June 2023 – Page 2 – Carolann Steinhoff

June 16, 2023

June 16, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday. Happy Father’s Day weekend!

On June 16, 1933, President Roosevelt opened his New Deal recovery program, signing bank, rail, and industry bills and initiating farm aid. Go to article

June 16, 2010: The world’s first country-wide total tobacco ban goes into effect in Bhutan. It is still legal in the South Asian country to smoke in a private setting, but obtaining tobacco products legally is close to impossible.

Mercedes-Benz is bringing ChatGPT into its cars. The powerful software in Mercedes’ new vehicles will be able to engage in realistically human-like dialog… like a built-in carpool buddy.

Netflix is opening a restaurant. You can’t share passwords, but you can share food! Netflix is taking its content “from screen to table” with a new pop-up restaurant in Los Angeles.

The only skyscraper in Paris is about to turn 50. And many Parisians still hate it.

‘Octagonal’ sword from Bronze Age burial in Germany is so well preserved it shines.
Archaeologists in Germany have unearthed a sword from a Bronze Age burial, and the weapon is in such good condition that it still gleams. Read More

Vast cemetery of Bronze Age burial mounds unearthed near Stonehenge
Archaeologists have discovered a vast cemetery of Bronze Age burial mounds ahead of a building development near Stonehenge. Read More.

Quantum computers could overtake classical ones within 2 years, IBM ‘benchmark’ experiment shows
True quantum supremacy, in which quantum computers overtake classical digital ones, could be here surprisingly soon. Read More.

PHOTOS OF THE DAY

Paris, France
Serbia’s Novak Djokovic reacts during his defeat of Norway’s Casper Ruud in the men’s singles final of the French Open at the Court Philippe-Chatrier. Djokovic said he was as motivated as ever to continue pushing forward after winning a men’s record 23rd grand slam title. ‘[The] journey is still not over,’ he said. ‘I feel, if I’m winning slams, why even think about, you know, ending the career that already has been going on for 20 years’. Photograph: Julien de Rosa/AFP/Getty Images

London, England
A member of the massed bands of the Household Division faints due to heat exhaustion while participating in the colonel’s review at Horse Guards Parade in London. At least three guardsmen fainted in the heat during the military parade as temperatures in the UK hit 30C for the first time this year. Photograph: Tolga Akmen/EPA.

Sekenani, Kenya
A group of Maasai women dance to traditional songs during a Maasai cultural festival in Sekenani. The Maasai people are a Nilotic ethnic group inhabiting Kenya and northern Tanzania. The festival is a popular gathering and celebration of the Maasai cultural heritage and aims to showcase the community’s traditional activities and fashion. Photograph: Luis Tato/AFP/Getty Images.
Market Closes for June 16^th, 2023

Market Index	Close	Change
Dow Jones	34299.12	-108.94
		-0.32%
S&P 500	4409.59	-16.25
		-0.37%
NASDAQ	13689.57	-93.25
		-0.68%
TSX	19975.37	-51.98
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	33706.08	+220.59
		+0.66%
HANG SENG	20040.37	+211.45
		+1.07%
SENSEX	63384.58	+466.95
		+0.74%
FTSE 100*	7642.72	+14.46
		+0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.352	3.331
CND. 30 Year Bond	3.202	3.211
U.S. 10 Year Bond	3.7672	3.7184
U.S. 30 Year Bond	3.8522	3.8394

Currencies

BOC Close	Today	Previous
Canadian $	0.7577	0.7565
US $	1.3398	1.3319

Euro Rate 1 Euro=		Inverse
Canadian $	1.4437	0.6927
US $	1.0939	0.9142

Commodities

Gold	Close	Previous
London Gold Fix	1952.35	1955.80

Oil
WTI Crude Future	71.78	70.60

Market Commentary:
📈 On this day in 1812: The State of New York chartered a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today, it is global behemoth Citigroup.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 19,975.37 in Toronto.
The move was the biggest since falling 0.4% on June 7 and follows the previous session’s increase of 0.1%.
Shopify Inc. contributed the most to the index decline, decreasing 2.2%.
Mag Silver Corp. had the largest drop, falling 6.4%.
Today, 126 of 232 shares fell, while 104 rose; 7 of 11
sectors were lower, led by information technology stocks.
Insights
* This quarter, the index fell 0.6%
* So far this week, the index rose 0.4%
* The index advanced 5.1% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on Feb. 2, 2023 and 11.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.19t
* 30-day price volatility fell to 10.85% compared with 11.82% in the previous session and the average of 11.24% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -23.8993| -1.5| 4/8
Energy | -16.3386| -0.5| 17/23
Financials | -8.9945| -0.1| 14/15
Utilities | -6.8082| -0.8| 8/8
Consumer Staples | -4.8254| -0.6| 3/8
Real Estate | -4.4672| -0.9| 3/18
Health Care | -0.1085| -0.2| 2/4
Consumer Discretionary | 1.7978| 0.2| 7/8
Communication Services | 3.8084| 0.5| 3/2
Materials | 3.8605| 0.2| 29/19
Industrials | 4.0086| 0.1| 14/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -15.8600| -2.2| 114.5| 81.9
Canadian Natural Resources | -7.3830| -1.3| 42.1| -3.5
Manulife Financial | -6.3240| -1.9| 70.9| 3.7
Barrick Gold | 3.1810| 1.2| 248.9| -5.0
Enbridge | 3.3750| 0.5| 46.9| -6.5
Canadian National | 4.6390| 0.7| 177.5| -2.4
US
By Rita Nazareth
(Bloomberg) — A seemingly unstoppable advance fueled by Wall Street’s obsession over anything related to artificial intelligence took a breather on Friday, with the market facing the test of a massive options expiration.
The tech-heavy Nasdaq 100 underperformed major benchmarks, led by losses in giants Microsoft Corp. and Apple Inc. — which had recently closed at all-time highs.
A worrisome warning from Micron Technology Inc. weighed on chipmakers, while Adobe Inc. climbed on a bullish forecast.
The S&P 500 halted a six-day winning streak, but still notched its best week since March.
Stock traders caught between the fear of missing out on this year’s rally and mounting concerns about an overbought market had something else to cope with this week: positioning.
With an estimated $4.2 trillion in options contracts tied to stocks and indexes scheduled to mature, traders would typically need to either roll over existing positions or start new ones.
The impact of derivatives on trading this week was so significant that, at one point, the market’s favorite volatility gauge was climbing alongside the S&P 500.
The so-called VIX finally gave in, and with Friday’s plunge, it ended up erasing this week’s advance.
“The market could see some wild swings in either direction for no fundamental (or even technical) reason at all,” wrote Matt Maley, chief market strategist Miller Tabak + Co. “So nobody should read anything into today’s movement.”
Indeed, the market seemed to have ignored certain developments that would otherwise be considered catalysts for trading.
That was the case with data showing a slump in consumer year-ahead inflation expectations and the latest geopolitical news.
President Vladimir Putin said Russia has delivered its first tactical nuclear weapons to Belarus, three months after announcing the plan that threatens to ratchet up tensions with the US and its allies over the war in Ukraine.
Not even hawkish Fed-speak had much of an impact or any impact at all in Friday’s trading.
“The market caught a renewed bid from traders suffering from FOMO and ‘chasing’ the market higher,” said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter. “We are not bearish stocks right now, but we are growing cautious on the very near-term direction of the market given how quickly the market priced in a very Goldilocks macroeconomic environment based on only limited evidence of improvement in the current major market influences.”
The S&P 500 may have entered a technical bull market last week, but Bank of America Corp.’s Michael Hartnett said Friday he’s not convinced this is the start of a “brand, new shiny bull market.”
The current market looks more like 2000 or 2008, with a “big rally before big collapse,” Hartnett wrote.
Equities had about $22 billion inflows in the week through June 14, while bonds had $6.7 billion of additions, BofA said in a note, citing EPFR Global data.
In other corporate news, iRobot Corp. soared after Amazon.com Inc.’s proposed $1.7 billion deal to buy the robot vacuum firm was given the all-clear by the UK’s antitrust agency.
Virgin Galactic Holdings Inc., Richard Branson’s space-tourism venture, surged after announcing that its long-awaited first commercial passenger mission will take off as soon as June 27.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0936
* The British pound rose 0.3% to $1.2822
* The Japanese yen fell 1.1% to 141.84 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $26,393.75
* Ether rose 3.2% to $1,721.52
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.76%
* Germany’s 10-year yield declined three basis points to 2.47%
* Britain’s 10-year yield advanced three basis points to 4.41%
Commodities
* West Texas Intermediate crude rose 1.5% to $71.66 a barrel
* Gold futures fell 0.1% to $1,968.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric and Isabelle Lee.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
It ain’t what they call you, it’s what you answer to. –W.C. Fields, 1880-1946.

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

June 15, 2023

June 15, 2023, Newsletter

Dear Friends,

Tangents: Happy Friday Eve.

June 15, 1215: King John of England signs the Magna Carta – the first document to put into writing the principle that the king and his government was not above the law. It sought to prevent the king from exploiting his power.

1992: Vice President Dan Quayle erroneously instructed a Trenton, N.J., elementary school student to spell potato as “potatoe” during a spelling bee. –Go to article .

Sportscasting legend hit in the face with foul ball while calling the game. Ouch… Yankees broadcaster John Sterling was bonked by a foul ball while doing his
live play-by-play. Watch the video here.

New York is going to war with rats. Paris is talking about making peace with them. New York City is declaring outright war on rats while Paris is looking into an ambitious plan of “cohabitation” with its furry inhabitants.

Orcas are attacking boats in Europe. Watch the heart-racing moment a group of orcas broke a boat with passengers on board.

Curiosity rover captures dramatic new portrait of the Martian landscape. These new photos show the dramatic, colorful hues of morning and afternoon light on the surface of Mars.

Thanks to Netflix, a tiny Swiss town has more visitors than locals.

PHOTOS OF THE DAY

Taipei, Taiwan
A Godzilla mural, which is almost 50 metres tall, adorns a hotel. Photograph: Sam Yeh/AFP/Getty Images.

Tynemouth, UK
Sea mist rolls in over the lighthouse and Tynemouth Priory. Photograph: Owen Humphreys/PA.

Many forests in Jasper National Park in Alberta, Canada, benefit from naturally occurring, low-intensity wildfires. Without fire, trees grow unnaturally dense, and dead logs accumulate on the forest floor. This timber can collide with hotter, drier conditions and cause explosively large wildfires. Now forest managers are trying to reverse a century of misguided management by igniting controlled burns. The landscape may look different, but as this haunting image of a burned spruce forest shows, they can be equally captivating.CPhotograph: Miquel Angel ArtusIllana/BigPicture.
Market Closes for June 15^th, 2023

Market Index	Close	Change
Dow Jones	34408.06	+428.73
		+1.26%
S&P 500	4425.84	+53.25
		+1.22%
NASDAQ	13782.82	+156.34
		+1.15%
TSX	20027.35	+12.26
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	33485.49	-16.93
		-0.05%
HANG SENG	19828.92	+420.50
		+2.17%
SENSEX	62917.63	-310.88
		-0.49%
FTSE 100*	7628.26	+25.52
		+0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.331	3.408
CND. 30 Year Bond	3.211	3.273
U.S. 10 Year Bond	3.7184	3.7959
U.S. 30 Year Bond	3.8394	3.8804

Currencies

BOC Close	Today	Previous
Canadian $	0.7565	0.7506
US $	1.3319	1.3323

Euro Rate 1 Euro=		Inverse
Canadian $	1.4471	0.6910
US $	1.0947	0.9135

Commodities

Gold	Close	Previous
London Gold Fix	1955.80	1954.40

Oil
WTI Crude Future	70.60	68.27

Market Commentary:
📈 On this day in 1933: President Franklin D. Roosevelt took almost single-handed control over U.S. economy with a series of new laws. The Glass-Steagall Act limited the activities of commercial banks. The National Industrial Recovery Act established a $3.3 billion public works program and gave the government unprecedented powers over railroads and other industries.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,027.35 in Toronto.
First Quantum Minerals Ltd. contributed the most to the index gain and had the largest move, increasing 7.6%.
Today, 110 of 232 shares rose, while 121 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index fell 0.4%
* So far this week, the index rose 0.7%, heading for the biggest advance since the week ended April 14
* The index advanced 2.1% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Feb. 2, 2023 and 12.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.19t
* 30-day price volatility fell to 11.82% compared with 11.93% in the previous session and the average of 11.15% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 23.6675| 0.4| 18/11
Energy | 13.5712| 0.4| 35/5
Industrials | 0.7562| 0.0| 14/13
Consumer Discretionary | 0.5794| 0.1| 7/8
Health Care | -0.0341| -0.1| 2/4
Consumer Staples | -0.8805| -0.1| 4/7
Real Estate | -2.4812| -0.5| 8/13
Communication Services | -2.7941| -0.3| 1/4
Materials | -5.9406| -0.3| 15/35
Information Technology | -6.8873| -0.4| 3/9
Utilities | -7.2875| -0.8| 3/12
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
First Quantum Minerals | 9.1550| 7.6| 218.9| 17.7
TD Bank | 8.3510| 0.8| 21.6| -8.1
RBC | 6.2550| 0.5| -43.2| -1.2
BCE | -2.3430| -0.6| 71.0| 0.9
Shopify | -3.4050| -0.5| -9.0| 86.0
Barrick Gold | -7.0960| -2.6| 39.3| -6.1
US
By Rita Nazareth
(Bloomberg) — The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market.
Mounting bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day.
The Dow Jones Industrial Average extended its advance from a September low to almost 20%, while the Nasdaq 100 closed at its highest since March 2022.
Microsoft Corp., which has unveiled a procession of AI-based products in recent months, climbed to a record.
Lennar Corp. led a rally in homebuilders on a bullish outlook.
Restaurant chain Cava Group Inc. soared in its trading debut.
Delta Air Lines Inc. climbed for a 15th straight session as its board voted to restart the quarterly dividend.
A gauge of US-listed Chinese stocks jumped with Beijing seen rolling out more stimulus to help the economy.
Wall Street’s fervor will face a big test on Friday as a massive amount of options contracts tied to stocks and indexes are set to mature.
The event, known as OpEx, typically obliges traders to either roll over existing positions or start new ones. That usually involves portfolio adjustments that lead to a spike in volume and sudden price swings.
Equities continued to gain traction after the US benchmark crossed the bull-market threshold last week, surging more than 20% from its October low.
Traders kept piling into stocks even after the S&P 500’s 14-day relative strength index topped 70 — which is seen by some traders as one indication of an overbought market.
“US stocks have defied skeptics and rallied this year in the face of bank collapses, constant fears of a recession, and what’s expected to be a slowdown in corporate profits,” said Arthur Hogan, chief market strategist at B. Riley Wealth. “For our part, we assume that inflation will look better in the second half.”
Market breadth has improved notably, with multiple sectors exhibiting stronger relative strength trends, according to Dan Wantrobski at Janney Montgomery Scott.
“All this being said, our concern grows that leadership areas like the Nasdaq 100 index and S&P 500 remain very overbought/extended on a short-term basis,” wrote Wantrobski.
“While we understand that overbought conditions such as these can last for some time, we also understand that historical data illustrates they cannot be sustained indefinitely.”
Wantrobski says there’s still a “high probability” of a pullback ahead as we move beyond June.
In fact, the rally in equities faces a fresh threat over the next few weeks with the world’s biggest money managers set to unload as much as $150 billion of stocks.
JPMorgan Chase & Co. projects real-money portfolios will tilt back in favor of bonds to meet allocation targets, in the largest rebalancing flows to the asset class since the fourth quarter of 2021.
The periodic rejigging could knock off as much as 5% from the price of global stocks, according to estimates by JPMorgan strategist Nikolaos Panigirtzoglou.
Bonds climbed Thursday, with the yield on 10-year Treasuries declining seven basis points to 3.71%.
The dollar slumped the most since February.
The euro rallied as the European Central Bank lifted interest rates by another quarter-point, with President Christine Lagarde describing a further hike in July as “very likely.”
The move came a day after Fed officials paused their series of interest-rate hikes, but projected borrowing costs will go higher than previously expected, owing to what Chair Jerome Powell called surprisingly persistent inflation and labor-market strength.
The Fed is now in a “data-dependent” mode before it delivers what may be just one final increase in US borrowing costs next month, former Vice President Richard Clarida said.
“It was what I would call an awkward but hawkish pause,” Clarida, who is now a global economic advisor at Pacific Investment Management Co. told Bloomberg Television on Thursday.
The US economy is holding up, but losing steam.
While an advance in retail sales last month exceeded nearly every estimate, the report also showed consumer demand has moderated from the past year.
Separate data showed factory production remained sluggish and applications for unemployment benefits held at the highest level since late 2021.
Elsewhere, oil rebounded as strengthening demand in China outweighed concerns over further interest rate hikes in the US.
West Texas Intermediate futures traded near $70 a barrel on Thursday after falling 1.7% in the previous session.
Key events this week:
* Bank of Japan rate decision, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 1.1% to $1.0947
* The British pound rose 0.9% to $1.2783
* The Japanese yen fell 0.1% to 140.26 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $25,442.19
* Ether rose 1.8% to $1,668.22
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.71%
* Germany’s 10-year yield advanced five basis points to 2.50%
* Britain’s 10-year yield was little changed at 4.38%
Commodities
* West Texas Intermediate crude rose 3.3% to $70.52 a barrel
* Gold futures rose 0.1% to $1,971.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, John Viljoen, Vildana Hajric, Carly Wanna, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
It never ceases to amaze me: we all love ourselves more than other people,
but care more about their opinions than our own. –Marcus Aurelius, 112 AD-180 AD.

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

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

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

June 14, 2023

June 14, 2023 Newsletter

Dear Friends,

Tangents:
June 14^th, 1775: The US Army first forms as the Continental Army to fight the American Revolutionary War.
1940: The Nazis opened a concentration camp at Auschwitz in German-occupied Poland. Go to article.
1951: Univac Computer unveiled.

Vegetable gardening for beginners. It’s quite satisfying to grow your own food from scratch. Here are reasons you should consider planting a vegetable garden if your space allows.

50 million: That’s roughly how many people in the US quit their jobs in the two years after the height of the Covid-19 pandemic, citing various pressures like burnout or child care needs. Amid a tight labor market, many were also able to find better jobs with better pay. But now, experts say “The Great Resignation” is over and mass layoffs in some industries may be causing Americans to stay put.

‘Liquid gypsum’ burial from Roman Britain scanned in 3D, revealing 1,700-year-old secrets
About 1,700 years ago, a wealthy Roman family was buried with a bizarre material poured over their corpses. Now, a 3D scan has revealed the insides of their burial cocoon. Read More

12,000-year-old flutes carved of bone are some of the oldest in the world and sound like birds of prey.
Archaeologists have unearthed a collection of 12,000-year-old flutes carved out of bird bones that mimic the calls of certain birds of prey. Full Story: Live Science (6/9).

Amino acid taurine can slow aging in animals, but we don’t know if it works in people.
Taurine — an amino acid made by the human body and often added to energy drinks — can slow aging and extend the life spans of certain animals, a new study suggests. Full Story: Live Science (6/8)

PHOTOS OF THE DAY

Milan, Italy
People wait outside the cathedral before the state funeral for Italy’s former prime minister Silvio Berlusconi Photograph: Gabriel Bouys/AFP/Getty Images.

Athens, Greece
The Parthenon temple is reflected in a puddle after heavy rain Photograph: Petros Giannakouris/AP

Norfolk, UK
Amur tiger Mishka with one of her six-week-old cubs as they begin to explore their enclosure at Banham zoo Photograph: Joe Giddens/PA
Market Closes for June 14^th, 2023

Market Index	Close	Change
Dow Jones	33979.33	-232.79
		-0.68%
S&P 500	4372.59	+3.58
		+0.08%
NASDAQ	13626.48	+53.16
		+0.39%
TSX	20015.09	+24.69
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	33502.42	+483.77
		+1.47%
HANG SENG	19408.42	-113.00
		-0.58%
SENSEX	63228.51	+85.35
		+0.14%
FTSE 100*	7602.74	+7.96
		+0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.408	3.463
CND. 30 Year Bond	3.273	3.332
U.S. 10 Year Bond	3.7959	3.8172
U.S. 30 Year Bond	3.8804	3.9228

Currencies

BOC Close	Today	Previous
Canadian $	0.7506	0.7510
US $	1.3323	1.3316

Euro Rate 1 Euro=		Inverse
Canadian $	1.4428	0.6931
US $	1.0830	0.9234

Commodities

Gold	Close	Previous
London Gold Fix	1954.40	1952.90

Oil
WTI Crude Future	68.27	69.42

Market Commentary:
📈 On this day in 2000, authorities arrested nearly 100 in an alleged Mafia-led plot that exploited the dot-com boom. The alleged fraud extracted around $50 million from thousands of investors.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.1%, or 24.69 to 20,015.09 in Toronto.
The index advanced to the highest closing level since June 6.
Shopify Inc. contributed the most to the index gain, increasing 3.4%.
Lundin Mining Corp. had the largest increase, rising 5.7%.
Today, 109 of 232 shares rose, while 115 fell; 6 of 11 sectors were higher, led by industrials stocks.
Insights
* This quarter, the index fell 0.4%
* The index advanced 2.4% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 4% below its 52-week high on Feb. 2, 2023 and 12% above its low on Oct. 13, 2022 * The S&P/TSX Composite is little changed in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.18t
* 30-day price volatility little changed to 11.93% compared with 11.93% in the previous session and the average of 11.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 28.9154| 1.1| 19/8
Information Technology | 26.7125| 1.7| 7/4
Financials | 15.1506| 0.3| 18/10
Consumer Discretionary | 9.0542| 1.2| 11/4
Consumer Staples | 2.0953| 0.3| 5/5
Real Estate | 0.3431| 0.1| 12/6
Materials | -0.0092| 0.0| 24/24
Health Care | -0.6674| -1.0| 3/3
Utilities | -7.5231| -0.8| 1/15
Communication Services | -8.7005| -1.0| 3/2
Energy | -40.6936| -1.2| 6/34
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 23.7500| 3.4| -9.0| 86.9
Canadian National | 9.6150| 1.5| -25.4| -3.3
Canadian Pacific Kansas | 7.1710| 1.1| -5.3| 2.6
Canadian Natural Resources | -5.7680| -1.0| 63.6| -1.7
Nutrien | -8.5990| -3.0| 20.2| -21.1
Enbridge | -10.9700| -1.6| -42.6| -7.1
US
By Rita Nazareth
(Bloomberg) — Stocks closed little changed as the Federal Reserve signaled the possibility of resuming its interest-rate hikes after pausing its tightening cycle in June to assess economic conditions.
The S&P 500 finished higher by just 0.1%, recovering some ground after Jerome Powell said no decision has been made for the next few meetings.
Treasury two-year yields, which are more sensitive to imminent Fed moves, climbed three basis points to 4.7%.
The dollar fell.
The Fed decision left the benchmark federal funds rate in a target range of 5% to 5.25%.
Fresh quarterly Fed forecasts showed borrowing costs rising to 5.6% by year end, according to the median projection, compared with 5.1% in the previous round of projections.

Reaction to Fed:
* Edward Moya at Oanda:
“The Fed statement and projections were very hawkish, but Powell’s presser was a bit optimistic regarding their inflation fight and non-committal for a July rate hike. The S&P 500 recovered initial losses as traders believe the Fed is becoming a bit overly aggressive on what will be needed to get inflation all the way down.”
* Andrew Slimmon at Morgan Stanley Investment Management:
“What I find fascinating is despite a hawkish tone from today’s Fed announcement, the S&P barely went negative. The reason is that retail and institutional assets remain drastically offsides and are looking for any pullback as an opportunity to increase exposure.”
* Chris Zaccarelli at Independent Advisor Alliance:
“The Fed is saying that they are going to continue to fight inflation by raising interest rates at future meetings, but what the market hears is that the Fed is close to stopping interest rate hikes and it’s time to put cash to work.”
* Neil Dutta at Renaissance Macro Research:
“What the hell do you expect them to do? Unemployment is not rising as much as they thought. Inflation is still firm. Growth is strong and the momentum behind it is favorable.”
* Mike Loewengart at Morgan Stanley Global Investment Office:
“The Fed may have paused today, as expected, but they probably raised a few eyebrows with their hawkish language — suggesting investors may have two more rate hikes to look forward to. The market’s initial pullback after the announcement showed how investors felt about that. But the inflation battle was always slated to be a long one, and there’s likely to be more bumps in the road for the market.”
* Greg McBride at Bankrate:
“The Fed is taking a breather. But it will likely be very short-lived, with rate hikes potentially resuming as soon as July. For now, the Fed will use this time to take in more data on inflation, the health of the economy, and tightening credit conditions before deciding what comes next.”
* Jason Pride at Glenmede:
“No rate hike this month does not necessarily mean that the Fed is finished raising rates this cycle. It is more likely that today’s decision will prove to be a ‘skip’ ahead of another rate hike at the July meeting than a prolonged pause in the rate hike campaign.”
Even with a pause in Fed hikes and an artificial intelligence boom that helped drive the S&P 500 into a bull market, there’s more pain ahead for stocks, according to Morgan Stanley’s Mike Wilson.
He reiterated his year-end price target of 3,900 for the gauge, which implies an 11% drop from Tuesday’s close.
“Our view is that inflation is going to come down, and while that potentially is very good for bonds, it’s not going to be good for stocks because that’s where the earnings power is coming from — this is really our boom-bust thesis.”
Key events this week:
* China property prices, retail sales, industrial production, Thursday
* European Central Bank President Christine Lagarde holds press conference following the rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production, Thursday
* Bank of Japan rate decision, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0825
* The British pound rose 0.4% to $1.2659
* The Japanese yen rose 0.2% to 139.97 per dollar
Cryptocurrencies
* Bitcoin was little changed at $25,869.47
* Ether fell 0.6% to $1,728.33
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.80%
* Germany’s 10-year yield advanced three basis points to 2.45%
* Britain’s 10-year yield declined four basis points to 4.39%
Commodities
* West Texas Intermediate crude fell 0.9% to $68.79 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, John
Viljoen, Vildana Hajric, Carly Wanna, Isabelle Lee, Sophie Caronello and Emily Graffeo.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
If it were not for hopes, the heart would break. –Thomas Fuller, 1608-1661.

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

June 13, 2023

June 13, 2023, Newsletter

Dear Friends,

Tangents:
June 13^th, 1971: The New York Times publishes the Pentagon Papers. The secret study of the United States’ involvement in the Vietnam War revealed the government’s lives concerning the scale of US activities in Vietnam and neighboring countries.

June 13^th, 1983 The U.S. space probe Pioneer 10 became the first spacecraft to leave the solar system as it crossed the orbit of Neptune. Go to article

William Butler Yeats, poet, b. 1865.
And say my glory was I had such friends. –William Butler Yeats, 1865-1939.

India is now the most populous country in the world. The South Asian superpower has a growing influence on the global stage — and it’s ready to become a tourism force.

Life may already exist on the moon — and NASA’s next mission could find it
Some hardy microbes might be able to survive on Earth’s nearest neighbor, experts suggest. Read More.

AI identifies 3 more ‘Nazca Lines’ figures in Peru
Scientists used artificial intelligence to discover three lost “Nazca Lines” that were etched into the desert up to 2,400 years ago. Read More.

‘Reanimated’ hearts can be successfully transplanted and could expand donor pool
A gold-standard clinical trial suggests that “reanimating” donated hearts is a viable strategy. Read More.

Meet ‘Dr. Deep Sea,’ the scientist who broke the record for the longest time living underwater
Joseph Dituri, who recently broke the record for the longest time spent living underwater, tells Live Science about his mission. Read More

The 12 biggest volcanic eruptions in recorded history
From Krakatoa to the Tonga blast, here are some of the biggest volcanic eruptions ever seen. Read More

PHOTOS OF THE DAY

Lisbon, Portugal
Celebrations during the Santo Antônio de Lisboa district’s parade on Avenida da Liberdade. Every year on Saint Anthony evening people from about 20 Lisbon neighbourhoods march in colourful costumes and sing popular songs in honour of the saint. Photograph: Patrícia de Melo Moreira/AFP/Getty Images

Basel, Switzerland
Visitors walk past pictures by US photographer Richard Avedon at the Art Basel fair for modern and contemporary art Photograph: Fabrice Coffrini/AFP/Getty Images.

Frankfurt, Germany
A hare sits on a backroad at sunrise on the outskirts of the city Photograph: Michael Probst/AP
Market Closes for June 13^h, 2023

Market Index	Close	Change
Dow Jones	34212.12	+145.79
		+0.43%
S&P 500	4369.01	+30.08
		+0.69%
NASDAQ	13573.32	+111.40
		+0.83%
TSX	19990.40	+69.09
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	33018.65	+584.65
		+1.80%
HANG SENG	19521.42	+117.11
		+0.60%
SENSEX	63143.16	+418.45
		+0.67%
FTSE 100*	7594.78	+24.09
		+0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.463	3.346
CND. 30 Year Bond	3.332	3.237
U.S. 10 Year Bond	3.8172	3.7375
U.S. 30 Year Bond	3.9228	3.8777

Currencies

BOC Close	Today	Previous
Canadian $	0.7510	0.7481
US $	1.3316	1.3367

Euro Rate 1 Euro=		Inverse
Canadian $	1.4371	0.6958
US $	1.0792	0.9266

Commodities

Gold	Close	Previous
London Gold Fix	1952.90	1960.30

Oil
WTI Crude Future	69.42	67.12

Market Commentary:
📈 On this day in 1991: The New York Stock Exchange began after-hours trading for the first time, as two “crossing sessions” of trades among institutional investors extended the trading day to 5:15 p.m.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 69.09 to 19,990.40 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.3%.
Sandstorm Gold Ltd. had the largest increase, rising 8.6%.
Today, 143 of 232 shares rose, while 87 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index fell 0.5%
* The index advanced 1.3% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 4.1% below its 52-week high on Feb. 2, 2023 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% in the past 5 days and fell 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.17t
* 30-day price volatility fell to 11.93% compared with 12.18% in the previous session and the average of 11.08% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.2114| 0.9| 25/4
Energy | 16.3569| 0.5| 30/10
Industrials | 10.2798| 0.4| 19/8
Consumer Staples | 5.3339| 0.7| 10/1
Consumer Discretionary | 4.9787| 0.7| 11/4
Communication Services | 3.8838| 0.5| 5/0
Health Care | 0.4030| 0.6| 3/3
Real Estate | -0.0207| 0.0| 11/9
Materials | -0.4281| 0.0| 21/28
Utilities | -8.4411| -0.9| 3/13
Information Technology | -18.4611| -1.2| 5/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 12.7800| 1.3| 5.1| -8.9
Canadian Natural Resources | 9.3060| 1.7| 99.5| -0.7
Bank of Montreal | 9.2660| 1.6| -45.4| -3.6
Brookfield Renewable Partners | -3.5710| -5.9| 352.9| 16.1
Agnico Eagle Mines | -4.7160| -2.0| 12.7| -5.3
Shopify | -16.3600| -2.3| -13.2| 80.8
US
By Rita Nazareth
(Bloomberg) — Wall Street got some encouragement to send stocks higher after a slowdown in inflation bolstered speculation the Federal Reserve will pause its tightening campaign on Wednesday.
That’s not to say investors are betting the Fed is done with its interest-rate hikes just yet.
While swap traders are putting the odds of a June increase at only 10%, they still see the potential for a July move.
And to some of the world’s biggest money managers, the central bank will continue to sound hawkish even if it stays on hold this week.
Tiffany Wilding at Pacific Investment Management Co. expects the Fed to signal the market should not interpret a potential pause as the end of hikes.
Alexandra Wilson-Elizondo at Goldman Sachs Asset Management, sees a “hawkish pause” as the rate of disinflation remains incompatible with the Fed’s 2% target.
Meantime, UBS Chief Investment Office bets officials will send a “clear message” that at least one more increase is likely at a later meeting.
“The Fed is comfortable pausing the hiking cycle in June, provided there is a strong statement of their intention to raise rates again should it be required,” said James Athey, investment director at Abrdn.
Short-term Treasury yields surged to the highest levels since March amid a decline in expectations that the Fed will cut interest rates this year.
Two-year rates, which are more sensitive to imminent policy moves, climbed 10 basis points to 4.68%.
The S&P 500 rose for a fourth consecutive day — its longest winning run since early April — and approached the 4,400 mark.
Wall Street’s “fear gauge” — the CBOE Volatility Index — dropped back below 15.
That compares with an average of 23 for the VIX in the past year.
Ian Lyngen at BMO Capital Markets says he’ll be on the lookout for any comments from Jerome Powell regarding the recent breakout in the US equity benchmark that reached its highest
level since April 2022.
Back in December, the Fed Chair highlighted the importance of financial conditions continuing to reflect the policy restraints put in place to tame inflation.
“We expect the performance of risk assets will be an issue that is discussed by the Fed,” Lyngen wrote in a note to clients. “The VIX has begun to consolidate <15, which has also contributed to the overall loosening in financial conditions.”
In addition to the Fed decision on rates, investors’ focus will be on the central bank’s quarterly so-called dot plot in its Summary of Economic Projections.
“Raising the ‘dots’ for both 2023 and 2024 would signal an intention to leave rates higher for longer, while also giving the doves on the committee another few weeks to prove that inflationary pressures are waning,” the UBS Chief Investment Office added.
The consumer price index and the core CPI — which excludes food and energy — decelerated on an annual basis.
However, a key gauge of prices closely watched by the Fed continued to rise at a concerning pace.
“Today’s US CPI has likely sealed the deal for a ‘hawkish hold’,” said Matthew Weller at FOREX.com and City Index. “With no upside surprises to inflation, it looks likely that Jerome Powell and company will follow through on their recent comments favoring a ‘skip’ in the interest rate hiking cycle tomorrow, while leaving the door open for a potential resumption of rate increases next month if the data dictates.”
Elsewhere, oil rebounded by more than 3% from a three-month low as China weighed measures to revitalize the world’s second-largest economy.
West Texas Intermediate futures topped $69 a barrel after three losing sessions.
Key events this week:
* Eurozone industrial production, Wednesday
* US PPI, Wednesday
* Federal Reserve rate decision, updated economic forecasts, Jerome Powell’s press conference, Wednesday
* IEA oil market report, Wednesday
* China property prices, retail sales, industrial production, Thursday
* European Central Bank President Christine Lagarde holds press conference following the rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production, Thursday
* Bank of Japan rate decision, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0791
* The British pound rose 0.8% to $1.2608
* The Japanese yen fell 0.4% to 140.21 per dollar
Cryptocurrencies
* Bitcoin was little changed at $25,886.45
* Ether was little changed at $1,739.66
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 3.82%
* Germany’s 10-year yield advanced three basis points to 2.42%
* Britain’s 10-year yield advanced 10 basis points to 4.43%
Commodities
* West Texas Intermediate crude rose 3% to $69.15 a barrel
* Gold futures fell 0.7% to $1,956.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from John McCorry, John Viljoen, Isabelle Lee, Cecile Gutscher, Sagarika Jaisinghani, Julien Ponthus, Peyton Forte, Allegra Catelli, Blaise Robinson, Carly Wanna, Emily Graffeo, Brett Miller and Tassia Sipahutar.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Meet bitterness with kindness. –Lao Tzu, 6^thc. BC-5^th c. BC.

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

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

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

June 12, 2023

June 12, 2023 Newsletter

Dear Friends,

Tangents: Happy Monday.

June 12, 1964: Nelson Mandela is sentenced to life in prison. The South African anti-apartheid activist spent 27 years in prison. In 1993, he received the Nobel Peace Prize and one year later he became President of South Africa.
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.” Go to article

Anne Frank, b. 1929.
George H. W. Bush, 41^st US President, b. 1924.

June 12, 1939: National Baseball Hall of Fame opened.
“Baseball is 9% mental, the other half is physical”. –Yogi Berra.

Black bear spotted swimming at crowded Florida beach. Usually, the only bear you’ll find at the beach is bare feet. But in Florida, a furry black bear was seen walking
out of the ocean. Watch the video here.

Novak Djokovic wins record-breaking 23rd grand slam title. Djokovic defeated Casper Ruud in the French Open final, setting a new men’s record for the most grand slam titles.

Golden Knights are one win away from clinching first Stanley Cup in franchise history. Vegas hockey fans are biting their nails ahead of Game 5 on Tuesday.

Stephen Hawking wanted scientists to ‘make black holes’ on Earth. Physics says it’s possible.
When Stephen Hawking and I visited the Large Hadron Collider, he hoped for an unexpected physics breakthrough. His dreams may not be impossible. Read More

Canadian wildfire smoke detected thousands of miles away in Norway
Wildfire smoke from Canada has hit Norway, which is more than 3,000 miles from the North American country. Read More.
PHOTOS OF THE DAY

Peterlee, England
Parkour athletes Craig Cheel, Dan Calvert and Jai Smith during a practice session at the Apollo Pavilion in County Durham. Photograph: Lee Smith/Reuters

Dover, England
The cruise ship Zuiderdam is shrouded in fog while visiting the Port of Dover. Photograph: Gareth Fuller/PA

Djokovic’s record-breaking triumph is celebrated in his home city of Belgrade, with an image projected onto the side of the Kula Beograd building. Photograph: Andrej Isaković/AFP/Getty Images
Market Closes for June 12^th, 2023

Market Index	Close	Change
Dow Jones	34066.33	+189.55
		+0.56%
S&P 500	4338.93	+40.07
		+0.93%
NASDAQ	13461.92	+202.78
		+1.53%
TSX	19921.31	+29.25
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	32434.00	+168.83
		+0.52%
HANG SENG	19404.31	+14.36
		+0.07%
SENSEX	62724.71	+99.08
		+0.16%
FTSE 100*	7570.69	+8.33
		+0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.346	3.372
CND. 30 Year Bond	3.237	3.248
U.S. 10 Year Bond	3.7375	3.7394
U.S. 30 Year Bond	3.8777	3.8804

Currencies

BOC Close	Today	Previous
Canadian $	0.7481	0.7483
US $	1.3367	1.3364

Euro Rate 1 Euro=		Inverse
Canadian $	1.4383	0.6953
US $	1.0760	0.9294

Commodities

Gold	Close	Previous
London Gold Fix	1960.30	1966.40

Oil
WTI Crude Future	67.12	70.17

Market Commentary:
📈 On this day in 1928, the New York Stock Exchange had its first day on which more than 5 million shares traded hands. Unfortunately, many stocks dropped between $25 and $150 in price, in response to President Calvin Coolidge’s announcement that he wouldn’t run again.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 19,921.31 in Toronto.
The move follows the previous session’s decrease of 0.3%.
Shopify Inc. contributed the most to the index gain, increasing 6.2%.
Ballard Power Systems Inc. had the largest increase, rising 14.8%.
Today, 102 of 232 shares rose, while 129 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index fell 0.9%
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 4.4% below its 52-week high on Feb. 2, 2023 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.16t
* 30-day price volatility rose to 12.18% compared with 12.15% in the previous session and the average of 10.94% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 55.9893| 3.7| 11/1
Industrials | 10.1952| 0.4| 17/10
Consumer Discretionary | 8.5384| 1.2| 11/4
Financials | 4.9386| 0.1| 16/12
Communication Services | 3.2540| 0.4| 2/3
Materials | 1.9019| 0.1| 23/27
Health Care | 0.7662| 1.2| 4/2
Consumer Staples | -1.0910| -0.1| 5/6
Utilities | -2.1793| -0.2| 4/12
Real Estate | -2.2243| -0.5| 2/19
Energy | -50.8439| -1.5| 7/33
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | 42.1900| 6.2| 2.3| 85.0
Constellation Software | 7.1500| 1.9| -26.8| 33.0
Brookfield Corp | 5.4560| 1.3| -15.3| 0.4
Enbridge | -7.3130| -1.0| -0.9| -5.3
Cenovus Energy | -8.7320| -3.9| -15.1| -15.1
Canadian Natural Resources | -13.8400| -2.4| 154.1| -2.3
US
By John Viljoen
(Bloomberg) — Stocks crept higher as traders prepared for a week packed with interest-rate decisions from major central banks.
Tesla Inc. was poised for a record winning streak.
The S&P 500 advanced further into bull-market territory amid bets on a Federal Reserve pause after 10 straight rate hikes.
Tesla is on course for a 12th day of gains as its electric-car chargers become the industry standard.
Cruise operator Carnival Corp. rose after an upgrade from JPMorgan Chase & Co.
A busy calendar for investors kicks off with the US consumer price data on Tuesday and the Fed’s latest policy decision the next day.
With the pace of inflation still proving sticky, positioning in rates markets suggests one more hike in July.
“It feels like markets have been underpricing the probability of a June hike,” said Pooja Kumra, senior European rates strategist at Toronto Dominion Bank. “Data is moving in the right direction, but still not where central banks would like inflation to be.”
While the consensus is for the Fed to pause this week, unexpected hikes from the Bank of Canada and the Reserve Bank of Australia have added an extra element of uncertainty to markets.
The European Central Bank is projected to lift its benchmark rate Thursday and the Bank of Japan is expected to stand pat on Friday.
Add to that the concerns over growth in China.
The People’s Bank of China will have an opportunity to add more monetary stimulus on Thursday, although the majority of economists surveyed by Bloomberg predict no change to rates just yet.
Meanwhile in stocks, Wall Street’s top strategists are giving divergent views on what the S&P 500 will likely do next.
Goldman Sachs strategists expect the gains to continue as other sectors catch up with the searing rally for technology shares.
Morgan Stanley’s Michael Wilson, meanwhile, points instead to the example of the bear market of the 1940s, when the S&P 500 rallied 24% before returning to a new low.
Key events this week:
* US CPI, Tuesday
* FOMC begins two-day meeting, Tuesday
* Eurozone industrial production, Wednesday
* US PPI, Wednesday
* FOMC rate decision, Wednesday
* IEA oil market report released, Wednesday
* China central bank meeting to decide on one-year policy loan rate, Thursday
* China property prices, retail sales, industrial production, Thursday
* ECB rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production
* Eurozone CPI, Friday
* Japan BOJ rate decision, Friday
* US University of Michigan consumer sentiment, Friday

Some of the major moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 11:40 a.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.1%
* The Stoxx Europe 600 rose 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0751
* The British pound fell 0.5% to $1.2503
* The Japanese yen fell 0.1% to 139.57 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $25,833.23
* Ether fell 2.1% to $1,733.35
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.77%
* Germany’s 10-year yield was little changed at 2.38%
* Britain’s 10-year yield advanced 10 basis points to 4.34%
Commodities
* West Texas Intermediate crude fell 3.3% to $67.86 a barrel
* Gold futures fell 0.3% to $1,971.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Tassia Sipahutar and Denitsa Tsekova.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The supreme quality for leadership is unquestionable integrity. Without it, no real success is possible. -Dwight D. Eisenhower, 1890-1969.

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

June 9, 2023

June 9, 2023 Newsletter

Dear Friends,

Tangents:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC, I will be writing the newsletter on her behalf.

On this day, 68 A.D. Roman Emperor Nero commits suicide, imploring his secretary Epaphroditus to slit his throat to evade a Senate-imposed death by flogging. Go to article

12-year-old springs into action to save baby deer. This young boy had no fear when the time came to rescue a baby deer that fell into a pool. Watch the video.

Largest ruby ever auctioned sells for over $34 million. An exquisite 55-carat ruby has become the largest and most valuable gem of its kind ever to sell at auction.

Canadian wildfire smoke detected thousands of miles away in Norway. Wildfire smoke from Canada has hit Norway, which is more than 3,000 miles from the North American country. Go to article

PHOTOS OF THE DAY

Stockholm, Sweden
The world’s first AI sculpture, the Impossible Statue, is displayed at the Tekniska Museum. It is inspired by the works of five masters, including Michelangelo, Rodin and Takamura
Photograph: Jonathan Nackstrand/AFP/Getty Images

A gull eats a pearl mullet on Lake Van in Van, Turkey. Pearl mullet in Lake Van migrate to fresh waters by swimming against the flow of water to breed between 15 April and 15 July every year
Photograph: Anadolu Agency/Getty Images

Rouen, France
An aerial view shows the Cuauhtémoc ship passing under the Flaubert Bridge as it sails down the Seine with an armada of old vessels and tall ships
Photograph: Lou Benoist/AFP/Getty Images
Market Closes for June 9^th, 2023

Market Index	Close	Change
Dow Jones	33876.78	+43.17
		+0.13%
S&P 500	4298.86	+4.93
		+0.11%
NASDAQ	13259.14	+20.62
		+0.16%
TSX	19892.06	-50.64
		-0.25%

International Markets

Market Index	Close	Change
NIKKEI	32265.17	+623.90
		+1.97%
HANG SENG	19389.95	+90.77
		+0.47%
SENSEX	62625.63	-223.01
		-0.35%
FTSE 100*	7562.36	-37.38
		-0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.372	3.408
CND. 30 Year Bond	3.248	3.277
U.S. 10 Year Bond	3.7394	3.7179
U.S. 30 Year Bond	3.8804	3.8877

Currencies

BOC Close	Today	Previous
Canadian $	0.7483	0.7485
US $	1.3364	1.3360

Euro Rate 1 Euro=		Inverse
Canadian $	1.4383	0.6953
US $	1.0757	0.9296

Commodities

Gold	Close	Previous
London Gold Fix	1966.40	1967.35

Oil
WTI Crude Future	70.17	71.29

Market Commentary:
📈On this day in 1943, federal-income tax withholding was implemented for the first time. Originally proposed by a Macy’s executive, withholding was called “pay as you go” and was coupled with an amnesty for the previous year’s taxes
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3%, or 50.64 to 19,892.06 in Toronto. The index dropped to the lowest closing level since June 1.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.9%. Saputo Inc. had the largest drop, falling 11.2%.
Today, 160 of 232 shares fell, while 69 rose; 9 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 1%
* So far this week, the index fell 0.7%
* The index declined 3.3% in the past 52 weeks. The MSCI AC Americas Index gained 6% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.3% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 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$3.17t
* 30-day price volatility fell to 12.15% compared with 12.31% in the previous session and the average of 10.67% over the past month
================================================================
| Index Points | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -28.6789| -1.0| 5/22
Materials | -20.6992| -0.9| 10/40
Consumer Staples | -10.7516| -1.3| 2/9
Energy | -10.1992| -0.3| 15/25
Real Estate | -3.0625| -0.6| 3/16
Communication Services | -2.1468| -0.3| 2/3
Utilities | -1.4437| -0.2| 3/12
Health Care | -0.4943| -0.7| 1/5
Financials | -0.0926| 0.0| 15/14
Consumer Discretionary | 1.0666| 0.1| 5/10
Information Technology | 25.8549| 1.7| 8/4
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.9800| -1.9| -27.1| 1.1
Saputo | -6.5820| -11.2| 429.8| -7.7
Enbridge | -5.7660| -0.8| -52.1| -4.3
Canadian Natural | | | |
Resources | 2.3070| 0.4| 177.2| 0.1
RBC | 5.6780| 0.5| -63.6| -2.7
Shopify | 22.5100| 3.4| -6.4| 74.2
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — The S&P 500 inched further into bull-market territory on Friday as technology shares continued to climb amid bets the Federal Reserve is nearing the end of its hiking cycle.
The benchmark index added 0.1%, as tech and megacap shares drove another session of gains, with Tesla Inc. up 4.1% after General Motors Co. announced it’s joining the company’s charging network. Netflix Inc. rose 2.6% on a report it added US subscribers after cracking down on password sharing. And Adobe Inc. gained another 3.4% amid the frenzy in stocks linked to artificial intelligence.
The S&P 500 has now surpassed a 20% gain from an October low, a common marker of a bull market, following a rise in tech stocks. However, analysts have warned the rally could stall ahead of next week’s interest-rate decisions from the Fed and the European Central Bank. Unexpected hikes from two central banks this week have raised speculation that policymakers may have to keep rates higher for longer.
Meanwhile, US data pointing to a cooling labor market has supported the consensus view that the Fed is likely to pause. “We’ve become a little uncomfortable with the tech trade,” Stuart Kaiser, head of US equity trading strategy at Citigroup, told Bloomberg TV. “There’s a scarcity of growth in the market, and the market is willing to pay a premium for that scarcity of growth.” But the debate for investors is what can get the market rally to turn “into something that is maybe a little more durable and sustainable to the upside.”
Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, also cautioned against assuming the recent upswing in equities can gain momentum. “While many investors believe that passing this milestone puts markets in bull territory, it remains possible that we are seeing a bear market rally— a period of strong gains that occurs in the middle of a bear market,” she said. “Until markets reach a new all-time high, it’s impossible to know whether the bear market trough —the ultimate low of the market cycle — is behind us.”
Elsewhere, Treasury yields rose after disappointing employment data from Canada. The country’s economy ended its eight-month run of employment gains with minor job losses in May, signaling weakness in the labor market.
Currently, swaps traders are pricing in roughly a one-third chance of a Fed hike next week, and almost 90% odds of one in July after an unexpected rate hike by the central banks of
Canada and Australia this week.
In Europe, stocks edged lower after a downbeat outlook from Croda International Plc weighed on chemical shares.
Japan’s Nikkei 225 capped a ninth week of gains, up 2.4%, for its longest streak in more than five years.
And in currencies, the Turkish lira extended its decline to an all-time low against the dollar, taking its weekly drop to 10%. President Recep Tayyip Erdogan completed key appointments of the economy team, which is expected to turn to more conventional policies.

Stocks
* The S&P 500 rose 0.1% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.0746
* The British pound rose 0.2% to $1.2581
* The Japanese yen fell 0.4% to 139.42 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $26,421.5
* Ether fell 1.2% to $1,830.94
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.74%
* Germany’s 10-year yield declined three basis points to 2.38%
* Britain’s 10-year yield was little changed at 4.24%
Commodities
* West Texas Intermediate crude fell 1.4% to $70.32 a barrel
* Gold futures fell 0.2% to $1,975.20 an ounce

–With assistance from Namitha Jagadeesh, David Watkins, Rob Verdonck, Richard Henderson, Michael Msika and Lynn Thomasson.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Amile is a curve that sets everything straight. – Phyllis Diller, 1917-2012

Assistant to Carolann Steinhoff, Registered Representative

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

June 8, 2023June 8, 2023

June 8th, 2023, Newsletter

Dear Friends,

Tangents:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC for the rest of the week, I will be writing the newsletter on her behalf.

On June 8, 1867, Frank Lloyd Wright, the famed American architect, was born. Following his death on April 9, 1959, his obituary appeared in The Times. Go to article

Hawaii’s Kilauea volcano began erupting on Wednesday morning with a burst of lava spewing from within Halema’uma’u crater at Hawai’i Volcanoes National Park. Officials raised the warning level for the volcano, but are also highlighting a number of safe locations for the thousands who are expected to flock to the area to take in the magnificent view. Kilauea volcano shot up fountain bursts about 200 feet high during the early phase of the eruption Wednesday, with the largest lava fountain consistently coming in at about 50 feet high, according to the US Geological Survey. There is no indication that populated areas are threatened, authorities said.

This country has the best wines in the world for 2023. Fellow connoisseurs, this country received the most acclaim at the Decanter World Wine Awards — the world’s biggest and most established wine competition.

Blind singer receives golden buzzer on ‘America’s Got Talent’. Simon Cowell hit the golden buzzer for a very special contestant on “America’s Got Talent.” Watch her passionate audition here.

World’s largest captive croc turns 120, giving scientists ‘serious knowledge on longevity’ Cassius, the world’s largest crocodile living in captivity, just turned 120 years old. Or at least that’s his estimated age, scientists say. Read More
PHOTOS OF THE DAY

Ellie Davies, Chalk Streams
Crystal clear chalk streams intertwine and weave throughout the counties of Dorset and Hampshire in southern England. There are just over 200 chalk streams globally, 85% of which are found in southern England. They are a unique ecosystem supporting a high biodiversity of wild creatures. Light reflected from the surface of the nearby sea is overlaid on to these river landscapes, creating a sparkling ingress. The transposed light symbolises rising sea levels as they insidiously impose themselves on these pristine landscapes
Photograph: Ellie Davies

The mother load
‘A lamb climbing on its mother’s back in Marken, Netherlands.’
Photograph: Harvey Wasserman

James Kirkham, Bellingshausen Sea
Three seals rest on one of the only remaining floes of sea ice in the Bellingshausen Sea, Antarctica, surrounded by a chaotic melange of smaller ice blocks. A capsized iceberg, scarred in rivulets by underside melting, dwarfs the seals. The shape of the iceberg provides enough shelter for smaller pancakes of new sea ice to form inside its own melt pond
Photograph: James Kirkham
Market Closes for June 8^th, 2023

Market Index	Close	Change
Dow Jones	33833.61	+168.59
		+0.50%
S&P 500	4293.93	+26.41
		+0.62%
NASDAQ	13238.52	+133.63
		+1.02%
TSX	19942.70	-40.99
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	31641.27	-272.47
		-0.85%
HANG SENG	19299.18	+47.18
		+0.25%
SENSEX	62848.64	-294.32
		-0.47%
FTSE 100*	7599.74	-24.60
		-0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.408	3.441
CND. 30 Year Bond	3.277	3.281
U.S. 10 Year Bond	3.7179	3.7952
U.S. 30 Year Bond	3.8877	3.9450

Currencies

BOC Close	Today	Previous
Canadian $	0.7485	0.7480
US $	1.3360	1.3370

Euro Rate 1 Euro=		Inverse
Canadian $	1.4406	0.6942
US $	1.0783	0.9274

Commodities

Gold	Close	Previous
London Gold Fix	1967.35	1957.25

Oil
WTI Crude Future	71.29	72.53

Market Commentary:
📈 On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953, Compton together with James Watson discovered the double-helix molecular structure of DNA, the building block of life-and the biotechnology industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 40.99 to 19,942.70 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.8%. Canopy Growth Corp. had the largest drop, falling 6.1%.
Today, 132 of 232 shares fell, while 88 rose; 8 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 0.8%
* So far this week, the index fell 0.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.4% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on June 8, 2022 and 11.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.4% in the past 5 days and fell 3.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 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$3.18t
* 30-day price volatility fell to 12.31% compared with 12.57% in the previous session and the average of 10.55% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -25.2221| -0.9| 9/17
Information Technology | -10.9694| -0.7| 3/9
Communication Services | -6.1715| -0.7| 1/4
Energy | -6.0662| -0.2| 7/28
Consumer Staples | -5.7484| -0.7| 5/6
Financials | -2.6075| 0.0| 7/22
Real Estate | -1.8957| -0.4| 3/17
Health Care | -0.7885| -1.2| 0/4
Consumer Discretionary | 1.3071| 0.2| 6/9
Utilities | 2.1456| 0.2| 8/7
Materials | 15.0207| 0.6| 39/9
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.0200| -1.8| -3.9| 3.1
Couche-Tard | -5.2260| -1.5| 17.8| 9.5
Fairfax Financial | -4.8250| -3.0| 88.9| 23.5
Restaurant Brands | 3.8670| 1.9| -16.5| 13.5
Enbridge | 4.9220| 0.7| -26.0| -3.6
TD Bank | 14.0400| 1.4| 41.5| -9.9

June 7, 2023,Newsletter

Dear Friends,

Tangents:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC for the rest of the week, I will be writing the newsletter on her behalf.

On this day, A federal judge ordered the breakup of Microsoft Corp. Go to article

Webb telescope captures galaxy 20 million light-years away. These new images of a faraway galaxy rife with star formation are getting major attention from astronomers and space enthusiasts.

2,300-year-old Buddhist elephant statue from India is one of the oldest known. Archaeologists in eastern India have unearthed an elephant statue thought to date to the third century B.C., when the region was mainly Buddhist. Read More

King Tut’s likeness revealed in vivid new facial approximation of ancient Egyptian pharaoh. Researchers created a facial approximation that reconstructs what the ancient Egyptian pharaoh Tutankhamun may have looked like.

AI predicts 5-year breast cancer risk better than standard tools — but we aren’t sure how it works. Artificial intelligence models can use breast imaging data to pinpoint those at highest risk of getting breast cancer in the next five years, better than a standard approach. Read More

PHOTOS OF THE DAY

Chümoukedima, India
Sümi women line up to perform a traditional rice pounding folk song during a silver jubilee celebration in Thilixü village
Photograph: Caisii Mao/Shutterstock

Lhokseumawe, Indonesia
Fishers pull a net at sunrise on the beach at Hagu village
Photograph: Azwar Ipank/AFP/Getty Images

Treasure island
‘A flamingo tongue snail in Cayman Brac, Cayman Islands.’
Photograph: Ian Kay/Guardian Community
Market Closes for June 7^th, 2023

Market Index	Close	Change
Dow Jones	33665.02	+91.74
		+0.27%
S&P 500	4267.52	-16.33
		-0.38%
NASDAQ	13104.89	-171.53
		-1.29%
TSX	19983.69	-71.91
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	31913.74	-593.04
		-1.82%
HANG SENG	19252.00	+152.72
		+0.80%
SENSEX	63142.96	+350.08
		+0.56%
FTSE 100*	7624.34	-3.76
		-0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.441	3.278
CND. 30 Year Bond	3.281	3.170
U.S. 10 Year Bond	3.7952	3.6602
U.S. 30 Year Bond	3.9450	3.8439

Currencies

BOC Close	Today	Previous
Canadian $	0.7480	0.7462
US $	1.3370	1.3401

Euro Rate 1 Euro=		Inverse
Canadian $	1.4306	0.6990
US $	1.0700	0.9346

Commodities

Gold	Close	Previous
London Gold Fix	1957.25	1959.65

Oil
WTI Crude Future	72.53	71.74

Market Commentary:
📈 On this day in 2000, a U.S. District Court judge finalized a ruling that Microsoft was a monopoly under the Sherman Antitrust Act and ordered the company be split in two. Microsoft successfully appealed against the ordered breakup.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 19,983.69 in Toronto. The move follows the previous session’s increase of 0.6%.
Today, information technology stocks led the market lower, as 6 of 11 sectors lost; 133 of 232 shares fell, while 99 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.7%. North West Co. had the largest drop, falling 10.8%.
Insights
* This quarter, the index fell 0.6%
* The index declined 4.5% in the past 52 weeks. The MSCI AC Americas Index gained 1.7% in the same period
* The S&P/TSX Composite is 4.5% below its 52-week high on June 7, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.19t
* 30-day price volatility little changed to 12.57% compared with 12.57% in the previous session and the average of 10.47% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -68.6115| -4.3| 2/10
Materials | -22.4282| -0.9| 9/41
Consumer Staples | -12.7553| -1.5| 0/11
Financials | -9.5355| -0.2| 10/19
Consumer Discretionary | -4.3158| -0.6| 9/6
Health Care | -0.6882| -1.0| 1/5
Utilities | 0.9444| 0.1| 10/6
Real Estate | 0.9570| 0.2| 11/10
Communication Services | 1.6193| 0.2| 4/1
Industrials | 15.9358| 0.6| 10/17
Energy | 26.9777| 0.8| 33/7
================================================================
| | |Volume VS| YTD |Index Points| | 20D AVG | Change Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -47.1700| -6.7| 56.8| 69.5
Constellation Software | -9.6370| -2.5| -9.1| 31.3
Agnico Eagle Mines | -6.3910| -2.7| 17.7| -3.6
Canadian National | 7.5070| 1.2| -16.8| -3.0
Nutrien | 9.5020| 3.4| 14.0| -19.7
Canadian Pacific Kansas | 20.0300| 3.0| 28.1| 4.9
US
By Alexandra Semenova
(Bloomberg) — US equities declined Wednesday as investors weighed the prospect of the Federal Reserve keeping interest rates elevated for longer even if officials pause their hikes next week.
The S&P 500 Index sank 0.4% in New York after the benchmark US stock gauge earlier in the session again tested the key bull- market threshold, 20% above its October closing low. The Nasdaq 100 tumbled 1.8%, with technology stocks extending this week’s pullback.
The Bank of Canada on Wednesday lifted its overnight lending rate to 4.75% — the highest since 2001 — restarting its tightening campaign after signaling a conditional pause in January.
“The BOC is signaling that more rate hikes could come and that has everyone rethinking that the Fed will be done after the July hike,” OANDA senior market analyst Edward Moya said in a note.
US equities have advanced this year as investors brace for an end to the Fed’s most aggressive rate-hiking blitz in decades. Several policymakers signaled a “skip” on increases at the June policy meeting before the central bank entered its blackout period this week. However, still-high inflation has raised concerns rates could remain higher for longer or rise again down the line.
“Expect FOMC messaging next Wednesday to maintain a vigilant tone,” Jefferies chief market strategist, David Zervos, said in an email Wednesday. “There will be cautious optimism on inflation. There will also, however, be what I would call a “victory skip” with the Fed pausing.
“The bias will still be to tighten down the road if the disinflation process becomes sticky, but by no means is a further tightening assured,” Zervos said. “And the skip will no doubt be a breath of fresh air for financial markets after enduring the 500 basis points of tough love needed to anchor long-term inflation expectations.”
Even as mega-cap tech names slumped Wednesday, shares of Tesla Inc. rose 1.5%, notching a nine-session winning streak for the electric-vehicle giant, the longest since 2021.
The latest positive catalyst was news on Monday that the carmaker’s Model 3 sedans were eligible for the full US tax credit under the Treasury Department’s new battery-sourcing criteria.
Earlier in the day, data from China reflected a bigger- than-expected drop in exports, stoking concerns about global demand. An OECD report also warned about a weak recovery for the global economy.

SECTOR IN FOCUS
* Cryptocurrency stocks, after Cathie Wood’s funds boosted their holdings of Coinbase Global Inc. after the Securities and Exchange Commission’s lawsuit against the firm.
* EV stocks, after Tesla’s Model 3 sedans became eligible for the full US tax credit under new criteria for battery-sourcing set by the US Treasury Department.

–With assistance from Julien Ponthus.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Attitude is the ‘little’ thing that makes a big difference. – Winston Churchill, 1874-1965

Assistant to Carolann Steinhoff, Registered Representative

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

June 6, 2023

June 6, 2023, Newsletter

Dear Friends,

Tangents:

I’m off later today to the Bloomberg Investment Conference in NYC for the rest of the week, back Monday.

On June 6, 1944, the D-Day invasion of Europe took place during World War II as Allied forces stormed the beaches of Normandy, France, the largest seaborne invasion in history. Go to article >

These chefs and restaurants are the 2023 James Beard Award winners. Check out the winners of the James Beard Awards, widely considered the Oscars of the food world.

NASA to launch mission to an unexplored metal world this fall. The space agency shared new details about an ambitious endeavor known as the Psyche mission.

More than 90% of Georgia’s peaches were lost this year due to extreme winter weather. Will the shortage of this year’s crop impact the precious holiday cobbler season? Hopefully not, but we’ll definitely be in our fillings if so.

‘Barbie’ movie’s pink paint splurge led to global shortage. The set for the upcoming “Barbie” movie required so much pink paint that it led to a global shortage, according to its production designer.

Cheers bar sells for $675,000 at auction of nearly 1,000 TV show items.

Earth’s highest, coldest, rarest clouds are back. How to see the eerie ‘noctilucent clouds’ this summer.
Look North as the stars appear in June and July to have a chance of seeing rare noctilucent (or ‘night-shining’) clouds with the naked eye. Read More

Lung cancer pill drastically cuts risk of death after surgery
Taking the drug Tagrisso daily after surgery reduced non-small cell lung cancer patients’ death risk by more than 50%. Read More

$3,499: That’s how much Apple will charge for its new mixed reality headset called the Apple Vision Pro. The device will be available early next year in the US, the company announced Monday at its Worldwide Developers Conference.
PHOTOS OF THE DAY

Frankfurt, Germany
A bumblebee flies over a poppy in a field on the outskirts of the city
Photograph: Michael Probst/AP

Bogotá, Colombia
Cast members during a performance of Woyzeck, written by the German dramatist Georg Büchner, as adapted by the Colombian director Jimmy Rangel, at the Colón theatre
Photograph: Anadolu Agency/Getty Images

Alcester, UK
Balloonists inflate the canopy of the BBC balloon at the start of the Midlands air festival at Ragley Hall. The balloon featured in the BBC One ident between 1997 and 2002
Photograph: Christopher Furlong/Getty Images
Market Closes for June 6^th, 2023

Market Index	Close	Change
Dow Jones	33573.28	+10.42
		+0.03%
S&P 500	4283.85	+10.06
		+0.24%
NASDAQ	13276.42	+46.99
		+0.36%
TSX	20055.60	+123.98
		+0.62%

International Markets

Market Index	Close	Change
NIKKEI	32506.78	+289.35
		+0.90%
HANG SENG	19099.28	-9.22
		-0.05%
SENSEX	62792.88	+5.41
		+0.01%
FTSE 100*	7628.10	+28.11
		+0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.278	3.263
CND. 30 Year Bond	3.170	3.198
U.S. 10 Year Bond	3.6602	3.6889
U.S. 30 Year Bond	3.8439	3.8877

Currencies

BOC Close	Today	Previous
Canadian $	0.7462	0.7437
US $	1.3401	1.3446

Euro Rate 1 Euro=		Inverse
Canadian $	1.4333	0.6977
US $	1.0695	0.9350

Commodities

Gold	Close	Previous
London Gold Fix	1959.65	1963.25

Oil
WTI Crude Future	71.74	72.15

Market Commentary:
📈 On this day in 1925: Walter P. Chrysler founded the Chrysler Corp. as a successor to the failing Maxwell Motor Car Co. Its first original model, the Chrysler Four, astounded motorists with its top speed of 58 mph.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.6% at 20,055.60 in Toronto. The index advanced to the highest closing level since May 23 after the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 6.0%.
Today, 162 of 232 shares rose, while 67 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index was little changed
* The index declined 3.7% in the past 52 weeks. The MSCI AC Americas Index gained 3.1% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on June 6, 2022 and 12.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 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$3.17t
* 30-day price volatility fell to 12.57% compared with 12.79% in the previous session and the average of 10.37% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 56.1215| 0.9| 26/3
Information Technology | 47.3098| 3.1| 9/3
Energy | 23.0938| 0.7| 24/16
Materials | 20.2953| 0.9| 35/13
Real Estate | 4.0850| 0.8| 19/2
Consumer Discretionary | 3.4105| 0.5| 11/3
Communication Services | 0.0881| 0.0| 3/2
Consumer Staples | -1.4208| -0.2| 7/4
Health Care | -1.6647| -2.4| 3/3
Utilities | -6.7225| -0.7| 5/11
Industrials | -20.6187| -0.7| 20/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 39.7800| 6.0| 21.9| 81.6
Bank of Montreal | 11.3400| 2.0| -10.4| -4.1
Brookfield Corp | 9.1260| 2.2| -34.6| -0.1
Waste Connections | -4.5200| -1.4| 12.8| 2.1
Canadian National | -11.8900| -1.8| 6.9| -4.1
Canadian Pacific Kansas | -12.5300| -1.9| 13.3| 1.8
US
By Isabelle Lee, Carly Wanna and Vildana Hajric
(Bloomberg) — US stocks gained Tuesday as a rotation into financial shares bolstered hopes the breadth of the S&P 500’s recent rally might extend beyond technology soon.
The benchmark index rose 0.2% as a decline in Apple Inc.’s stock took the air out of a tech rally, but shares of beaten- down regional banks were higher. The KBW Regional Bank index added 5.4% while the Russell 2000 gained 2.7%.
“It’s too early to say if this is bottom-fishing or a real bet that the most economically sensitive stocks — many of which are unprofitable — are the place to be,” said Steve Sosnick, chief strategist at Interactive Brokers. “But the outperformance that we saw in RTY on Friday and today is very much worth watching because it could explode the narrowing breadth concerns.”
The S&P 500 is on the edge of a bull market. However, the mood across global markets has been cautious with some questioning if markets have run up too fast on the hype for artificial intelligence.
For a second time in three days, the Russell 2000 has beat the tech-heavy Nasdaq 100 by at least 2.5 percentage points. Not since November 2020 have small-cap stocks scored frequent, big wins like this.
“It’s easy to think about tech as a proxy for equities overall,” said Michael Reynolds, vice president of investment strategy at Glenmede. But “if we were to see a broader expansion of the breadth in the market, that would be confidence in the economic picture showing up.”
The World Bank said in a report Tuesday the global economy is in a precarious situation as sharp interest-rate hikes hit activity and stir vulnerabilities in lower-income countries. Those fears have suppressed equities. But with the rate of US inflation still high, traders increasingly expect the Federal Reserve will hold rates steady at its June meeting, while keeping the option for hikes later on open. Former vice-chair Richard H. Clarida also said Tuesday it was unlikely the US central bank will start cutting rates until 2024.
“I just think there are so many investors out there who are so negative,” said Sam Stovall, chief investment strategist at CFRA. Typically, stocks rise after a Fed pause, “implying that if we don’t eclipse or close above that 20% threshold [of a bull market] beforehand, that we probably would do so shortly thereafter.”
Also boosting sentiment is a growing number of advisers who don’t think equities will be hurt much by Treasury’s needs following the debt ceiling suspension.
“There was a risk that issuance was going to come faster, and that it might have drawn more cash away from risk assets, but I am less concerned about that now,” Thomas Simons, senior economist at Jefferies, said.
A Treasury bill auction announcement weighed on short-dated Treasuries on Tuesday while the 10-year note was little changed.
In commodities, oil gave up gains off news of Saudi Arabia’s supply cut, sending energy stocks including Chevron Corp. lower. Wheat surged after Ukraine said Russian forces blew up a giant dam in the country’s south. And gold was little changed.
In Europe, the euro weakened and German bonds gained after the European Central Bank said euro-area consumer inflation expectations eased significantly in April.
Australia unexpectedly hiked on Tuesday and kept the door open to further increases, sparking a rally in the country’s currency.
And in Turkey, the lira dropped for an 11th day, on track for its longest run of losses in more than a year, amid speculation of less government intervention in markets.

Key events this week:
* China forex reserves, trade, Wednesday
* US trade, consumer credit, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventory data, Wednesday
* Eurozone GDP, Thursday
* Rate decisions in India, Peru, Thursday
* Japan GDP, Thursday
* US wholesale inventories, initial jobless claims, Thursday
* China PPI, CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.0693
* The British pound was little changed at $1.2426
* The Japanese yen was little changed at 139.68 per dollar
Cryptocurrencies
* Bitcoin rose 5.8% to $27,125.54
* Ether rose 4.9% to $1,894.37
Bonds
* The yield on 10-year Treasuries was little changed at 3.69%
* Germany’s 10-year yield was little changed at 2.37%
* Britain’s 10-year yield was little changed at 4.21%
Commodities
* West Texas Intermediate crude fell 0.9% to $71.52 a barrel
* Gold futures rose 0.3% to $1,979.40 an ounce

–With assistance from Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Do all the good you can, in all the ways you can, to all the souls you can, in every place you can,
at all the times you can, with all the zeal you can, every time you can. –John Wesley, 1703-1791.

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

June 5, 2023

June 5, 2023 Newsletter

Dear Friends,

Tangents: Happy Monday.

June 5, 1933: The United States went off the gold standard. Go to article >
June 5, 1968: US Senator Robert F. Kennedy is assassinated in Los Angeles, California, after winning the California Democratic primary election

Hundreds of ancient, invisible structures discovered near our galaxy’s center
Radio astronomers have discovered hundreds of long, thin structures emanating from our galaxy’s supermassive black hole. Read More

Stephen Hawking’s most famous prediction could mean that everything in the universe is doomed to evaporate, new study says
A new theory has radically revised Stephen Hawking’s 1974 theory of black holes to predict that all objects with mass may eventually disappear. Read More

Elon Musk’s Neuralink ‘brain chips’ cleared for 1st in-human trials
Brain implants developed by Elon Musk’s company Neuralink have been approved for human testing. The safety of the devices previously came under scrutiny following reports of “botched surgeries” in animal test subjects. Read More

Climber found a man frozen on top of Mt. Everest. See what he did next. Watch this short video of the miraculous rescue.

Trove of looted artifacts returned to Italy from disgraced British dealer. About 750 archaeological treasures have been returned to Italy after a decades long fight for their return.
PHOTOS OF THE DAY

Los Angeles, California
A person runs in front of the rising full moon, known as a strawberry moon. Photograph: Ringo Chiu/Zuma Press/Shutterstock

Sydney, Australia
A sculpture titled Plastic pile of sh!t, 2023 presented by Better Packaging Co on display at Bondi Beach. The four-metre-high sculpture is made out of recycled plastic and resembles human faeces. The sculpture is designed to draw attention to the amount of plastic that’s dumped in the world’s oceans every 30 seconds. Photograph: Lisa Maree Williams/Getty Images

Bogotá, Colombia
A diverse group of bike collective members join forces to create a monumental bike using their own bicycles. Bogotá is a city of about 8 million people, with cycle paths covering more than 360km (220 miles) of it. Almost 84,000 people use Bogotá’s cycle network every day, cutting their costs and reducing pollution. Photograph: Juancho Torres/Anadolu Agency/Getty Images.
Market Closes for June 5^th, 2023

Market Index	Close	Change
Dow Jones	33562.86	-199.90
		-0.59%
S&P 500	4273.79	-8.58
		-0.20%
NASDAQ	13229.43	-11.34
		-0.09%
TSX	19931.62	-93.01
		-0.46%

International Markets

Market Index	Close	Change
NIKKEI	32217.43	+693.21
		+2.20%
HANG SENG	19108.50	+158.56
		+0.84%
SENSEX	62787.47	+240.36
		+0.38%
FTSE 100*	7599.99	-7.29
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.263	3.232
CND. 30 Year Bond	3.198	3.168
U.S. 10 Year Bond	3.6889	3.6946
U.S. 30 Year Bond	3.8877	3.8849

Currencies

BOC Close	Today	Previous
Canadian $	0.7437	0.7452
US $	1.3446	1.3419

Euro Rate 1 Euro=		Inverse
Canadian $	1.4405	0.6942
US $	1.0713	0.9334

Commodities

Gold	Close	Previous
London Gold Fix	1963.25	1974.35

Oil
WTI Crude Future	72.15	71.74

Market Commentary:
📈 On this day in 1883: John Maynard Keynes was born in Cambridge, England. Between World War I and World War II, Keynes devised the theories that lead to massive government intervention in economies around the world. His criticisms of free markets, however, didn’t prevent him from making a small fortune on the stock market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 19,931.62 in Toronto.
The move follows the previous session’s increase of 1.8%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.6%.
Canopy Growth Corp. had the largest drop, falling 7.9%.
Today, 156 of 232 shares fell, while 73 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index fell 0.8%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.1% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on June 6, 2022 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.19t
* 30-day price volatility rose to 12.79% compared with 12.75% in the previous session and the average of 10.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -61.2886| -1.0| 5/24
Industrials | -13.8743| -0.5| 10/17
Energy | -13.1050| -0.4| 10/29
Materials | -5.2832| -0.2| 27/22
Consumer Staples | -4.2758| -0.5| 3/8
Real Estate | -3.3032| -0.7| 3/17
Utilities | -3.1087| -0.3| 2/14
Communication Services | -2.4931| -0.3| 0/5
Consumer Discretionary | -1.6955| -0.2| 7/8
Health Care | -1.0439| -1.5| 2/4
Information Technology | 16.4475| 1.1| 4/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -16.3200| -1.6| -5.6| -11.5
RBC | -10.9700| -0.9| -33.9| -3.4
Teck Resources | -8.0690| -4.4| 48.3| 9.8
Nutrien | 2.9630| 1.1| 55.8| -24.7
Cameco | 3.4560| 2.9| 56.1| 35.3
Shopify | 19.1800| 3.0| -8.6| 71.4
US
By Isabelle Lee, Vildana Hajric and Carly Wanna
(Bloomberg) — US equities edged lower Monday after both technology and energy stocks erased earlier gains in subdued trading volume.
Tech shares led the S&P 500 lower with Apple Inc. erasing gains of as much as 2% in anticipation of a new mixed-reality headset.
Oil majors Chevron Corp. and Exxon Mobil Corp. also slipped after rallying earlier on higher oil prices following a Saudi Arabia supply cut.
Meanwhile, Treasuries drifted after a report the US services sector nearly stagnated in May.
The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy.
A rally in Big Tech and optimism of a pause in interest rate hikes has driven major gains in the S&P 500.
However, risks still loom with traders increasingly speculating the Federal Reserve will hold rates steady in June, but keep its options open for hikes later on.
“The weakness in the ISM surveys stands in contrast to the recent improvement in the S&P Global PMIs — which are currently consistent with positive GDP growth of about 2% annualized — and
is clearly painting a dramatically different picture to May’s employment report,” said Andrew Hunter, deputy chief US economist at Capital Economics.
Taken with regional Fed activity surveys and other hard data, it could mean GDP growth will be barely above zero in the second quarter, Hunter said.
Saira Malik, chief investment officer at Nuveen, said she foresees a mild recession sometime in 2024 as the “growth-dampening effects of tight monetary policy work their way through the economy.” “With high inflation likely to persist, we think investors would be well-served by allocating to real assets that can provide meaningful inflation protection,” she said, pointing to farmland.
In other news, Bitcoin fell after Binance Holdings Ltd. and its chief executive officer were accused of breaking US securities rules.
Safran SA is in talks to acquire an arm of Raytheon Technologies Corp. in a transaction that could value the business at about $1 billion.
And US regulators revoked emergency authorization for Johnson & Johnson’s Covid-19 vaccine after the company’s Janssen unit requested its withdrawal.
Elsewhere, equities in Europe slid and indexes in Asia were mostly higher.
The Nikkei 225 rose 2.2% to the highest since 1990 as investors bet a weak yen will boost corporate profits.
The dollar erased gains against peers.
And gold gained.
Key events this week:
* Rate decisions in Australia, Poland, Tuesday
* China forex reserves, trade, Wednesday
* US trade, consumer credit, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventory data, Wednesday
* Eurozone GDP, Thursday
* Rate decisions in India, Peru, Thursday
* Japan GDP, Thursday
* US wholesale inventories, initial jobless claims, Thursday
* China PPI, CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0713
* The British pound fell 0.2% to $1.2433
* The Japanese yen rose 0.3% to 139.57 per dollar
Cryptocurrencies
* Bitcoin fell 5.9% to $25,647
* Ether fell 5.1% to $1,806.91
Bonds
* The yield on 10-year Treasuries was little changed at 3.69%
* Germany’s 10-year yield advanced seven basis points to 2.38%
* Britain’s 10-year yield advanced five basis points to 4.21%
Commodities
* West Texas Intermediate crude rose 0.1% to $71.83 a barrel
* Gold futures rose 0.4% to $1,977.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from David Watkins, Hooyeon Kim, Tassia Sipahutar, Anchalee Worrachate and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can’t always get what you want but if you try sometimes
you just might find you get what you need. –Mick Jagger, b. 1943.

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