Getty Images

Alpaquera
At an altitude of more than 5,000 metres (17,000 feet) in the Andes of southern Peru, Alina Surquislla Gomez, a third-generation alpaquera, cradles a baby alpaca on her way to the pastures where her family’s herd of 300 graze in summer. Shrinking glaciers and increased drought have forced the herders – who are mostly women – to search for new grazing grounds over difficult terrain. Peru’s alpacas, prized for their wool, are a major source of income and important to the local culture.
Photograph: Alessandro Cinque
Belgium
The marches of Entre-Sambre-et-Meuse are on the Unesco list of intangible cultural heritage. They take place primarily in the countryside, from the village centre to the Poucet chapel. The marchers dress in a traditional costume comprised of a blue smock, white pants and a red scarf.
Photograph: Alain Schroeder
Market Closes for November 4^th, 2022

Market Index	Close	Change
Dow Jones	32403.22	+401.97
		+1.26%
S&P 500	3770.55	+50.66
		+1.36%
NASDAQ	10475.25	+132.31
		+1.28%
TSX	19449.81	+208.59
		+1.08%

International Markets

Market Index	Close	Change
NIKKEI	27199.74	-463.65
		-1.68%
HANG SENG	16161.14	+821.65
		+5.36%
SENSEX	60950.36	+113.95
		+0.19%
FTSE 100*	7334.84	+146.21
		+2.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.504		3.416
CND. 30 Year Bond		3.505		3.407
U.S.    10 Year Bond		4.1563		4.1406
U.S. 30 Year Bond		4.2496		4.1790

Currencies

BOC Close	Today	Previous
Canadian $	0.7419	0.7276
US $	1.3479	1.3744
Euro Rate 1 Euro=		Inverse
Canadian $	1.3437	0.7442
US  $	0.9969	1.0031

Commodities

Gold	Close	Previous
London Gold Fix	1628.75	1649.55
Oil
WTI Crude Future	92.61	88.17

Market Commentary:
📉 On this day in 1929, in an attempt to calm panicking investors, the New York Stock Exchange said that it would be open for trading only three hours a day that week. The investing public took no comfort, trading an astounding 6 million shares in just 180 minutes—more than twice the level of a normal full day’s trading just weeks earlier.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.1% at 19,449.81 in Toronto.
The move was the biggest since rising 1.5% on Oct. 21 and follows the previous session’s decrease of 0.2%.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 166 of 236 shares rose, while 65 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.5%. Yamana Gold Inc. had the largest increase, rising 18.1%.
Insights
* This year, the index fell 8.4%, heading for the worst year since 2018
* So far this week, the index was little changed
* The index declined 8.9% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 12.4% below its 52-week high on April 5, 2022 and 8.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 12.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.07t
* 30-day price volatility fell to 20.74% compared with 22.35% in the previous session and the average of 22.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 121.4379| 5.9| 49/2
Financials | 108.6205| 1.8| 28/1
Energy | 5.9731| 0.2| 21/16
Communication Services | 5.8052| 0.6| 3/3
Real Estate | 3.9256| 0.8| 17/3
Utilities | 3.6214| 0.4| 10/6
Consumer Staples | 2.5941| 0.3| 7/4
Consumer Discretionary | 2.3834| 0.3| 11/3
Industrials | 2.0469| 0.1| 16/11
Health Care | 0.0130| 0.0| 3/4
Information Technology | -47.8462| -4.5| 1/12
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | 18.1500| 1.5| -52.0| -5.2
TD Bank | 14.9300| 1.4| -38.3| -9.3
First Quantum Minerals | 14.5400| 14.8| 14.9| -3.2
Waste Connections | -11.0300| -3.3| 30.7| 6.7
Constellation Software | -13.9700| -5.3| 66.0| -21.8
Shopify | -24.9100| -6.6| 28.0| -75.1
US
By Rita Nazareth
(Bloomberg) — Stocks rose, with traders weighing mixed jobs figures and awaiting next week’s inflation data for more clues on when the Federal Reserve would be able slow down its pace of rate hikes.
The S&P 500 halted a four-day slide.
The dollar slumped the most since March 2020.
Two-year US yields, which are more sensitive to imminent policy moves, reversed course and came down.
Fed fund futures are leaning toward pricing a 50-basis-point hike in December, with the peak around 5.1% next year.
Officials this week raised rates by 75 basis points for the fourth straight time, lifting their benchmark to a target range of 3.75% to 4%.
Wall Street’s fear gauge is well below the panic levels seen during the pandemic or the 2008 crisis, but volatility is very much a feature of 2022.
The S&P 500 has already seen five monthly moves this year in excess of 7%, either to the upside or downside.
Beyond the tumult of the 2008 global financial crisis, one must go back to 1933 — the days of the Great Depression — to see more swings of such magnitude in a single year.
“This week is a reminder that the intense volatility and emotional trading experience through much of the year is likely to continue,” said Mark Hackett, chief of investment research at Nationwide. “Bottoming processes are rarely clean, and even if bulls are gaining control, pockets of weakness are inevitable.”
Markets will watch the latest US inflation reading on Thursday after the core consumer price index rose more than forecast to a 40-year high in September.
Even if prices begin to moderate, the CPI is far above the Fed’s comfort zone.

Reaction to Jobs:
Chris Senyek at Wolfe Research:
“This report does nothing to change the Fed’s ‘higher for longer’ narrative. We probably won’t see really weak jobs numbers until the US economy is already in a relatively deep recession.”
Jason Pride at Glenmede: “This jobs report likely does not push the Fed off its path for a 50-75 bp rate hike in December. However, the next big economic report that could move the needle for the Fed is next week’s CPI report.”
Peter Essele at Commonwealth Financial Network: “If labor growth remains strong and earnings growth slows, it’ll be a win-win for investors since there will be less pressure on the Fed to raise rates. The result could be a soft landing in the economy as opposed to a hard one.”
Mike Loewengart at Morgan Stanley Global Investment Office: “While the number may be disappointing for investors hoping for a dovish Fed sooner rather than later, keep in mind it was the lowest reading in nearly two years, so there could be signs that the market is slowing.”
Charlie Ripley at Allianz Investment Management: “The most notable signal from today’s employment data is not that the data came in better than expected, but rather that some subtle signs of the economy slowing are starting to show up. Investors are looking for any signs that the Fed will pull back the reigns on policy tightening.”
Investors are fleeing to the safety of cash funds as the Fed remains firmly hawkish, according to strategists at Bank of America Corp.
The asset class had inflows of $62.1 billion in the week through Nov. 2, according to a note from the bank citing EPFR Global data. That’s contributed to $194 billion of inflows into cash from the start of October — the fastest start to a quarter since 2020.
In corporate news, US-listed Chinese stocks jumped amid fresh optimism over an easing of Covid restrictions. DoorDash Inc. reported revenue that beat estimates, a sign that customers are still ordering pricey takeout despite a squeeze from higher inflation.
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 1.6%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 1.7%
* The euro rose 2.2% to $0.9960
* The British pound rose 1.9% to $1.1373
* The Japanese yen rose 1.1% to 146.70 per dollar
Cryptocurrencies
* Bitcoin rose 4.2% to $21,087.44
* Ether rose 6.8% to $1,645.86
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.17%
* Germany’s 10-year yield advanced five basis points to 2.30%
* Britain’s 10-year yield advanced two basis points to 3.54%
Commodities
* West Texas Intermediate crude rose 5.1% to $92.64 a barrel
* Gold futures rose 3.3% to $1,684.10 an ounce
* Gold futures rose 3.2% to $1,683.60 an ounce
–With assistance from Emily Graffeo, Isabelle Lee, Vildana Hajric and Cecile Gutscher

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Civilizations die from suicide, not by murder. –Arnold Toynbee, 1889-1975.

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.
Natural Culture Day, Japan.

November 3, 1956: The film, The Wizard of Oz (1939), aired on television for the first time and was seen by an estimated 45 million viewers.
November 3, 1911: The Chevrolet Motor Car Co. was founded in Detroit by Louis Chevrolet and William C. Durant. Go to article »
On this day in 1957, the Soviet Union launched Sputnik 2, which carried a dog, the first living creature to orbit Earth. The dog’s name was Laika.

A huge tunnel has opened below Niagara Falls.  Tourists can now walk out onto a platform to view Niagara Falls. Take a look at the attraction that was previously off-limits to visitors.

This is the new world’s best cheese.  After narrowing it down to some brie-lliant finalists, this beloved cheese ended up beating more than 4,400 competitors.

Metal detectorist stumbles across Viking treasure hoard in Norway:  Many people dream of finding buried treasure, but very few people actually do.  For one man in central Norway that dream became a reality just before Christmas last year, when he took his metal detector for a stroll in a field near his home and unearthed a hoard of silver fragments from the Viking Age.  Full Story: Live Science (11/2)

Photo: Celebrating the Day of the Dead, 2022

PHOTOS OF THE DAY

Havana, Cuba
Dancers of the National Ballet of Cuba participate in the Alicia Alonso international ballet festival
Photograph: Ernesto Mastrascusa/EPA

Troms
ø, Norway The Northern lights appear over the city
Photograph: Rune Stoltz Bertinussen/NTB/AFP/Getty Images

Taipei, Taiwan
Portraits of dictators are displayed during the Oslo Freedom Forum, a conference series produced by the Human Rights Foundation that brings together human rights advocates, journalists, artists, and tech entrepreneurs
Photograph: Sam Yeh/AFP/Getty Images
Market Closes for November 3^rd, 2022

Market Index	Close	Change
Dow Jones	32001.25	-146.51
		-0.46%
S&P 500	3719.89	-39.80
		-1.06%
NASDAQ	10342.94	-181.86
		-1.73%
TSX	19241.22	-35.79
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSE	N.A
HANG SENG	15339.49	-487.68
		-3.08%
SENSEX	60836.41	-69.68
		-0.11%
FTSE 100*	7188.63	+44.49
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.416		3.332
CND. 30 Year Bond		3.407		3.344
U.S.    10 Year Bond		4.1406		4.1005
U.S. 30 Year Bond		4.1790		4.1405

Currencies

BOC Close	Today	Previous
Canadian $	0.7276	0.7288
US $	1.3744	1.3721
Euro Rate 1 Euro=		Inverse
Canadian $	1.3397	0.7464
US  $	0.9748	1.0259

Commodities

Gold	Close	Previous
London Gold Fix	1649.55	1645.25
Oil
WTI Crude Future	88.17	90.00

Market Commentary:
🗳️ On this day in 1948, the day after Harry S. Truman defeated Thomas E. Dewey in the U.S. presidential election, the Dow Jones Industrial Average slumped by 4%. By Nov. 10 the Dow had lost 9.4%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 35.79 to 19,241.22 in Toronto.
The index dropped to the lowest closing level since Oct. 25.
Nutrien Ltd. contributed the most to the index decline, decreasing 14.0%.
Lightspeed Commerce Inc. had the largest drop, falling 18.6%.
Today, 129 of 236 shares fell, while 106 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index fell 9.3%, heading for the worst year since 2018
* So far this week, the index fell 1.2%
* The index declined 9.5% in the past 52 weeks. The MSCI AC Americas Index lost 21% in the same period
* The S&P/TSX Composite is 13.4% below its 52-week high on April 5, 2022 and 7.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.6% in the past 5 days and rose 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 12 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.07t
* 30-day price volatility fell to 22.35% compared with 22.54% in the previous session and the average of 22.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -84.7400| -3.9| 25/26
Financials | -24.7858| -0.4| 9/20
Utilities | -8.0459| -0.9| 4/12
Information Technology | -5.3172| -0.5| 2/12
Real Estate | -4.6252| -1.0| 2/20
Communication Services | -1.7236| -0.2| 2/5
Consumer Staples | -0.9877| -0.1| 1/10
Health Care | 1.5291| 1.9| 4/3
Consumer Discretionary | 3.5705| 0.5| 8/6
Industrials | 27.8247| 1.1| 15/12
Energy | 61.4889| 1.7| 34/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Nutrien | -58.9900| -14.0| 224.4| 3.0
Barrick Gold | -19.7500| -8.3| 283.1| -25.2
Bank of Nova Scotia| -5.9950| -1.1| -32.3| -27.6
Cenovus Energy | 9.3810| 3.5| -14.5| 85.8
Suncor Energy | 17.2000| 3.9| 7.8| 53.1
Waste Connections | 21.4800| 6.8| 99.8| 10.3
US
By Rita Nazareth
(Bloomberg) — Stocks sank before Friday’s jobs data amid concern that a deeper recession could be in store with the Federal Reserve expected to hold rates at a higher level for longer to tame inflation.
The S&P 500 saw its fourth straight decline, dragged down by big tech as Treasury yields climbed.
Apple Inc. tumbled over 4% and Amazon.com Inc. suffered its longest slide since 2019.
A key segment of the Treasury curve reached new extremes of inversion, touching a level not seen since the 1980s when the Fed was aggressively tightening.
Curve inversions have a track record of preceding economic downturns.
Swaps that reference future Fed meetings indicate an expected peak rate above 5.1% around mid-2023.
Estimates briefly dropped below 5% on Wednesday.
The benchmark rate currently sits in a range of 3.75% to 4%.
“Remember, ‘lower for longer’ in 2021 in terms of the interest rate environment?,” wrote Matt Maley, chief market strategist at Miller Tabak + Co. “Well, now we have ‘higher for longer’… as well as ‘slower but higher.’
A rise in short-term rates might take longer to play out, but they’re headed for a higher level than the markets have been thinking.”
While projections show October payroll growth moderated to 198,000, such an increase would still be higher than a monthly pace shy of 100,000 that economists reckon is neither too strong nor too weak for the economy over the longer term.
Applications for unemployment insurance hovered around historically low levels, reinforcing what Fed Chair Jerome Powell described as an “overheated” jobs market.
Markets are rightly more concerned with the ultimate level of rates rather than the pace of tightening, according to Mark Haefele, chief investment officer at UBS Global Wealth Management — who doesn’t believe the conditions are in place for a sustained stock rally.
“The Fed, along with other major central banks, looks likely to keep tightening rates until the first quarter of 2023,” Haefele noted. “Economic growth will likely continue to slow into the start of the new year, and global financial
markets are vulnerable to stress while monetary policy continues to tighten. Such headwinds have yet to be fully reflected in earnings estimates or equity valuations.”
The pound slumped as the Bank of England told investors to rein in expectations for hikes.
European Central Bank President Christine Lagarde warned that a “mild recession” is possible, but that it wouldn’t be sufficient in itself to stem soaring prices.
The comments are part of a raft of public appearances by ECB officials, as investors and analysts ponder the twin challenges of record price growth and a likely economic downturn, due largely to Russia’s invasion of Ukraine.
In corporate news, Peloton Interactive Inc. delivered a weaker estimate for the current quarter than Wall Street was predicting, even as management declared that it was beating its own timeline for turning around the fitness company.
Moderna Inc. earnings offered a preview into the future of Covid-19 vaccine sales, and so far it doesn’t look pretty.
Qualcomm Inc., the biggest maker of smartphone processors, gave a weaker forecast than expected.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.7% to $0.9750
* The British pound fell 2% to $1.1163
* The Japanese yen fell 0.2% to 148.23 per dollar
Cryptocurrencies
* Bitcoin rose 0.4% to $20,259.51
* Ether rose 2.1% to $1,543.45
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.14%
* Germany’s 10-year yield advanced 10 basis points to 2.25%
* Britain’s 10-year yield advanced 12 basis points to 3.52%
Commodities
* West Texas Intermediate crude fell 2.1% to $88.09 a barrel
* Gold futures fell 1% to $1,633.40 an ounce
–With assistance from Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

A watch is the most essential part of a lecture.  -Willa Cather, 1873-1947.

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